Document:

Exhibit
10.3

 

Indemnification
Agreement

 

This
Indemnification Agreement (this “Agreement”) is entered into as of August 15, 2022 (the “Effective Date”)
by and between Rubicon Technologies, Inc., a Delaware corporation (the “Company”), and the undersigned (the “Indemnitee”).

 

Recitals

 

WHEREAS,
the Board of Directors has determined that the inability to attract and retain qualified persons as directors and officers of the Company
and its subsidiaries is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure
such persons that there shall be adequate certainty of protection through insurance and indemnification against risks of claims and actions
against them arising out of their service to and activities on behalf of the Company;

 

WHEREAS,
the Company has adopted provisions in its Bylaws (as amended and/or restated from time to time, the “Bylaws”) providing
for indemnification and advancement of expenses of its directors and officers, and the Company wishes to clarify and enhance the rights
and obligations of the Company and the Indemnitee with respect to indemnification and advancement of expenses;

 

WHEREAS,
Indemnitee is a director, officer and/or employee of the Company and/or its subsidiaries, and/or is serving another enterprise at the
Company’s request, and in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve
and continue to serve as directors and officers of the Company and/or its subsidiaries and in any other capacity with respect to the
Company as the Company may request, and to otherwise promote the desirable end that such persons shall resist what they consider unjustified
lawsuits and claims made against them in connection with the good faith performance of their duties to the Company, with the knowledge
that certain costs, judgments, penalties, fines, liabilities, and expenses incurred by them in their defense of such litigation are to
be borne by the Company and they shall receive appropriate protection against such risks and liabilities, the Board of Directors of the
Company has determined that the following Agreement is reasonable and prudent to promote and ensure the best interests of the Company
and its stockholders; and

 

WHEREAS,
the Company desires to have the Indemnitee serve or continue to serve as a director or officer of the Company and/or its subsidiaries
and in any other capacity with respect to the Company as the Company may request, as the case may be, free from undue concern for unpredictable,
inappropriate, or unreasonable legal risks and personal liabilities by reason of the Indemnitee acting in good faith in the performance
of the Indemnitee’s duties; and the Indemnitee desires to continue so to serve, provided, and on the express condition, that he
or she is furnished with the protections set forth hereinafter.

 

Agreement

 

NOW,
THEREFORE, in consideration of the Indemnitee’s continued service as a director, officer and/or employee of the Company and/or
its subsidiaries, the parties hereto agree as follows:

 

     

     

    

 

1.
Definitions. For purposes of this Agreement:

 

(a)
A “Change in Control” will be deemed to have occurred if, with respect to any particular 24-month period, the individuals
who, at the beginning of such 24-month period, constituted the Board of Directors of the Company (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual
becoming a director subsequent to the beginning of such 24-month period whose election, or nomination for election by the stockholders
of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered
as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption
of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board of Directors. For the avoidance
of doubt, a “Change in Control” shall not include the initial public offering of Class A Common Stock of the Company, par
value $0.0001 per share, or the actions or transactions contemplated to effect any such transaction.

 

(b)
“Disinterested Director” means a director of the Company who is not or was not a party to the Proceeding in respect
of which indemnification is being sought by the Indemnitee.

 

(c)
“Expenses” includes, without limitation, expenses incurred in connection with the defense or settlement of any action,
suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing,
or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company and/or its subsidiaries
or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature,
attorneys’ fees, witness fees and expenses, fees and expenses of accountants, expert witnesses and other advisors, retainers and
disbursements and advances thereon, the premium, security for, and other costs relating to any bond (including cost bonds, appraisal
bonds, or their equivalents), and any expenses of establishing a right to indemnification or advancement under Sections ‎9,
‎11, ‎13, and ‎16 hereof, but shall not include the amount of judgments, fines, ERISA excise taxes,
or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee.

 

(d)
“Independent Counsel” means a law firm or a member of a law firm that neither is presently nor in the past five years
has been retained to represent (i) the Company or the Indemnitee in any matter material to either such party or (ii) any other party
to the Proceeding giving rise to a request for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a
conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification
under this Agreement.

 

(e)
“Proceeding” means any action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry,
judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in
the right of the Company and/or its subsidiaries or otherwise, including any and all appeals, whether of a civil, criminal, administrative,
legislative, investigative, or other nature, to which the Indemnitee was or is a party or is threatened to be made a party or is otherwise
involved in by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or is
or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership,
joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done
or not done by the Indemnitee in any such capacity, whether or not the Indemnitee is serving in such capacity at the time any expense,
liability, or loss is incurred for which indemnification or advancement can be provided under this Agreement.

 

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2.
Service by the Indemnitee. The Indemnitee shall serve and/or continue to serve as a director, officer and/or employee of the Company
and/or its subsidiaries faithfully and to the best of the Indemnitee’s ability so long as the Indemnitee is duly elected or appointed
and until such time as the Indemnitee’s successor is elected and qualified or the Indemnitee is removed as permitted by applicable
law or tenders a resignation. Service at any subsidiary of the Company shall be deemed to be service at the request of the Company for
purposes of this Agreement. By entering into this Agreement, Indemnitee is deemed to be serving at the request of the Company, and the
Company is deemed to be requesting such service.

 

3.
Indemnification and Advancement of Expenses. The Company shall indemnify and hold harmless the Indemnitee, and shall pay to the
Indemnitee in advance of the final disposition of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding,
to the fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”), as the same
exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing the scope of the
rights provided by this Section, the rights of the Indemnitee to indemnification and advancement of Expenses provided hereunder shall
include but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement of Expenses shall
be paid to the Indemnitee (unless the Board of Directors otherwise determines that such payment is appropriate):

 

(a)
to the extent expressly prohibited by applicable law;

 

(b)
for and to the extent that payment is actually made to the Indemnitee under a valid and collectible insurance policy or under a valid
and enforceable indemnity clause, provision of the Certificate of Incorporation or Bylaws, or agreement of the Company or any other company
or other enterprise (and the Indemnitee shall reimburse the Company for any amounts paid by the Company and subsequently so recovered
by the Indemnitee);

 

(c)
in connection with an action, suit, or proceeding, or part thereof voluntarily initiated by the Indemnitee (including claims and counterclaims,
whether such counterclaims are asserted by (i) the Indemnitee, or (ii) the Company and/or its subsidiaries in an action, suit, or proceeding
initiated by the Indemnitee), except a judicial proceeding or arbitration pursuant to Section ‎11 to enforce rights under
this Agreement, unless the action, suit, or proceeding, or part thereof, was authorized or ratified by the Board of Directors of the
Company or the Board of Directors otherwise determines that indemnification or advancement of Expenses is appropriate; or

 

(d)
with respect to any Proceeding brought by or in the right of the Company and/or its subsidiaries against the Indemnitee that is authorized
or ratified by the Board of Directors of the Company, including any Proceeding brought by the Company and/or its subsidiaries seeking
reimbursement pursuant to any compensation recoupment or clawback policy adopted by the Board of Directors or the compensation committee
of the Board of Directors, except as provided in Sections ‎5, ‎6, and ‎7 below.

 

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4.
Action or Proceedings Other than an Action by or in the Right of the Company. Except as limited by Section ‎3 above,
the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened
to be made a party to, or was or is otherwise involved in, any Proceeding (other than an action by or in the right of the Company and/or
its subsidiaries) by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company
or is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a
partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything
done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense,
liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee,
and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good
faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and/or its subsidiaries,
and with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful.

 

5.
Indemnity in Proceedings by or in the Right of the Company. Except as limited by Section ‎3 above, the Indemnitee shall
be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a
party to, or was or is otherwise involved in, any Proceeding brought by or in the right of the Company and/or its subsidiaries to procure
a judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company
or is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a
partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything
done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by the Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a
manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and/or its subsidiaries; provided,
however, that no such indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits
such indemnification by reason of any adjudication of liability of the Indemnitee to the Company, unless and only to the extent that
the Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification
for such expense, liability, and loss as such court shall deem proper.

 

6.
Indemnification for Costs, Charges, and Expenses of Successful Party. Notwithstanding any limitations of Sections ‎3(c),
‎3(d), ‎4, and ‎5 above, to the extent that the Indemnitee has been successful, on the merits or otherwise,
in whole or in part, in defense of any Proceeding, or in defense of any claim, counterclaim, issue, or matter therein, including, without
limitation, the dismissal of any action without prejudice, or if it is ultimately determined, by final judicial decision of a court of
competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled to be indemnified against
Expenses, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith.

 

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7.
Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of the expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in
settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred in connection with any Proceeding, or in
connection with any judicial proceeding or arbitration pursuant to Section ‎11 below to enforce rights under this Agreement,
but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such
expense, liability, and loss actually and reasonably incurred to which the Indemnitee is entitled.

