Document:

Exhibit 10.7

 

Virax Biolabs Group Limited. 

2022
Equity Incentive Plan

 

Adopted
by the Board of Directors: March 15, 2022 

Approved
by the Shareholders: March 15,
2022

 

     

     

    

 

Table
Of Contents

 

	 	 	 	Page
	 	 	 
	1.	General.	 	 1
	 	 	 
	2.	Shares Subject to the Plan.	 	 1
	 	 	 
	3.	Eligibility and Limitations.	 	 2
	 	 	 
	4.	Options.	 	 2
	 	 	 
	5.	Awards Other Than Options.	 	 5
	 	 	 
	6.	Adjustments upon Changes in Ordinary Shares;
    Other Corporate Events.	 	 5
	 	 	 
	7.	Administration.	 	 7
	 	 	 
	8.	Tax Withholding	 	 9
	 	 	 
	9.	Miscellaneous.	 	 9
	 	 	 
	10.	Covenants of the Company.	 	 11
	 	 	 
	11.	Additional Rules for Awards Subject to
    Section 409a.	 	 12
	 	 	 
	12.	Severability.	 	 14
	 	 	 
	13.	Termination of the Plan.	 	 14
	 	 	 
	14.	Definitions.	 	 14

 

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1.
General. 

 

(a) [Intentionally omitted].

 

(b) Plan Purpose. The Company, by means
of the Plan, seeks to secure and retain the services of Employees, Directors and Consultants, to provide incentives for such persons to
exert maximum efforts for the success of the Company and any Affiliate and to provide a means by which such persons may be given an opportunity
to benefit from increases in value of the Ordinary Shares through the granting of Awards.

 

(c) Available Awards. The Plan provides
for the grant of the following Awards: (i) Incentive Share Options; (ii) Non-statutory Share Options; (iii) Performance
Awards; and (iv) Other Awards.

 

(d) Adoption Date; Effective Date. The
Plan will come into existence on the Adoption Date, but no Award may be granted prior to the Effective Date.

 

2.
Shares Subject to the Plan. 

 

(a) Share Reserve. Subject to adjustment
in accordance with Section 2(c) and any adjustments as necessary to implement any Capitalization Adjustments, the aggregate number
of Ordinary Shares that may be issued pursuant to Awards will not exceed 1,319,418 shares..

 

(b) Aggregate Incentive Share Option Limit.
Notwithstanding anything to the contrary in Section 2(a) and subject to any adjustments as necessary to implement any Capitalization
Adjustments, the aggregate maximum number of Ordinary Shares that may be issued pursuant to the exercise of Incentive Share Options is
1,319,418 shares.

 

(c) Share Reserve Operation. 

 

(i) Limit Applies to Ordinary Shares Issued
Pursuant to Awards. For clarity, the Share Reserve is a limit on the number of Ordinary Shares that may be issued pursuant to Awards
and does not limit the granting of Awards, except that the Company will keep available at all times the number of Ordinary Shares reasonably
required to satisfy its obligations to issue shares pursuant to such Awards. Shares may be issued in connection with a merger or acquisition
as permitted by, as applicable, Nasdaq Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08, NYSE American Company Guide
Section 711 or other applicable rule, and such issuance will not reduce the number of shares available for issuance under the Plan.

 

(ii) Actions that Do Not Constitute Issuance
of Ordinary Shares and Do Not Reduce Share Reserve. The following actions do not result in an issuance of shares under the Plan and
accordingly do not reduce the number of shares subject to the Share Reserve and available for issuance under the Plan: (1) the expiration
or termination of any portion of an Award without the shares covered by such portion of the Award having been issued; (2) the settlement
of any portion of an Award in cash (i.e., the Participant receives cash rather than Ordinary Shares); (3) the withholding of shares
that would otherwise be issued by the Company to satisfy the exercise, strike or purchase price of an Award; or (4) the withholding
of shares that would otherwise be issued by the Company to satisfy a tax withholding obligation in connection with an Award.