 

8.
Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the maximum extent permitted
by the DGCL, the Indemnitee shall be entitled to indemnification against all Expenses actually and reasonably incurred by the Indemnitee
or on the Indemnitee’s behalf if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related
to the Indemnitee’s service as a director or officer of the Company and/or its subsidiaries, in any threatened, pending, or completed
action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative
hearing, or any other threatened, pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative,
or other nature, to which the Indemnitee neither is, nor is threatened to be made, a party.

 

9.
Determination of Entitlement to Indemnification. To receive indemnification under this Agreement, the Indemnitee shall submit
a written request to the General Counsel of the Company. Such request shall include a schedule setting forth in detail the dollar amounts
requested, supported by copies of the bill, agreement or other documentation relating thereto (which may be redacted as necessary to
avoid the waiver of any privilege accorded by applicable law) and such other documentation or information that is necessary for such
determination and is reasonably available to the Indemnitee. Upon receipt by the General Counsel of the Company of a written request
by the Indemnitee for indemnification, the entitlement of the Indemnitee to indemnification, to the extent not required pursuant to the
terms of Section ‎6 or Section ‎8 of this Agreement, shall be determined by the following person or persons who
shall be empowered to make such determination (as selected by the Board of Directors, except with respect to Section 9(e) below): (a)
the Board of Directors of the Company by a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum;
(b) a committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes
a quorum; (c) if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written
opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; (d) the stockholders of the Company; or (e)
in the event that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of
which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the
Indemnitee, except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the Indemnitee.
Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so to approve (or so to
select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application to a court of competent
jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary determination is made, such indemnification
shall be paid in full by the Company not later than 60 calendar days after receipt by the General Counsel of the Company of a written
request for indemnification. If the person making such determination shall determine that the Indemnitee is entitled to indemnification
as to part (but not all) of the application for indemnification, such person shall reasonably prorate such partial indemnification among
the claims, issues, or matters at issue at the time of the determination.

 

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10.
Presumptions and Effect of Certain Proceedings. The General Counsel of the Company shall, promptly upon receipt of the Indemnitee’s
written request for indemnification, advise in writing the Board of Directors or such other person or persons empowered to make the determination
as provided in Section ‎9 that the Indemnitee has made such request for indemnification. Upon making such request for indemnification,
the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making
any determination contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to
make the requested determination with respect to indemnification within 60 calendar days after receipt by the General Counsel of the
Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee
shall be absolutely entitled to such indemnification, absent actual fraud in the request for indemnification. The termination of any
Proceeding described in Sections ‎4 or ‎5 by judgment, order, settlement, or conviction, or upon a plea of nolo
contendere or its equivalent, shall not, of itself (a) create a presumption that the Indemnitee did not act in good faith and in
a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and/or its subsidiaries, and
with respect to any criminal Proceeding, had reasonable cause to believe his or her conduct was unlawful or (b) otherwise adversely affect
the rights of the Indemnitee to indemnification except as may be provided herein.

 

11.
Remedies of the Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses; Right to Bring Suit. In the event
that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if payment is not timely made following
a determination of entitlement to indemnification pursuant to Sections ‎9 and ‎10, or if an advancement of Expenses
is not timely made pursuant to Section ‎16, the Indemnitee may at any time thereafter bring suit against the Company seeking
an adjudication of entitlement to such indemnification or advancement of Expenses, and any such suit shall be brought in the Court of
Chancery of the State of Delaware unless otherwise required by the law of the state in which the Indemnitee primarily resides and works.
Alternatively, the Indemnitee at the Indemnitee’s option may seek an award in an arbitration to be conducted by a single arbitrator
in the State of Delaware pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days
following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee’s right to seek any such adjudication
or award in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not
in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the
Indemnitee has not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard described
in Section ‎4 or ‎5, as applicable. Further, in any suit brought by the Company to recover an advancement of Expenses
pursuant to the terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial decision of a court
of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct described
above. Neither the failure of the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent
Counsel, or its stockholders) to have made a determination prior to the commencement of such suit or arbitration that indemnification
of the Indemnitee is proper in the circumstances because the Indemnitee has met the standard of conduct described above, nor an actual
determination by the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or
its stockholders) that the Indemnitee has not met the standard of conduct described above shall create a presumption that the Indemnitee
has not met the standard of conduct described above, or, in the case of such a suit brought by the Indemnitee, be a defense to such suit.
In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by
the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee
is not entitled to be indemnified, or to such advancement of expenses, under this Section ‎11 or otherwise shall be on the
Company. If a determination is made or deemed to have been made pursuant to the terms of Section ‎9 or ‎10 that
the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that
such determination has not been made or that the procedure by which such determination was made is not valid, binding, and enforceable.
The Company further agrees to stipulate in any court or before any arbitrator pursuant to this Section ‎11 that the Company
is bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary. If the court or arbitrator
shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all
Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication or award in arbitration (including,
but not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover
an advancement of Expenses pursuant to the terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred
by the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the merits or otherwise, in whole
or in part, in defense of such suit, to the fullest extent permitted by law.

 

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12.
Non-Exclusivity of Rights. The rights to indemnification and to the advancement of Expenses provided by this Agreement shall not
be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any applicable law, agreement (including
any partnership agreement or limited liability company agreement), vote of stockholders or Disinterested Directors, provisions of an
entity’s organizational documents (including the Company’s certificate of incorporation (as it may be amended and/or restated
from time to time, the “Certificate of Incorporation”), and the Bylaws), or otherwise.

 

13.
Expenses to Enforce Agreement. In the event that the Indemnitee is subject to or intervenes in any action, suit, or proceeding
in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the
Indemnitee’s rights under, or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole
or in part in such action, suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company
against any Expenses actually and reasonably incurred by the Indemnitee in connection therewith.

 

14.
Continuation of Indemnity. All agreements and obligations of the Company contained herein shall continue during the period the
Indemnitee is a director, officer, employee, agent, or trustee of the Company and/or its subsidiaries or is serving at the request of
the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or
other enterprise, including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible
claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company and/or its subsidiaries
or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership,
joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be binding
upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and any successor
by merger or operation of law) and shall inure to the benefit of the Indemnitee’s heirs, executors, and administrators.

 

15.
Notification and Defense of Proceeding. Promptly after receipt by the Indemnitee of notice of any Proceeding, the Indemnitee shall,
if a request for indemnification or an advancement of Expenses in respect thereof is to be made against the Company under this Agreement,
notify the Company in writing of the commencement thereof; but the omission so to notify the Company shall not relieve it from any liability
that it may have to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which
the Indemnitee notifies the Company:

 

(a)
The Company shall be entitled to participate therein at its own expense;

 

(b)
Except as otherwise provided in this Section ‎15(b), to the extent that it may wish, the Company, jointly with any other indemnifying
party similarly notified, shall be entitled to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee. After
notice from the Company to the Indemnitee of its election so to assume the defense thereof, the Company shall not be liable to the Indemnitee
under this Agreement for any expenses of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except
as otherwise provided below. The Indemnitee shall have the right to employ the Indemnitee’s own counsel in such Proceeding, but
the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the
expense of the Indemnitee unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee
shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the
defense of such Proceeding, or (iii) the Company shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have
employed counsel to assume the defense of the Proceeding, in each of which cases the Expenses of the Indemnitee’s counsel shall
be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of
the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above; and

 

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(c)
Notwithstanding any other provision of this Agreement, the Company shall not be liable to indemnify the Indemnitee under this Agreement
for any amounts paid in settlement of any Proceeding effected without the Company’s written consent, or for any judicial or other
award, if the Company was not given an opportunity, in accordance with this Section ‎15, to participate in the defense of
such Proceeding. The Company shall not settle any Proceeding in any manner that would impose any penalty or limitation on or disclosure
obligation with respect to the Indemnitee, or that would directly or indirectly constitute or impose any admission or acknowledgment
of fault or culpability with respect to the Indemnitee, without the Indemnitee’s written consent. Neither the Company nor the Indemnitee
shall unreasonably withhold its consent to any proposed settlement.

 

16.
Advancement of Expenses. Except as limited by Section ‎3 above, all Expenses incurred by the Indemnitee in defending any Proceeding
described in Section ‎4 or ‎5 shall be paid by the Company in advance of the final disposition of such Proceeding at the request
of the Indemnitee. The Indemnitee’s right to advancement shall not be subject to the satisfaction of any standard of conduct and
advances shall be made without regard to the Indemnitee’s ultimate entitlement to indemnification under the provisions of this
Agreement or otherwise. To receive an advancement of Expenses under this Agreement, the Indemnitee shall submit a written request to
the General Counsel of the Company. Such request shall include a schedule with supporting documentation relating thereto, setting forth
in detail the Expenses incurred by the Indemnitee (which may be redacted as necessary to avoid the waiver of any privilege accorded by
applicable law), and shall include or be accompanied by an undertaking, by or on behalf of the Indemnitee, to repay all amounts so advanced
if it shall ultimately be determined, by final judicial decision of a court of competent jurisdiction from which there is no further
right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses by the Company as provided by this Agreement
or otherwise. For the avoidance of doubt, a single undertaking by the Indemnitee pursuant to this Section ‎16 may cover all funds
advanced from time to time in respect of a Proceeding. The Indemnitee agrees to repay all such amounts promptly following any such final
judicial decision. The Indemnitee’s undertaking to repay any such amounts is not required to be secured. Each such advancement
of Expenses shall be made within 20 calendar days after the receipt by the General Counsel of the Company of such written request. The
Indemnitee’s entitlement to Expenses under this Agreement shall include those incurred in connection with any action, suit, or
proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to Section ‎11 of this Agreement (including
the enforcement of this provision) to the extent the court or arbitrator shall determine that the Indemnitee is entitled to an advancement
of Expenses hereunder.

 

17.
Severability; Prior Indemnification Agreements. If any provision or provisions of this Agreement shall be held to be invalid,
illegal, or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted
by law (a) the validity, legality, and enforceability of such provision in any other circumstance and of the remaining provisions of
this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to
be invalid, illegal, or unenforceable, that are not by themselves invalid, illegal, or unenforceable) and the application of such provision
to other persons or entities or circumstances shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible,
the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such
provision held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed
so as to give effect to the intent of the parties that the Company provide protection to the Indemnitee to the fullest extent set forth
in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and between the Company
or its subsidiaries and the Indemnitee and any such prior agreements shall be terminated upon execution of this Agreement.

 

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18.
Headings; References; Pronouns. The headings of the sections of this Agreement are inserted for convenience only and shall not
be deemed to constitute part of this Agreement or to affect the construction thereof. References herein to section numbers are to sections
of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the singular or plural as appropriate.

 

19.
Other Provisions.

 

(a)
This Agreement and all disputes or controversies arising out of or related to this Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because
of conflicts of laws principles of the State of Delaware, unless otherwise required by the law of the state in which the Indemnitee primarily
resides and works.

 

(b)
This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become
effective when one or more counterparts have been signed by each of the parties and delivered to the other party.

 

(c)
This Agreement shall not be deemed an employment contract between the Company and any Indemnitee who is an officer of the Company and/or
its subsidiaries, and, if the Indemnitee is an officer, the Indemnitee specifically acknowledges that the Indemnitee may be discharged
at any time for any reason, with or without cause, and with or without severance compensation, except as may be otherwise provided in
a separate written contract between the Indemnitee and the Company and/or its subsidiaries.

 

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

 

(e)
This Agreement may not be amended, modified, or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument
in writing specifically designated as an amendment hereto, signed on behalf of each party. No failure or delay of either party in exercising
any right or remedy hereunder shall operate as a waiver thereof, and no single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, shall preclude any other or further
exercise thereof or the exercise of any other right or power.

 

[The
remainder of this page is intentionally left blank.]

 

    9

     

    

 

IN
WITNESS WHEREOF, the Company and the Indemnitee have caused this Agreement to be executed as of the date first written above.

 

	 	Rubicon
                                            Technologies, Inc.
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	Indemnitee
	 	 	 
	 	 
	 	Name:

 

Signature
Page to Indemnification Agreement

 

    10Exhibit
10.4

 

RUBICON
TECHNOLOGIES, INC.

2022
EQUITY INCENTIVE PLAN

 

		1.	Purpose

 

The
purpose of this Rubicon Technologies, Inc. 2022 Equity Incentive Plan (the “Plan”) is to promote and closely
align the interests of employees, officers, non-employee directors and other service providers of Rubicon Technologies, Inc. and its
stockholders by providing stock-based compensation and other performance-based compensation. The objectives of the Plan are to attract
and retain the best available employees for positions of substantial responsibility and to motivate Participants to optimize the profitability
and growth of the Company through incentives that are consistent with the Company’s goals and that link the personal interests
of Participants to those of the Company’s stockholders. The Plan provides for the grant of Options, Stock Appreciation Rights,
Restricted Stock Units, Restricted Stock and Other Stock-Based Awards, any of which may be performance-based, and for Incentive Bonuses,
which may be paid in cash, Common Stock or a combination thereof, as determined by the Committee.

 

		2.	Definitions

 

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

 

(a)
“Affiliate” means any entity in which the Company has a substantial direct or indirect equity interest, as
determined by the Committee from time to time.

 

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

 

(c)
“Award” means an Option, Stock Appreciation Right, Restricted Stock Unit, Restricted Stock, Other Stock-Based
Award or Incentive Bonus granted to a Participant pursuant to the provisions of the Plan, any of which may be subject to performance
conditions.

 

(d)
“Award Agreement” means a written or electronic agreement or other instrument as may be approved from time
to time by the Committee and designated as such implementing the grant of each Award. An Award Agreement may be in the form of an agreement
to be executed by both the Participant and the Company (or an authorized representative of the Company) or certificates, notices or similar
instruments as approved by the Committee and designated as such.

 

(e)
“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Act.

 

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

 

(g)
“Cause” has the meaning set forth in the written employment, offer, services or severance agreement or letter
between the Participant and the Company or an Affiliate, or if there is no such agreement or no such term is defined in such agreement,
means a Participant’s Termination of Employment by the Company or an Affiliate by reason of (i) the Participant’s material
breach of any agreement between the Participant and the Company or an Affiliate or any policy of the Company of an Affiliate; (ii) the
willful failure or refusal by the Participant to substantially perform his or her duties; (iii) the commission or conviction of the Participant
of, or the entering of a plea of nolo contendere by the Participant with respect to, (A) a felony or (B) a misdemeanor involving moral
turpitude; (iv) the Participant’s gross misconduct that causes harm to the reputation of the Company or (v) the Participant’s
inability or failure to competently perform his or her duties in any material respect due to the use of drugs or other illicit substances.
A Participant’s employment or service will be deemed to have been terminated for Cause if it is determined subsequent to such Participant’s
Termination of Employment that grounds for a Termination of Employment for Cause existed at the time of such Termination of Employment,
as determined by the Committee in good faith.

 

     

     

    

 

(h)
“Change in Control” means the occurrence of any one of the following:

 

(i)
any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by such Person or any securities acquired directly from the Company or its Affiliates) representing 50% or more
of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial
Owner in connection with a transaction described in Section 2(h)(iii)(A) below;

 

(ii)
the following individuals cease for any reason to constitute a majority of the number of directors then serving: (A) individuals who,
on the Effective Date (as defined below), constitute the Board and (B) any new director (other than a director whose initial assumption
of office is in connection with an actual or threatened election contest, including a consent solicitation, relating to the election
of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders
was approved or recommended by a vote of at least a majority of the directors then still in office who were either directors on the Effective
Date or whose appointment, election or nomination for election was previously so approved or recommended;

 

(iii)
there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation,
other than a merger or consolidation which would result in the holders of the voting securities of the Company outstanding immediately
prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity or any parent thereof) at least 50% of the combined voting power of the securities of the Company or such surviving
entity or any parent thereof outstanding immediately after such merger or consolidation; or

 

(iv)
the implementation of a plan of complete liquidation or dissolution of the Company; or

 

(v)
there is consummated a sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale
or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting
power of the voting securities of which is owned by stockholders of the Company in substantially the same proportions as their ownership
of the Company immediately prior to such sale.

 

(i)
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rulings and regulations
issued thereunder.

 

(j)
“Committee” means the Compensation Committee of the Board (or any successor committee) or such other committee
as designated by the Board to administer the Plan under Section 6.

 

(k)
“Common Stock” means the Class A common stock of the Company, $0.0001 par value per share, or such other class
or kind of shares or other securities as may be applicable under Section 16.

 

(l)
“Company” means Rubicon Technologies, Inc., a Delaware corporation, and except as utilized in the definition
of Change in Control, any successor corporation.

 

(m)
“Disability” has the meaning set forth in a written employment, offer, services or severance agreement or letter
between the Participant and the Company or an Affiliate, or if there is no such agreement or no such term is defined in such agreement,
means, as determined by the Committee in its discretion exercised in good faith, a physical or mental condition of a Participant that
would entitle him or her to payment of disability income payments under the Company’s long-term disability insurance policy or
plan for employees as then in effect; or in the event that a Participant is not covered, for whatever reason under the Company’s
long-term disability insurance policy or plan for employees or in the event the Company does not maintain such a long-term disability
insurance policy, “Disability” means a permanent and total disability as defined in Section 22(e)(3) of the
Code. A determination of Disability may be made by a physician selected or approved by the Committee and, in this respect, Participants
shall submit to an examination by such physician upon request by the Committee.