 

(iii) Reversion of Previously Issued Ordinary
Shares to Share Reserve. The following Ordinary Shares previously issued pursuant to an Award and accordingly initially deducted from
the Share Reserve will be added back to the Share Reserve and again become available for issuance under the Plan: (1) any shares
that are forfeited back to or repurchased by the Company because of a failure to meet a contingency or condition required for the vesting
of such shares; (2) any shares that are reacquired by the Company to satisfy the exercise, strike or purchase price of an Award;
and (3) any shares that are reacquired by the Company to satisfy a tax withholding obligation in connection with an Award.

 

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3.
Eligibility and Limitations. 

 

(a) Eligible Award Recipients. Subject
to the terms of the Plan, Employees, Directors and Consultants are eligible to receive Awards.

 

(b) Specific Award Limitations. 

 

(i) Limitations on Incentive Share Option Recipients.
Incentive Share Options may be granted only to Employees of the Company or a “parent corporation” or “subsidiary corporation”
thereof (as such terms are defined in Sections 424(e) and (f) of the Code).

 

(ii) Incentive Share Option $100,000 Limitation.
To the extent that the aggregate Fair Market Value (determined at the time of grant) of Ordinary Shares with respect to which Incentive
Share Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any
Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive
Share Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise
do not comply with such rules will be treated as Non-statutory Share Options, notwithstanding any contrary provision of the applicable
Option Agreement(s).

 

(iii)[Intentionally Omitted].

 

(iv) Limitations on Non-statutory Share Options.
Non-statutory Share Options may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any
“parent” of the Company (as such term is defined in Rule 405) unless the stock underlying such Awards is treated as “service
recipient stock” under Section 409A because the Awards are granted pursuant to a corporate transaction (such as a spin off
transaction) or unless such Awards otherwise comply with the distribution requirements of Section 409A.

 

(c) Aggregate Incentive Share Option Limit.
The aggregate maximum number of Ordinary Shares that may be issued pursuant to the exercise of Incentive Share Options is the number of
shares specified in Section 2(b).

 

(d) Non-Employee Director Compensation Limit.
The aggregate value of all compensation granted or paid, as applicable, to any individual for service as a Non-Employee Director with
respect to any calendar year, including Awards granted and cash fees paid by the Company to such Non-Employee Director, will not exceed
(i) $750,000 in total value or (ii) in the event such Non-Employee Director is first appointed or elected to the Board during such
calendar year, $1,000,000 in total value, in each case calculating the value of any equity awards based on the grant date fair value of
such equity awards for financial reporting purposes. The limitations in this Section 3(d) shall apply commencing with the first calendar
year that begins following the Effective Date.

 

4.
Options. 

 

Each Option will have such terms and conditions
as determined by the Board. Each Option will be designated in writing as an Incentive Share Option or Non-statutory Share Option at the
time of grant; provided, however, that if an Option is not so designated, then such Option will be a Non-statutory Share Option, and the
shares purchased upon exercise of each type of Option will be separately accounted for. The terms and conditions of separate Options need
not be identical; provided, however, that each Option Agreement will conform (through incorporation of provisions hereof by reference
in the Award Agreement or otherwise) to the substance of each of the following provisions:

 

(a) Term. Subject to Section 3(b)
regarding Ten Percent Shareholders or no Option will be exercisable after the expiration of ten years from the date of grant of such Award
or such shorter period specified in the Award Agreement.

 

(b) Exercise or Strike Price. The exercise
or strike price of each Option will not be less than 100% of the Fair Market Value on the date of grant of such Award.