 

(n)
“Dividend Equivalent” mean an amount payable in cash or Common Stock, as determined by the Committee, equal
to the dividends that would have been paid to the Participant if the share of Common Stock with respect to which the Dividend Equivalent
relates had been owned by the Participant.

 

    2

     

    

 

(o)
“Effective Date” means the date on which the Plan takes effect, as defined pursuant to Section 4.

 

(p)
“Eligible Person” means (x) any current or prospective employee, officer, non-employee director or other service
provider of the Company or any of its Subsidiaries and (y) any person as contemplated under the Merger Agreement, dated December 15,
2021, by and among the Company (formerly Founder SPAC), Ravenclaw Merger Sub LLC, Ravenclaw Merger Sub Corporation 1, Ravenclaw Merger
Sub Corporation 2, Ravenclaw Merger Sub Corporation 3, Boom Clover Business Limited, NZSF Frontier Investments INC., PLC Blocker A LLC,
and Rubicon Technologies Holdings, LLC (formerly Rubicon Technologies, LLC); provided however that Incentive Stock Options may only be
granted to employees of the Company or any of its “subsidiary corporations” within the meaning of Section 424 of the Code.

 

(q)
“Fair Market Value” means as of any date, the value of the Common Stock determined as follows: (i) if the Common
Stock is listed on any established stock exchange, system or market, its Fair Market Value shall be the closing price for the Common
Stock as quoted on such exchange, system or market as reported in the Wall Street Journal or such other source as the Committee deems
reliable (or, if no sale of Common Stock is reported for such date, on the next preceding date on which any sale shall have been reported);
and (ii) in the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith
by the Committee by the reasonable application of a reasonable valuation method, taking into account factors consistent with Treas. Reg.
§ 409A-1(b)(5)(iv)(B) as the Committee deems appropriate.

 

(r) “Incentive Bonus” means a bonus opportunity awarded under Section 12 pursuant to which
a Participant may become entitled to receive an amount based on satisfaction of such performance criteria established for a specified
performance period as specified in the Award Agreement.

 

(s)
“Incentive Stock Option” means a stock option that is intended to qualify as an “incentive stock option”
within the meaning of Section 422 of the Code.

 

(t)
“Nonqualified Stock Option” means a stock option that is not intended to qualify as an “incentive stock
option” within the meaning of Section 422 of the Code.

 

(u)
“Option” means a right to purchase a number of shares of Common Stock at such exercise price, at such times
and on such other terms and conditions as are specified in or determined pursuant to an Award Agreement. Options granted pursuant to
the Plan may be Incentive Stock Options or Nonqualified Stock Options.

 

(v)
“Other Stock-Based Award” means an Award granted to an Eligible Person under Section 11.

 

(w)
“Participant” means any Eligible Person to whom Awards have been granted from time to time by the Committee
and any authorized transferee of such individual.

 

(x)
“Person” shall have the meaning given in Section 3(a)(9) of the Act, as modified and used in Sections
14(d) and 15(d) thereof, except that such term shall not include (i) the Company or any of its Affiliates,
(ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, (iii)
an underwriter temporarily holding securities pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(y)
“Restricted Stock” means an Award or issuance of Common Stock the grant, issuance, vesting and/or transferability
of which is subject during specified periods of time to such conditions (including continued employment or engagement or performance
conditions) and terms as the Committee deems appropriate.

 

(z)
“Restricted Stock Unit” means an Award denominated in units of Common Stock under which the issuance of shares
of Common Stock (or cash payment in lieu thereof) is subject to such conditions (including continued employment or engagement or performance
conditions) and terms as the Committee deems appropriate.

 

    3

     

    

 

(aa)
“Separation from Service” or “Separates from Service” means a Termination of Employment
that constitutes a “separation from service” within the meaning of Section 409A of the Code.

 

(bb)
“Stock Appreciation Right” means a right granted that entitles the Participant to receive, in cash or Common
Stock or a combination thereof, as determined by the Committee, value equal to the excess of (i) the Fair Market Value of a specified
number of shares of Common Stock at the time of exercise over (ii) the exercise price of the right, as established by the Committee on
the date of grant.

 

(cc)
“Subsidiary” means any business association (including a corporation or a partnership, other than the Company)
in an unbroken chain of such associations beginning with the Company if each of the associations other than the last association in the
unbroken chain owns equity interests (including stock or partnership interests) possessing 50% or more of the total combined voting power
of all classes of equity interests in one of the other associations in such chain.

 

(dd)
“Substitute Awards” means Awards granted or Common Stock issued by the Company in assumption of, or in substitution
or exchange for, awards previously granted, or the right or obligation to make future awards, by a company acquired by the Company or
any Subsidiary or with which the Company or any Subsidiary combines.

 

(ee)
“Termination of Employment” means ceasing to serve as an employee of the Company and its Subsidiaries or, with
respect to a non-employee director or other service provider, ceasing to serve as such for the Company and its Subsidiaries, except that
with respect to all or any Awards held by a Participant (i) the Committee may determine that a leave of absence or employment on a less
than full-time basis is considered a “Termination of Employment,” (ii) the Committee may determine that a transition from
employment to service with a partnership, joint venture or corporation not meeting the requirements of a Subsidiary in which the Company
or a Subsidiary is a party is not considered a “Termination of Employment,” (iii) service as a member of the Board shall
constitute continued employment with respect to Awards granted to a Participant while he or she served as an employee, (iv) service as
an employee of the Company or a Subsidiary shall constitute continued employment with respect to Awards granted to a Participant while
he or she served as a member of the Board or other service provider, and (v) the Committee may determine that a transition from employment
with the Company or a Subsidiary to service to the Company or a Subsidiary other than as an employee shall constitute a “Termination
of Employment”. The Committee shall determine whether any corporate transaction, such as a sale or spin-off of a division or Subsidiary
that employs or engages a Participant, shall be deemed to result in a Termination of Employment with the Company and its Subsidiaries
for purposes of any affected Participant’s Awards, and the Committee’s decision shall be final and binding.

 

		3.	Eligibility

 

Any
Eligible Person is eligible for selection by the Committee to receive an Award.

 

		4.	Effective
    Date and Termination of Plan

 

This
Plan became effective on August 15, 2022 (the “Effective Date”). The Plan shall remain available for the grant
of Awards until the 10th anniversary of the Effective Date. Notwithstanding the foregoing, the Plan may be terminated at such earlier
time as the Board may determine. Termination of the Plan will not affect the rights and obligations of the Participants and the Company
arising under Awards theretofore granted.

 

		5.	Shares
    Subject to the Plan and to Awards

 

(a) Aggregate
Limits. The aggregate number of shares of Common Stock issuable under the Plan shall be equal to 29,000,000; provided that such number
of shares issuable under the Plan will automatically increase on January 1st of each year beginning in 2022 and ending with a final increase
on January 1, 2031, in an amount equal to five percent (5%) of the total number of shares of Common Stock outstanding on December 31st
of the preceding calendar year (provided that the Board may provide that there will be no January 1st increase in the number of shares
issuable for any such year or that the increase in the number of shares issuable for any such year will be a smaller number of shares
of Common Stock than would otherwise occur pursuant to the preceding clause). The aggregate number of shares of Common Stock available
for grant under this Plan and the number of shares of Common Stock subject to Awards outstanding at the time of any event described in Section
16 shall be subject to adjustment as provided in Section 16. The shares of Common Stock issued pursuant to Awards
granted under this Plan may be shares that are authorized and unissued or shares that were reacquired by the Company, including shares
purchased in the open market.

 

    4

     

    

 

(b) Issuance
of Shares. For purposes of Section 5(a), the aggregate number of shares of Common Stock issued under this Plan at any
time shall equal only the number of shares of Common Stock actually issued upon exercise or settlement of an Award. Shares of Common
Stock subject to Awards that have been canceled, expired, forfeited or otherwise not issued under an Award and shares of Common Stock
subject to Awards settled in cash shall not count as shares of Common Stock issued under this Plan. The aggregate number of shares available
for issuance under this Plan at any time shall not be reduced by (i) shares subject to Awards that have been terminated, expired unexercised,
forfeited or settled in cash, (ii) shares subject to Awards that have been retained or withheld by the Company in payment or satisfaction
of the exercise price, purchase price or tax withholding obligation of an Award, or (iii) shares subject to Awards that otherwise do
not result in the issuance of shares in connection with payment or settlement thereof. In addition, shares that have been delivered (either
actually or by attestation) to the Company in payment or satisfaction of the exercise price, purchase price or tax withholding obligation
of an Award shall be available for issuance under this Plan.