 

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(c) Exercise Procedure and Payment of Exercise
Price for Options. In order to exercise an Option, the Participant must provide notice of exercise to the Plan Administrator in accordance
with the procedures specified in the Option Agreement or otherwise provided by the Company. The Board has the authority to grant Options
that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options
that require the consent of the Company to utilize a particular method of payment. The exercise price of an Option may be paid, to the
extent permitted by Applicable Law and as determined by the Board, by one or more of the following methods of payment to the extent set
forth in the Option Agreement:

 

(i) by cash or check, bank draft or money
order payable to the Company;

 

(ii) pursuant to a “cashless exercise”
program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the Ordinary Shares subject
to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the exercise
price to the Company from the sales proceeds;

 

(iii) by a repurchase by the Company of
Ordinary Shares that are already owned by the Participant free and clear of any liens, claims, encumbrances or security interests, with
a Fair Market Value on the date of exercise that does not exceed the exercise price, and the utilization of the repurchase price as the
payment of the exercise price; provided that (1) at the time of exercise the Ordinary Shares is publicly traded, (2) any remaining
balance of the exercise price not satisfied by such utilization is paid by the Participant in cash or other permitted form of payment,
(3) such delivery would not violate any Applicable Law or agreement restricting the redemption of the Ordinary Shares, (4) any
certificated shares are endorsed or accompanied by an executed assignment separate from certificate, and (5) such shares have been
held by the Participant for any minimum period necessary to avoid adverse accounting treatment as a result of such delivery;

 

(iv) if the Option is a Non-statutory Share
Option, by a “net exercise” arrangement pursuant to which the Company will reduce the number of Ordinary Shares issuable upon
exercise by the largest whole number of shares with a Fair Market Value on the date of exercise that does not exceed the exercise price,
provided that (1) such shares used to pay the exercise price will not be exercisable thereafter, (2) the par value of the Ordinary
Shares is paid by the Participant in cash, and (3) any remaining balance of the exercise price not satisfied by such net exercise
is paid by the Participant in cash or other permitted form of payment; or

 

(v) in any other form of consideration
that may be acceptable to the Board and permissible under Applicable Law.

 

(d) [intentionally omitted].

 

(e) Transferability. Options may not be
transferred to third party financial institutions for value. The Board may impose such additional limitations on the transferability of
an Option as it determines. In the absence of any such determination by the Board, the following restrictions on the transferability of
Options will apply, provided that except as explicitly provided herein, an Option may not be transferred for consideration and provided,
further, that if an Option is an Incentive Share Option, such Option may be deemed to be a Non-statutory Share Option as a result
of such transfer:

 

(i) Restrictions on Transfer. An Option
will not be transferable, except by will or by the laws of descent and distribution, and will be exercisable during the lifetime of the
Participant only by the Participant; provided, however, that the Board may permit transfer of an Option in a manner that is not prohibited
by applicable tax and securities laws upon the Participant’s request, including to a trust if the Participant is considered to be
the sole beneficial owner of such trust (as determined under Section 671 of the Code and applicable state law) while such Option
is held in such trust, provided that the Participant and the trustee enter into a transfer and other agreements required by the Company.

 

(ii) Domestic Relations Orders. Notwithstanding
the foregoing, subject to the execution of transfer documentation in a format acceptable to the Company and subject to the approval of
the Board or a duly authorized Officer, an Option may be transferred pursuant to a domestic relations order.

 

    3

     

    

 

(f) Vesting. The Board may impose such
restrictions on or conditions to the vesting and/or exercisability of an Option as determined by the Board. Except as otherwise provided
in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of Options will cease
upon termination of the Participant’s Continuous Service.

 

(g) Termination of Continuous Service for Cause.
Except as explicitly otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an
Affiliate, if a Participant’s Continuous Service is terminated for Cause, the Participant’s Options will terminate and be
forfeited immediately upon such termination of Continuous Service, and the Participant will be prohibited from exercising any portion
(including any vested portion) of such Awards on and after the date of such termination of Continuous Service and the Participant will
have no further right, title or interest in such forfeited Award, the Ordinary Shares subject to the forfeited Award, or any consideration
in respect of the forfeited Award.

 

(h) Post-Termination Exercise Period Following
Termination of Continuous Service for Reasons Other than Cause. Subject to Section 4(i), if a Participant’s Continuous
Service terminates for any reason other than for Cause, the Participant may exercise his or her Option to the extent vested, but only
within the following period of time or, if applicable, such other period of time provided in the Award Agreement or other written agreement
between a Participant and the Company or an Affiliate; provided, however, that in no event may such Award be exercised after the expiration
of its maximum term (as set forth in Section 4(a)):

 

(i) three months following the date of
such termination if such termination is a termination without Cause (other than any termination due to the Participant’s Disability
or death);

 

(ii) 12 months following the date of such
termination if such termination is due to the Participant’s Disability;

 

(iii) 18 months following the date of such
termination if such termination is due to the Participant’s death; or

 

(iv) 18 months following the date of the
Participant’s death if such death occurs following the date of such termination but during the period such Award is otherwise exercisable
(as provided in (i) or (ii) above).

 

Following the date of such termination, to the extent the Participant
does not exercise such Award within the applicable Post-Termination Exercise Period (or, if earlier, prior to the expiration of the maximum
term of such Award), such unexercised portion of the Award will terminate, and the Participant will have no further right, title or interest
in the terminated Award, the Ordinary Shares subject to the terminated Award, or any consideration in respect of the terminated Award.

 

(i) Restrictions on Exercise; Extension of
Exercisability. A Participant may not exercise an Option at any time that the issuance of Ordinary Shares upon such exercise would
violate Applicable Law. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company
or an Affiliate, if a Participant’s Continuous Service terminates for any reason other than for Cause and, at any time during the
last thirty days of the applicable Post-Termination Exercise Period: (i) the exercise of the Participant’s Option or SAR would
be prohibited solely because the issuance of Ordinary Shares upon such exercise would violate Applicable Law, or (ii) the immediate
sale of any Ordinary Shares issued upon such exercise would violate the Company’s Trading Policy, then the applicable Post-Termination
Exercise Period will be extended to the last day of the calendar month that commences following the date the Award would otherwise expire,
with an additional extension of the exercise period to the last day of the next calendar month to apply if any of the foregoing restrictions
apply at any time during such extended exercise period, generally without limitation as to the maximum permitted number of extensions);
provided, however, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)).

 

(j) Non-Exempt Employees. No Option, whether
or not vested, granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, will
be first exercisable for any Ordinary Shares until at least six months following the date of grant of such Award. Notwithstanding the
foregoing, in accordance with the provisions of the Worker Economic Opportunity Act, any vested portion of such Award may be exercised
earlier than six months following the date of grant of such Award in the event of (i) such Participant’s death or Disability,
(ii) a Corporate Transaction in which such Award is not assumed, continued or substituted, (iii) a Change in Control, or (iv) such
Participant’s retirement (as such term may be defined in the Award Agreement or another applicable agreement or, in the absence
of any such definition, in accordance with the Company’s then current employment policies and guidelines). This Section 4(j)
is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option will
be exempt from his or her regular rate of pay.

 

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(k) Whole Shares. Options may be exercised
only with respect to whole Ordinary Shares or their equivalents.

 

5.
Awards Other Than Options. 

 

(a) Performance Awards. With respect to
any Performance Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, the other
terms and conditions of such Award, and the measure of whether and to what degree such Performance Goals have been attained will be determined
by the Board.

 

(b) Other Awards. Other forms of Awards
valued in whole or in part by reference to, or otherwise based on, Ordinary Shares, including the appreciation in value thereof (e.g.,
options or stock rights with an exercise price or strike price less than 100% of the Fair Market Value at the time of grant) may be granted
either alone or in addition to Awards provided for under Section 4 and the preceding provisions of this Section 5. Subject to
the provisions of the Plan, the Board will have sole and complete discretion to determine the persons to whom and the time or times at
which such Other Awards will be granted, the number of Ordinary Shares (or the cash equivalent thereof) to be granted pursuant to such
Other Awards and all other terms and conditions of such Other Awards.