 

(c) Substitute
Awards. Substitute Awards shall not reduce the shares of Common Stock authorized for issuance under the Plan or authorized for grant
to a Participant in any calendar year. Additionally, in the event that a company acquired by the Company or any Subsidiary, or with which
the Company or any Subsidiary combines, has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation
of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the
extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination
to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be
used for Awards under the Plan and shall not reduce the shares of Common Stock authorized for issuance under the Plan; provided that,
Awards using such available shares (i) shall not be made after the date awards or grants could have been made under the terms of the
pre-existing plan, absent the acquisition or combination, (ii) shall only be made to individuals who were employees of such acquired
or combined company before such acquisition or combination, and (iii) shall comply with the requirements of any stock exchange or market
or quotation system on which the Common Stock is traded, listed or quoted.

 

(d) Tax
Code Limits. The aggregate number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options
granted under this Plan shall be equal to 29,000,000, which number shall be calculated and adjusted pursuant to Section 16 only
to the extent that such calculation or adjustment will not affect the status of any option intended to qualify as an Incentive Stock
Option under Section 422 of the Code.

 

(e) Limits
on Non-Employee Director Compensation. The aggregate dollar value of equity-based (based on the grant date Fair Market Value
of equity-based Awards) and cash compensation granted under this Plan or otherwise during any calendar year to any non-employee director
shall not exceed $400,000; provided, however, that in the calendar year in which a non-employee director first joins the Board or during
any calendar year in which a non-employee director is designated as Chairman of the Board or Lead Director, the maximum aggregate dollar
value of equity-based and cash compensation granted to the non-employee director may be up to $800,000.

 

		6.	Administration
    of the Plan

 

(a) Administrator
of the Plan. The Plan shall be administered by the Committee. The Board shall fill vacancies on, and from time to time may remove
or add members to, the Committee. The Committee shall act pursuant to a majority vote or unanimous written consent. Any power of the
Committee may also be exercised by the Board, except to the extent that the grant or exercise of such authority would cause any Award
or transaction to become subject to (or lose an exemption under) the short-swing profit recovery provisions of Section 16 of the Act.
To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control.
To the maximum extent permissible under applicable law, the Committee (or any successor) may by resolution delegate any or all of its
authority to one or more subcommittees composed of one or more directors and/or officers of the Company, and any such subcommittee shall
be treated as the Committee for all purposes under this Plan. Notwithstanding the foregoing, if the Board or the Committee (or any successor)
delegates to a subcommittee comprised of one or more officers of the Company (who are not also directors) the authority to grant Awards,
the resolution so authorizing such subcommittee shall specify the total number of shares of Common Stock such subcommittee may award
pursuant to such delegated authority, and no such subcommittee shall designate any officer serving thereon or any officer (within the
meaning of Section 16 of the Act) or non-employee director of the Company as a recipient of any Awards granted under such delegated authority.
The Committee hereby delegates to and designates the Chief Financial Officer of the Company (or such other officer with similar authority),
and to his or her delegates or designees, the authority to assist the Committee in the day-to-day administration of the Plan and of Awards
granted under the Plan, including those powers set forth in Section 6(b)(iv) through (ix) and to execute
Award Agreements or other documents entered into under this Plan on behalf of the Committee or the Company. The Committee may further
designate and delegate to one or more additional officers or employees of the Company or any Subsidiary, and/or one or more agents, authority
to assist the Committee in any or all aspects of the day-to-day administration of the Plan and/or of Awards granted under the Plan.

 

    5

     

    

 

(b) Powers
of Committee. Subject to the express provisions of this Plan, the Committee shall be authorized and empowered to do all things that
it determines to be necessary or appropriate in connection with the administration of this Plan, including:

 

(i)
to prescribe, amend and rescind rules and regulations relating to this Plan and to define terms not otherwise defined herein;

 

(ii)
to determine which persons are Eligible Persons, to which of such Eligible Persons, if any, Awards shall be granted hereunder and the
timing of any such Awards;

 

(iii)
 to prescribe and amend the terms of the Award Agreements, to grant Awards and determine the terms and conditions thereof;

 

(iv) to establish and verify the extent of satisfaction of any performance goals or other conditions applicable to the grant, issuance,
retention, vesting, exercisability or settlement of any Award;

 

(v)
to prescribe and amend the terms of or form of any document or notice required to be delivered to the Company by Participants under this
Plan;

 

(vi)
 to determine the extent to which adjustments are required pursuant to Section 16;

 

(vii)
to interpret and construe this Plan, any rules and regulations under this Plan and the terms and conditions of any Award granted hereunder,
and to make exceptions to any such provisions if the Committee, in good faith, determines that it is appropriate to do so;

 

(viii)
to approve corrections in the documentation or administration of any Award; and

 

(ix)
to make all other determinations deemed necessary or advisable for the administration of this Plan.

 

Notwithstanding
anything in this Plan to the contrary, with respect to any Award that is “deferred compensation” under Section 409A of the
Code, the Committee shall exercise its discretion in a manner that causes such Awards to be compliant with or exempt from the requirements
of Section 409A of the Code. Without limiting the foregoing, unless expressly agreed to in writing by the Participant holding such Award,
the Committee shall not take any action with respect to any Award which constitutes (x) a modification of a stock right within the meaning
of Treas. Reg. § 1.409A-1(b)(5)(v)(B) so as to constitute the grant of a new stock right, (y) an extension of a stock right, including
the addition of a feature for the deferral of compensation within the meaning of Treas. Reg. § 1.409A-1 (b)(5)(v)(C), or (z) an
impermissible acceleration of a payment date or a subsequent deferral of a stock right subject to Section 409A of the Code within the
meaning of Treas. Reg. § 1.409A-1(b)(5)(v)(E).

 

The
Committee may, in its sole and absolute discretion, without amendment to the Plan but subject to the limitations otherwise set forth
in Section 20, waive or amend the operation of Plan provisions respecting exercise after Termination of Employment. The Committee
or any member thereof may, in its sole and absolute discretion, except as otherwise provided in Section 20, waive, settle
or adjust any of the terms of any Award so as to avoid unanticipated consequences or address unanticipated events (including any temporary
closure of an applicable stock exchange, disruption of communications or natural catastrophe).

 

    6

     

    

 

(c) Determinations
by the Committee. All decisions, determinations and interpretations by the Committee regarding the Plan, any rules and regulations
under the Plan and the terms and conditions of, or operation of, any Award granted hereunder, shall be final and binding on all Participants,
beneficiaries, heirs, assigns or other persons holding or claiming rights under the Plan or any Award. The Committee shall consider such
factors as it deems relevant, in its sole and absolute discretion, to making such decisions, determinations and interpretations, including
the recommendations or advice of any officer or other employee of the Company and such attorneys, consultants and accountants as it may
select. Members of the Board and members of the Committee acting under the Plan shall be fully protected in relying in good faith upon
the advice of counsel and shall incur no liability except for as a result of gross negligence or willful misconduct in the performance
of their duties.

 

(d) Subsidiary
Awards. In the case of a grant of an Award to any Participant employed by a Subsidiary, such grant may, if the Committee so directs,
be implemented by the Company issuing any subject shares of Common Stock to the Subsidiary, for such lawful consideration as the Committee
may determine, upon the condition or understanding that the Subsidiary will transfer the shares of Common Stock to the Participant in
accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. Notwithstanding any other provision
hereof, such Award may be issued by and in the name of the Subsidiary and shall be deemed granted on such date as the Committee shall
determine.

 

		7.	Plan
    Awards

 

(a) Terms
Set Forth in Award Agreement. Awards may be granted to Eligible Persons as determined by the Committee at any time and from time
to time prior to the termination of the Plan. The terms and conditions of each Award shall be set forth in an Award Agreement in a form
approved by the Committee for such Award, which Award Agreement may contain such terms and conditions as specified from time to time
by the Committee, provided such terms and conditions do not conflict with the Plan. The Award Agreement for any Award (other than Restricted
Stock awards) shall include the time or times at or within which and the consideration, if any, for which any shares of Common Stock
or cash, as applicable, may be acquired from the Company. The terms of Awards may vary among Participants, and the Plan does not impose
upon the Committee any requirement to make Awards subject to uniform terms. Accordingly, the terms of individual Award Agreements may
vary.

 

(b) Termination
of Employment. Subject to the express provisions of the Plan, the Committee shall specify before, at, or after the time of grant
of an Award the provisions governing the effect(s) upon an Award of a Participant’s Termination of Employment.