 

6.
Adjustments upon Changes in Ordinary Shares; Other Corporate Events. 

 

(a) Capitalization Adjustments. In the
event of a Capitalization Adjustment, the Board shall appropriately and proportionately adjust: (i) the class(es) and maximum number
of Ordinary Shares subject to the Plan and the maximum number of shares by which the Share Reserve may annually increase pursuant to Section 2(a);
(ii) the class(es) and maximum number of shares that may be issued pursuant to the exercise of Incentive Share Options pursuant to Section 2(a);
and (iii) the class(es) and number of securities and exercise price, strike price or purchase price of Ordinary Shares subject to
outstanding Awards. The Board shall make such adjustments, and its determination shall be final, binding and conclusive. Notwithstanding
the foregoing, no fractional shares or rights for fractional Ordinary Shares shall be created in order to implement any Capitalization
Adjustment. The Board shall determine an appropriate equivalent benefit, if any, for any fractional shares or rights to fractional shares
that might be created by the adjustments referred to in the preceding provisions of this Section.

 

(b) Dissolution or Liquidation. Except
as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Awards (other
than Awards consisting of vested and outstanding Ordinary Shares not subject to a forfeiture condition or the Company’s right of
repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the Ordinary Shares subject to
the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding
the fact that the holder of such Award is providing Continuous Service, provided, however, that the Board may determine to cause some
or all Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Awards have
not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

 

(c) Corporate Transaction. The following
provisions will apply to Awards in the event of a Corporate Transaction unless otherwise provided in the instrument evidencing the Award
or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the
Board at the time of grant of an Award.

 

(i) Awards May Be Assumed. In the event
of a Corporate Transaction, any surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent
company) may assume or continue any or all Awards outstanding under the Plan or may substitute similar awards for Awards outstanding under
the Plan (including but not limited to, awards to acquire the same consideration paid to the shareholders of the Company pursuant to the
Corporate Transaction), and any reacquisition or repurchase rights held by the Company in respect of Ordinary Shares issued pursuant to
Awards may be assigned by the Company to the successor of the Company (or the successor’s parent company, if any), in connection
with such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent) may choose to assume or continue only
a portion of an Award or substitute a similar award for only a portion of an Award, or may choose to assume or continue the Awards held
by some, but not all Participants. The terms of any assumption, continuation or substitution will be set by the Board.

 

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(ii) Awards Held by Current Participants.
In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does not assume
or continue such outstanding Awards or substitute similar awards for such outstanding Awards, then with respect to Awards that have not
been assumed, continued or substituted and that are held by Participants whose Continuous Service has not terminated prior to the effective
time of the Corporate Transaction (referred to as the “Current Participants”), the vesting of such Awards (and,
with respect to Options, the time when such Awards may be exercised) will be accelerated in full to a date prior to the effective time
of such Corporate Transaction (contingent upon the effectiveness of the Corporate Transaction) as the Board determines (or, if the Board
does not determine such a date, to the date that is five (5) days prior to the effective time of the Corporate Transaction), and
such Awards will terminate if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction, and any reacquisition
or repurchase rights held by the Company with respect to such Awards will lapse (contingent upon the effectiveness of the Corporate Transaction).
With respect to the vesting of Performance Awards that will accelerate upon the occurrence of a Corporate Transaction pursuant to this
subsection (ii) and that have multiple vesting levels depending on the level of performance, unless otherwise provided in the Award
Agreement or unless otherwise provided by the Board, the vesting of such Performance Awards will accelerate at 100% of the target level
upon the occurrence of the Corporate Transaction. With respect to the vesting of Awards that will accelerate upon the occurrence of a
Corporate Transaction pursuant to this subsection (ii) and are settled in the form of a cash payment, such cash payment will be made
no later than 30 days following the occurrence of the Corporate Transaction.

 

(iii) Awards Held by Persons other than Current
Participants. In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company)
does not assume or continue such outstanding Awards or substitute similar awards for such outstanding Awards, then with respect to Awards
that have not been assumed, continued or substituted and that are held by persons other than Current Participants, such Awards will terminate
if not exercised (if applicable) prior to the occurrence of the Corporate Transaction; provided, however, that any reacquisition or repurchase
rights held by the Company with respect to such Awards will not terminate and may continue to be exercised notwithstanding the Corporate
Transaction.

 

(iv) Payment for Awards in Lieu of Exercise.
Notwithstanding the foregoing, in the event an Award will terminate if not exercised prior to the effective time of a Corporate Transaction,
the Board may provide, in its sole discretion, that the holder of such Award may not exercise such Award but will receive a payment, in
such form as may be determined by the Board, equal in value, at the effective time, to the excess, if any, of (1) the value of the
property the Participant would have received upon the exercise of the Award (including, at the discretion of the Board, any unvested portion
of such Award), over (2) any exercise price payable by such holder in connection with such exercise.

 

(d) Appointment of Shareholder Representative.
As a condition to the receipt of an Award under this Plan, a Participant will be deemed to have agreed that the Award will be subject
to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for
the appointment of a shareholder representative that is authorized to act on the Participant’s behalf with respect to any escrow,
indemnities and any contingent consideration.

 

(e) No Restriction on Right to Undertake Transactions.
The grant of any Award under the Plan and the issuance of shares pursuant to any Award does not affect or restrict in any way the right
or power of the Company or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other
change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of shares or of
options, rights or options to purchase shares or of bonds, debentures, preferred or prior preference shares whose rights are superior
to or affect the Ordinary Shares or the rights thereof or which are convertible into or exchangeable for Ordinary Shares, or the dissolution
or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

 

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7.
Administration. 

 

(a) Administration by Board. The Board
will administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees, as provided in
subsection (c) below.

 

(b) Powers of Board. The Board will have
the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i) To determine from time to time (1) which
of the persons eligible under the Plan will be granted Awards; (2) when and how each Award will be granted; (3) what type or
combination of types of Award will be granted; (4) the provisions of each Award granted (which need not be identical), including
the time or times when a person will be permitted to receive an issuance of Ordinary Shares or other payment pursuant to an Award; (5) the
number of Ordinary Shares or cash equivalent with respect to which an Award will be granted to each such person; (6) the Fair Market
Value applicable to an Award; and (7) the terms of any Performance Award that is not valued in whole or in part by reference to,
or otherwise based on, the Ordinary Shares, including the amount of cash payment or other property that may be earned and the timing of
payment.

 

(ii) To construe and interpret the Plan
and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise
of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in a manner and to the extent
it deems necessary or expedient to make the Plan or Award fully effective.

 

(iii) To settle all controversies regarding
the Plan and Awards granted under it.

 

(iv) To accelerate the time at which an
Award may first be exercised or the time during which an Award or any part thereof will vest, notwithstanding the provisions in the Award
Agreement stating the time at which it may first be exercised or the time during which it will vest.

 

(v) To prohibit the exercise of any Option
or other exercisable Award during a period of up to 30 days prior to the consummation of any pending share dividend, share sub-division,
stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company
assets to shareholders, or any other change affecting the Ordinary Shares or the share price of the Ordinary Shares including any Corporate
Transaction, for reasons of administrative convenience.

 

(vi) To suspend or terminate the Plan at
any time. Suspension or termination of the Plan will not Materially Impair rights and obligations under any Award granted while the Plan
is in effect except with the written consent of the affected Participant.

 

(vii) To amend the Plan in any respect
the Board deems necessary or advisable; provided, however, that shareholder approval will be required for any amendment to the
extent required by Applicable Law. Except as provided above, rights under any Award granted before amendment of the Plan will not be Materially
Impaired by any amendment of the Plan unless (1) the Company requests the consent of the affected Participant, and (2) such
Participant consents in writing.