 

(c) Rights
of a Stockholder. A Participant shall have no rights as a stockholder with respect to shares of Common Stock covered by an Award
(including voting rights) until the date the Participant becomes the holder of record of such shares of Common Stock. No adjustment shall
be made for dividends or other rights for which the record date is prior to such date, except as provided in Sections 10(b), 11(b) or 16 of
this Plan or as otherwise provided by the Committee.

 

		8.	Options

 

(a) Grant,
Term and Price. The grant, issuance, retention, vesting and/or settlement of any Option shall occur at such time and be subject to
such terms and conditions as determined by the Committee or under criteria established by the Committee, which may include conditions
based on continued employment or engagement, passage of time, attainment of age and/or service requirements, and/or satisfaction of performance
conditions. The term of an Option shall in no event be greater than 10 years; provided, however, the term of an Option (other than an
Incentive Stock Option) shall be automatically extended if, at the time of its scheduled expiration, the Participant holding such Option
is prohibited by law or the Company’s insider trading policy from exercising the Option, which extension shall expire on the 30th
day following the date such prohibition no longer applies. The Committee will establish the price at which Common Stock may be purchased
upon exercise of an Option, which in no event will be less than the Fair Market Value of such shares on the date of grant; provided,
however, that the exercise price per share of Common Stock with respect to an Option that is granted as a Substitute Award may be less
than the Fair Market Value of the shares of Common Stock on the date such Option is granted if such exercise price is based on a formula
set forth in the terms of the options held by such optionees or in the terms of the agreement providing for such merger or other acquisition
that satisfies the requirements of (i) Section 409A of the Code, if such options held by such optionees are not intended to qualify as
“incentive stock options” within the meaning of Section 422 of the Code, and (ii) Section 424(a) of the Code, if such options
held by such optionees are intended to qualify as “incentive stock options” within the meaning of Section 422 of the Code.
The exercise price of any Option may be paid in cash or such other method as determined by the Committee, including an irrevocable commitment
by a broker to pay over such amount from a sale of the shares of Common Stock issuable under an Option, the delivery of previously owned
shares of Common Stock or withholding of shares of Common Stock deliverable upon exercise.

 

    7

     

    

 

(b) No
Repricing without Stockholder Approval. Other than in connection with a change in the Company’s capitalization (as described
in Section 16), the Committee shall not, without stockholder approval, reduce the exercise price of a previously awarded
Option, and at any time when the exercise price of a previously awarded Option is above the Fair Market Value of a share of Common Stock,
the Committee shall not, without stockholder approval, cancel and re-grant or exchange such Option for cash or a new Award with a lower
(or no) exercise price.

 

(c) No
Reload Grants. Options shall not be granted under the Plan in consideration for, and shall not be conditioned upon the delivery of,
shares of Common Stock to the Company in payment of the exercise price and/or tax withholding obligation under any other employee stock
option.

 

(d) Incentive
Stock Options. Notwithstanding anything to the contrary in this Section 8, in the case of the grant of an Incentive Stock
Option, if the Participant owns stock possessing more than 10% of the combined voting power of all classes of stock of the Company (a
“10% Stockholder”), the exercise price of such Option must be at least 110% of the Fair Market Value of the shares of Common
Stock on the date of grant and the Option must expire within a period of not more than five years from the date of grant. Notwithstanding
anything in this Section 8 to the contrary, options designated as Incentive Stock Options shall not be eligible for
treatment under the Code as Incentive Stock Options (and will be deemed to be Nonqualified Stock Options) to the extent that either (i)
the aggregate Fair Market Value of shares of Common Stock (determined as of the time of grant) with respect to which such Options are
exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Subsidiary) exceeds
$100,000, taking Options into account in the order in which they were granted, or (ii) such Options otherwise remain exercisable but
are not exercised within three months (or such other period of time provided in Section 422 of the Code) of separation of service (as
determined in accordance with Section 3401(c) of the Code and the regulations promulgated thereunder).

 

(e) No
Stockholder Rights. Participants shall have no voting rights and will have no rights to receive dividends or Dividend Equivalents
in respect of an Option or any shares of Common Stock subject to an Option until the Participant has become the holder of record of such
shares.

 

		9.	Stock
    Appreciation Rights

 

(a) General
Terms. The grant, issuance, retention, vesting and/or settlement of any Stock Appreciation Right shall occur at such time and be
subject to such terms and conditions as determined by the Committee or under criteria established by the Committee, which may include
conditions based on continued employment or engagement, passage of time, attainment of age and/or service requirements, and/or satisfaction
of performance conditions. Stock Appreciation Rights may be granted to Participants from time to time either in tandem with or as a component
of Options granted under the Plan (“tandem SARs”) or not in conjunction with other Awards (“freestanding
SARs”). Upon exercise of a tandem SAR as to some or all of the shares covered by the grant, the related Option shall be
canceled automatically to the extent of the number of shares covered by such exercise. Conversely, if the related Option is exercised
as to some or all of the shares covered by the grant, the related tandem SAR, if any, shall be canceled automatically to the extent of
the number of shares covered by the Option exercise. Any Stock Appreciation Right granted in tandem with an Option may be granted at
the same time such Option is granted or at any time thereafter before exercise or expiration of such Option, provided that the Fair Market
Value of Common Stock on the date of the SAR’s grant is not greater than the exercise price of the related Option. All freestanding
SARs shall be granted subject to the same terms and conditions applicable to Options as set forth in Section 8 and all
tandem SARs shall have the same exercise price as the Option to which they relate. Subject to the provisions of Section 8 and
the immediately preceding sentence, the Committee may impose such other conditions or restrictions on any Stock Appreciation Right as
it shall deem appropriate. Stock Appreciation Rights may be settled in Common Stock, cash, Restricted Stock or a combination thereof,
as determined by the Committee and set forth in the applicable Award Agreement.

 

    8

     

    

 

(b) No
Repricing without Stockholder Approval. Other than in connection with a change in the Company’s capitalization (as described
in Section 16), the Committee shall not, without stockholder approval, reduce the exercise price of a previously awarded
Stock Appreciation Right, and at any time when the exercise price of a previously awarded Stock Appreciation Right is above the Fair
Market Value of a share of Common Stock, the Committee shall not, without stockholder approval, cancel and re-grant or exchange such
Stock Appreciation Right for cash or a new Award with a lower (or no) exercise price.

 

(c) No
Stockholder Rights. Participants shall have no voting rights and will have no rights to receive dividends or Dividend Equivalents
in respect of an Award of Stock Appreciation Rights or any shares of Common Stock subject to an Award of Stock Appreciation Rights until
the Participant has become the holder of record of such shares.

 

		10.	Restricted
    Stock and Restricted Stock Units

 

(a) Vesting
and Performance Criteria. The grant, issuance, vesting and/or settlement of any Award of Restricted Stock or Restricted Stock Units
shall occur at such time and be subject to such terms and conditions as determined by the Committee or under criteria established by
the Committee, which may include conditions based on continued employment or engagement, passage of time, attainment of age and/or service
requirements, and/or satisfaction of performance conditions. In addition, the Committee shall have the right to grant Restricted Stock
or Restricted Stock Unit Awards as the form of payment for grants or rights earned or due under other stockholder-approved compensation
plans or arrangements of the Company.

 

(b) Dividends
and Distributions. Participants in whose name Restricted Stock is granted shall be entitled to receive all dividends and other distributions
paid with respect to those shares of Common Stock, unless determined otherwise by the Committee. The Committee will determine whether
any such dividends or distributions will be automatically reinvested in additional shares of Restricted Stock and/or subject to the same
restrictions on transferability as the Restricted Stock with respect to which they were distributed or whether such dividends or distributions
will be paid in cash. Shares underlying Restricted Stock Units shall be entitled to dividends or distributions only to the extent provided
by the Committee. Notwithstanding anything herein to the contrary, in no event will dividends or Dividend Equivalents be paid during
the performance period with respect to unearned Awards of Restricted Stock or Restricted Stock Units that are subject to performance-based
vesting criteria. Dividends or Dividend Equivalents accrued on such shares shall become payable no earlier than the date the performance-based
vesting criteria have been achieved and the underlying shares or Restricted Stock Units have been earned.

 

		11.	Other
    Stock-Based Awards

 

(a) General
Terms. The Committee is authorized, subject to limitations under applicable law, to grant to Eligible Persons such other Awards
that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Common Stock,
as deemed by the Committee to be consistent with the purposes of the Plan. The Committee shall determine the terms and conditions of
such Other Stock-Based Awards. Common Stock delivered pursuant to an Other-Stock Based Award in the nature of a purchase right granted
under this Section 11 shall be purchased for such consideration, paid for at such times, by such methods, and in such
forms, including cash, Stock, other Awards, or other property, as the Committee shall determine.