 

(viii) To submit any amendment to the Plan
for shareholder approval.

 

(ix) To approve forms of Award Agreements
for use under the Plan and to amend the terms of any one or more Awards, including, but not limited to, amendments to provide terms more
favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not
subject to Board discretion; provided however, that, a Participant’s rights under any Award will not be Materially Impaired
by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such Participant consents
in writing.

 

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(x) Generally, to exercise such powers
and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict
with the provisions of the Plan or Awards.

 

(xi) To adopt such procedures and sub-plans
as are necessary or appropriate to permit and facilitate participation in the Plan by, or take advantage of specific tax treatment for
Awards granted to, Employees, Directors or Consultants who are foreign nationals or employed outside the United States (provided that
Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement to ensure or facilitate compliance
with the laws of the relevant foreign jurisdiction).

 

(xii) To effect, at any time and from time
to time, subject to the consent of any Participant whose Award is Materially Impaired by such action, (1) the reduction of the exercise
price (or strike price) of any outstanding Option; (2) the cancellation of any outstanding Option and the grant in substitution therefor
of (A) a new Option or Other Award, under the Plan or another equity plan of the Company, covering the same or a different number
of Ordinary Shares, (B) cash and/or (C) other valuable consideration (as determined by the Board); or (3) any other action
that is treated as a repricing under generally accepted accounting principles.

 

(c) Delegation to Committee. 

 

(i) General. The Board may delegate some
or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the
Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated
to the Committee, including the power to delegate to another Committee or a subcommittee of the Committee any of the administrative powers
the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee),
subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.
Each Committee may retain the authority to concurrently administer the Plan with Committee or subcommittee to which it has delegated its
authority hereunder and may, at any time, revest in such Committee some or all of the powers previously delegated. The Board may retain
the authority to concurrently administer the Plan with any Committee and may, at any time, revest in the Board some or all of the powers
previously delegated.

 

(ii) Rule 16b-3 Compliance. To the extent
an Award is intended to qualify for the exemption from Section 16(b) of the Exchange Act that is available under Rule 16b-3 of the
Exchange Act, the Award will be granted by the Board or a Committee that consists solely of two or more Non-Employee Directors, as determined
under Rule 16b-3(b)(3) of the Exchange Act and thereafter any action establishing or modifying the terms of the Award will be approved
by the Board or a Committee meeting such requirements to the extent necessary for such exemption to remain available.

 

(d) Effect of Board’s Decision. All
determinations, interpretations and constructions made by the Board or any Committee in good faith will not be subject to review by any
person and will be final, binding and conclusive on all persons.

 

(e) Delegation to an Officer. The Board
or any Committee may delegate to one or more Officers the authority to do one or both of the following (i) designate Employees who
are not Officers to be recipients of Options (and, to the extent permitted by Applicable Law, other types of Awards) and, to the extent
permitted by Applicable Law, the terms thereof, and (ii) determine the number of Ordinary Shares to be subject to such Awards granted
to such Employees; provided, however, that the resolutions or charter adopted by the Board or any Committee evidencing such delegation
will specify the total number of Ordinary Shares that may be subject to the Awards granted by such Officer and that such Officer may not
grant an Award to himself or herself. Any such Awards will be granted on the applicable form of Award Agreement most recently approved
for use by the Board or the Committee, unless otherwise provided in the resolutions approving the delegation authority. Notwithstanding
anything to the contrary herein, neither the Board nor any Committee may delegate to an Officer who is acting solely in the capacity of
an Officer (and not also as a Director) the authority to determine the Fair Market Value.