 

(b) Dividends
and Distributions. Shares underlying Other Stock-Based Awards shall be entitled to dividends or distributions only to the extent
provided by the Committee. Notwithstanding anything herein to the contrary, in no event will Dividend Equivalents be paid during the
performance period with respect to unearned Other Stock-Based Awards that are subject to performance-based vesting criteria. Dividend
Equivalents accrued on such shares shall become payable no earlier than the date the performance-based vesting criteria have been achieved
and the shares underlying the Other Stock-Based Award have been earned.

 

    9

     

    

 

		12.	Incentive
    Bonuses

 

(a) Performance
Criteria. The Committee shall establish the performance criteria and level of achievement versus such criteria that shall determine
the amount payable under an Incentive Bonus, which may include a target, threshold and/or maximum amount payable and any formula for
determining such achievement, and which criteria may be based on performance conditions.

 

(b) Timing
and Form of Payment. The Committee shall determine the timing of payment of any Incentive Bonus. Payment of the amount due under
an Incentive Bonus may be made in cash or in Common Stock, as determined by the Committee.

 

(c) Discretionary
Adjustments. Notwithstanding satisfaction of any performance goals and, the amount paid under an Incentive Bonus on account of either
financial performance or personal performance evaluations may be adjusted by the Committee on the basis of such further considerations
as the Committee shall determine.

 

		13.	Performance
    Awards

 

The
Committee may establish performance criteria and level of achievement versus such criteria that shall determine the number of shares
of Common Stock, Restricted Stock Units, or cash to be granted, retained, vested, issued or issuable under or in settlement of or the
amount payable pursuant to an Award (any such Award, a “Performance Award”). A Performance Award may be identified
as “Performance Share,” “Performance Equity,” “Performance Unit” or other such term as chosen by
the Committee.

 

		14.	Deferral
    of Payment

 

The
Committee may, in an Award Agreement or otherwise, provide for the deferred delivery of Common Stock or cash upon settlement, vesting
or other events with respect to Restricted Stock Units, Other Stock-Based Awards or in payment or satisfaction of an Incentive Bonus.
Notwithstanding anything herein to the contrary, in no event will any election to defer the delivery of Common Stock or any other payment
with respect to any Award be allowed if the Committee determines, in its sole discretion, that the deferral would result in the imposition
of the additional tax under Section 409A(a)(1)(B) of the Code. No Award shall provide for deferral of compensation that does not comply
with Section 409A of the Code. The Company, any Subsidiary or Affiliate which is in existence or hereafter comes into existence, the
Board and the Committee shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from,
or compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Board or the Committee.

 

		15.	Conditions
    and Restrictions Upon Securities Subject to Awards

 

The
Committee may provide that the Common Stock issued upon exercise of an Option or Stock Appreciation Right or otherwise subject to or
issued under an Award shall be subject to such further agreements, restrictions, conditions or limitations as the Committee in its discretion
may specify prior to the exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award, including
conditions on vesting or transferability, forfeiture or repurchase provisions and method of payment for the Common Stock issued upon
exercise, vesting or settlement of such Award (including the actual or constructive surrender of Common Stock already owned by the Participant)
or payment of taxes arising in connection with an Award. Without limiting the foregoing, such restrictions may address the timing and
manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Common Stock issued under
an Award, including (a) restrictions under an insider trading policy or pursuant to applicable law, (b) restrictions designed to delay
and/or coordinate the timing and manner of sales by the Participant and holders of other Company equity compensation arrangements, (c)
restrictions as to the use of a specified brokerage firm for such resales or other transfers and (d) provisions requiring Common Stock
be sold on the open market or to the Company in order to satisfy tax withholding or other obligations.

 

    10

     

    

 

		16.	Adjustment
    of and Changes in the Stock

 

(a)
The number and kind of shares of Common Stock available for issuance under this Plan (including under any Awards then outstanding), and
the number and kind of shares of Common Stock subject to the limits set forth in Section 5, shall be equitably adjusted by
the Committee, as determined in its sole discretion, to reflect any reorganization, reclassification, combination of shares, stock split,
reverse stock split, spin-off, dividend or distribution of securities, property or cash (other than regular, quarterly cash dividends),
or any other event or transaction that affects the number or kind of shares of Common Stock outstanding. Such adjustment may be designed
to comply with Section 424 of the Code or may be designed to treat the shares of Common Stock available under the Plan and subject to
Awards as if they were all outstanding on the record date for such event or transaction or to increase the number of such shares of Common
Stock to reflect a deemed reinvestment in shares of Common Stock of the amount distributed to the Company’s securityholders. The
terms of any outstanding Award shall also be equitably adjusted by the Committee, as determined in its sole discretion, as to price,
number or kind of shares of Common Stock subject to such Award, vesting, and other terms to reflect the foregoing events, which adjustments
need not be uniform as between different Awards or different types of Awards. No fractional shares of Common Stock shall be issued or
issuable pursuant to such an adjustment.

 

(b)
In the event there shall be any other change in the number or kind of outstanding shares of Common Stock, or any stock or other securities
into which such Common Stock shall have been changed, or for which it shall have been exchanged, by reason of a Change in Control, other
merger, consolidation or otherwise, then the Committee shall determine in its sole discretion the appropriate and equitable adjustment
to be effected, which adjustments need not be uniform between different Awards or different types of Awards. In addition, in the event
of such change described in this paragraph, the Committee may accelerate the time or times at which any Award may be exercised, consistent
with and as otherwise permitted under Section 409A of the Code, and may provide for cancellation of such accelerated Awards that are
not exercised within a time prescribed by the Committee in its sole discretion.

 

(c)
Unless otherwise expressly provided in the Award Agreement or another contract, including an employment, offer, services or severance
agreement or letter, or under the terms of a transaction constituting a Change in Control, the Committee may provide that any or all
of the following shall occur upon a Participant’s Termination of Employment without Cause within 24 months following a Change in
Control: (i) in the case of an Option or Stock Appreciation Right, the Participant shall have the ability to exercise any portion of
the Option or Stock Appreciation Right not previously exercisable, (ii) in the case of any Award the vesting of which is in whole or
in part subject to performance criteria or an Incentive Bonus, all conditions to the grant, issuance, retention, vesting or transferability
of, or any other restrictions applicable to, such Award shall immediately lapse and the Participant shall have the right to receive a
payment based on target level achievement or actual performance through a date determined by the Committee, and (iii) in the case of
outstanding Restricted Stock, Restricted Stock Units or Other Stock-Based Awards (other than those referenced in subsection (ii)), all
conditions to the grant, issuance, retention, vesting or transferability of, or any other restrictions applicable to, such Award shall
immediately lapse. Notwithstanding anything herein to the contrary, in the event of a Change in Control in which the acquiring or surviving
company in the transaction does not assume or continue outstanding Awards or issue substitute Awards upon the Change in Control, immediately
prior to the Change in Control, all Awards that are not assumed, continued or substituted for shall be treated as follows effective immediately
prior to the Change in Control: (A) in the case of an Option or Stock Appreciation Right, the Participant shall have the ability to exercise
such Option or Stock Appreciation Right, including any portion of the Option or Stock Appreciation Right not previously exercisable,
(B) in the case of any Award the vesting of which is in whole or in part subject to performance criteria or an Incentive Bonus, all conditions
to the grant, issuance, retention, vesting or transferability of, or any other restrictions applicable to, such Award shall immediately
lapse and the Participant shall have the right to receive a payment based on target level achievement or actual performance through a
date determined by the Committee, as determined by the Committee, and (C) in the case of outstanding Restricted Stock, Restricted Stock
Units or Other Stock-Based Awards (other than those referenced in subsection (B)), all conditions to the grant, issuance, retention,
vesting or transferability of, or any other restrictions applicable to, such Award shall immediately lapse. In no event shall any action
be taken pursuant to this Section 16(c) that would change the payment or settlement date of an Award in a manner that
would result in the imposition of any additional taxes or penalties pursuant to Section 409A of the Code.

 

(d)
Notwithstanding anything in this Section 16 to the contrary, in the event of a Change in Control, the Committee may
provide for the cancellation and cash settlement of all outstanding Awards upon such Change in Control on such terms as determined by
the Committee.

 

(e)
Notwithstanding anything in this Section 16 to the contrary, any adjustment to an Option or Stock Appreciation Right
under this Section 16 shall be made in a manner that will not result in the grant of a new Option or Stock Appreciation
Right for purposes of Section 409A of the Code.

 

    11

     

    

 

		17.	Transferability

 

Each
Award may not be sold, transferred for value, pledged, assigned, or otherwise alienated or hypothecated by a Participant other than by
will or the laws of descent and distribution, and each Option or Stock Appreciation Right shall be exercisable only by the Participant
during his or her lifetime. Notwithstanding the foregoing, (a) outstanding Options may be exercised following the Participant’s
death by the Participant’s beneficiaries or as permitted by the Committee and (b) a Participant may transfer or assign an Award
as a gift to an entity wholly owned by such Participant (an “Assignee Entity”), provided that such Assignee
Entity shall be entitled to exercise assigned Options and Stock Appreciation Rights only during the lifetime of the assigning Participant
(or following the assigning Participant’s death, by the Participant’s beneficiaries or as otherwise permitted by the Committee)
and provided further that such Assignee Entity shall not further sell, pledge, transfer, assign or otherwise alienate or hypothecate
such Award.

 

		18.	Compliance
    with Laws and Regulations

 

(a)
This Plan, the grant, issuance, vesting, exercise and settlement of Awards hereunder, and the obligation of the Company to sell, issue
or deliver shares of Common Stock under such Awards, shall be subject to all applicable foreign, federal, state and local laws, rules
and regulations, stock exchange rules and regulations, and to such approvals by any governmental or regulatory agency as may be required.
The Company shall not be required to register in a Participant’s name or deliver Common Stock prior to the completion of any registration
or qualification of such shares under any foreign, federal, state or local law or any ruling or regulation of any government body which
the Committee shall determine to be necessary or advisable. To the extent the Company is unable to or the Committee deems it infeasible
to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary
to the lawful issuance and sale of any shares of Common Stock hereunder, the Company and its Subsidiaries shall be relieved of any liability
with respect to the failure to issue or sell such shares of Common Stock as to which such requisite authority shall not have been obtained.
No Option shall be exercisable and no Common Stock shall be issued and/or transferable under any other Award unless a registration statement
with respect to the Common Stock underlying such Option is effective and current or the Company has determined, in its sole and absolute
discretion, that such registration is unnecessary.

 

(b)
In the event an Award is granted to or held by a Participant who is employed or providing services outside the United States, the Committee
may, in its sole discretion, modify the provisions of the Plan or of such Award as they pertain to such individual to comply with applicable
foreign law or to recognize differences in local law, currency or tax policy. The Committee may also impose conditions on the grant,
issuance, exercise, vesting, settlement or retention of Awards in order to comply with such foreign law and/or to minimize the Company’s
obligations with respect to tax equalization for Participants employed outside their home country.

 

		19.	Withholding

 

To
the extent required by applicable federal, state, local or foreign law, the Committee may, and/or a Participant shall, make arrangements
satisfactory to the Company for the satisfaction of any withholding tax obligations that arise with respect to any Award or the issuance
or sale of any shares of Common Stock. The Company shall not be required to recognize any Participant rights under an Award, to issue
shares of Common Stock or to recognize the disposition of such shares of Common Stock until such obligations are satisfied. To the extent
permitted or required by the Committee, these obligations may or shall be satisfied by the Company withholding cash from any compensation
otherwise payable to or for the benefit of a Participant, the Company withholding a portion of the shares of Common Stock that otherwise
would be issued to a Participant under such Award or any other Award held by the Participant, or by the Participant tendering to the
Company cash or, if allowed by the Committee, shares of Common Stock.

 

    12

     

    

 

		20.	Amendment
    of the Plan or Awards

 

The
Board may amend, alter or discontinue this Plan, and the Committee may amend or alter any Award Agreement or other document evidencing
an Award made under this Plan; however, except as provided pursuant to the provisions of Section 16, no such amendment shall,
without the approval of the stockholders of the Company:

 

(a)
increase the maximum number of shares of Common Stock for which Awards may be granted under this Plan;

 

(b)
reduce the price at which Options may be granted below the price provided for in Section 8(a);

 

(c)
reprice outstanding Options or SARs as described in Sections 8(b) and 9(b);

 

(d)
extend the term of this Plan;

 

(e)
change the class of persons eligible to be Participants;

 

(f)
increase the individual maximum limits in Section 5(e); or

 

(g)
otherwise amend the Plan in any manner requiring stockholder approval by law or the rules of any stock exchange or market or quotation
system on which the Common Stock is traded, listed or quoted.

 

No
amendment or alteration to the Plan or an Award or Award Agreement shall be made which would materially impair the rights of the holder
of an Award without such holder’s consent; provided that no such consent shall be required if the Committee determines in its sole
discretion and prior to the date of any Change in Control that such amendment or alteration either (i) is required or advisable in order
for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of, or avoid adverse financial accounting
consequences under, any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under such
Award, or that any such diminishment has been adequately compensated.

 

		21.	No
    Liability of Company

 

The
Company, any Subsidiary or Affiliate which is in existence or hereafter comes into existence, the Board and the Committee shall not be
liable to a Participant or any other person as to: (a) the non-issuance or sale of shares of Common Stock as to which the Company has
been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary
to the lawful issuance and sale of any shares of Common Stock hereunder; and (b) any tax consequence expected, but not realized, by any
Participant or other person due to the receipt, vesting, exercise or settlement of any Award granted hereunder.

 

		22.	Non-Exclusivity
    of 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 or the Committee to adopt such other incentive arrangements as either may deem
desirable, including the granting of Restricted Stock or stock options otherwise than under this Plan, and such arrangements may be either
generally applicable or applicable only in specific cases.

 

		23.	Governing
    Law

 

This
Plan and any agreements or other documents hereunder shall be interpreted and construed in accordance with the laws of the State of Delaware
and applicable federal law. Any reference in this Plan or in the agreement or other document evidencing any Awards to a provision of
law or to a rule or regulation shall be deemed to include any successor law, rule or regulation of similar effect or applicability.

 

    13

     

    

 

		24.	No
    Right to Employment, Reelection or Continued Service

 

Nothing
in this Plan or an Award Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries and/or its Affiliates
to terminate any Participant’s employment, service on the Board or service at any time or for any reason not prohibited by law,
nor shall this Plan or an Award itself confer upon any Participant any right to continue his or her employment or service for any specified
period of time. Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company, any
Subsidiary and/or its Affiliates. Subject to Sections 4 and 20, this Plan and the benefits hereunder may
be terminated at any time in the sole and exclusive discretion of the Board without giving rise to any liability on the part of the Company,
its Subsidiaries and/or its Affiliates.

 

		25.	Specified
    Employee Delay

 

To
the extent any payment under this Plan is considered deferred compensation subject to the restrictions contained in Section 409A of the
Code, such payment may not be made to a specified employee (as determined in accordance with a uniform policy adopted by the Company
with respect to all arrangements subject to Section 409A of the Code) upon Separation from Service before the date that is six months
after the specified employee’s Separation form Service (or, if earlier, the specified employee’s death). Any payment that
would otherwise be made during this period of delay shall be accumulated and paid on the sixth month plus one day following the specified
employee’s Separation from Service (or, if earlier, as soon as administratively practicable after the specified employee’s
death).

 

		26.	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 or
her behalf in his or her 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 Certificate
of Incorporation and Bylaws (as each may be amended from time to time), as a matter of law, or otherwise, or any power that the Company
may have to indemnify them or hold them harmless.

 

		27.	Severability

 

If
any provision of the Plan or any Award 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.

 

		28.	Unfunded
    Plan

 

The
Plan is intended to be an unfunded plan. Participants are and shall at all times be general creditors of the Company with respect to
their Awards. If the Committee or the Company chooses to set aside funds in a trust or otherwise for the payment of Awards under the
Plan, such funds shall at all times be subject to the claims of the creditors of the Company in the event of its bankruptcy or insolvency.

 

    14

     

    

 

		29.	Clawback/Recoupment

 

Awards
granted under this Plan will be subject to recoupment in accordance with any clawback policy that the Company adopts or is required to
adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are
listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition,
the Committee may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Committee determines necessary
or appropriate, including a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon
the occurrence of misconduct. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign
for “good reason” or be deemed a “constructive termination” (or any similar term) as such terms are used in any
agreement between any Participant and the Company.

 

		30.	Plan
    Document Controls

 

The
Plan and each Award Agreement together constitute the entire agreement with respect to the subject matter hereof and thereof; provided
that in the event of any inconsistency between the Plan and any Award Agreement, the terms and conditions of the Plan shall control.

 

		31.	Interpretation

 

Headings
are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference and shall not be deemed in any
way material or relevant to the construction or interpretation of the Plan or any provision thereof. Words in the masculine gender shall
include the feminine gender, and where appropriate, the plural shall include the singular and the singular shall include the plural.
The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such
statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters,
whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar
import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall
within the broadest possible scope of such general statement, term or matter. References herein to any agreement, instrument or other
document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted
by the provisions thereof and not prohibited by the Plan.

 

    15

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