 

    8

     

    

 

8.
Tax withholding

 

(a) Withholding Authorization. As a condition
to acceptance of any Award under the Plan, a Participant authorizes withholding from payroll and any other amounts payable to such Participant,
and otherwise agree to make adequate provision for (including), any sums required to satisfy any U.S. federal, state, local and/or foreign
tax or social insurance contribution withholding obligations of the Company or an Affiliate, if any, which arise in connection with the
exercise, vesting or settlement of such Award, as applicable. Accordingly, a Participant may not be able to exercise an Award even though
the Award is vested, and the Company shall have no obligation to issue of Ordinary Shares subject to an Award, unless and until such obligations
are satisfied.

 

(b) Satisfaction of Withholding Obligation.
To the extent permitted by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any U.S. federal, state,
local and/or foreign tax or social insurance withholding obligation relating to an Award by any of the following means or by a combination
of such means: (i) causing the Participant to tender a cash payment; (ii) withholding Ordinary Shares from the Ordinary Shares
issued or otherwise issuable to the Participant in connection with the Award; (iii) withholding cash from an Award settled in cash;
(iv) withholding payment from any amounts otherwise payable to the Participant; (v) by allowing a Participant to effectuate
a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board; or (vi) by
such other method as may be set forth in the Award Agreement.

 

(c) No Obligation to Notify or Minimize Taxes;
No Liability to Claims. Except as required by Applicable Law the Company has no duty or obligation to any Participant to advise such
holder as to the time or manner of exercising such Award. Furthermore, the Company has no duty or obligation to warn or otherwise advise
such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company
has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award and will not be liable to any holder
of an Award for any adverse tax consequences to such holder in connection with an Award. As a condition to accepting an Award under the
Plan, each Participant (i) agrees to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates
related to tax liabilities arising from such Award or other Company compensation and (ii) acknowledges that such Participant was
advised to consult with his or her own personal tax, financial and other legal advisors regarding the tax consequences of the Award and
has either done so or knowingly and voluntarily declined to do so. Additionally, each Participant acknowledges any Option granted under
the Plan is exempt from Section 409A only if the exercise or strike price is at least equal to the “fair market value”
of the Ordinary Shares on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral
of compensation associated with the Award. Additionally, as a condition to accepting an Option granted under the Plan, each Participant
agrees not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal
Revenue Service asserts that such exercise price or strike price is less than the “fair market value” of the Ordinary Shares
on the date of grant as subsequently determined by the Internal Revenue Service.

 

(d) Withholding Indemnification. As a condition
to accepting an Award under the Plan, in the event that the amount of the Company’s and/or its Affiliate’s withholding obligation
in connection with such Award was greater than the amount actually withheld by the Company and/or its Affiliates, each Participant agrees
to indemnify and hold the Company and/or its Affiliates harmless from any failure by the Company and/or its Affiliates to withhold the
proper amount.

 

9.
Miscellaneous. 

 

(a) Source of Shares. The shares issuable
under the Plan will be authorized but unissued or reacquired Ordinary Shares, including shares repurchased by the Company on the open
market or otherwise (including Ordinary Shares designated and held by the Company as treasury shares).

 

(b) Use of Proceeds from Sales of Ordinary
Shares. Proceeds from the sale of Ordinary Shares pursuant to Awards will constitute general funds of the Company.

 

    9

     

    

 

(c) Corporate Action Constituting Grant of
Awards. Corporate action constituting a grant by the Company of an Award to any Participant will be deemed completed as of the date
of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing
the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board
consents, resolutions or minutes) documenting the corporate action approving the grant contain terms (e.g., exercise price, vesting schedule
or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error
in the Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding
right to the incorrect term in the Award Agreement or related grant documents.

 

(d) Shareholder Rights. No Participant
will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Ordinary Shares subject to such Award
unless and until (i) such Participant has satisfied all requirements for exercise of the Award pursuant to its terms, if applicable,
and (ii) the issuance of the Ordinary Shares subject to such Award is recorded in the register of members of the Company.

 

(e) No Employment or Other Service Rights.
Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant
thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time
the Award was granted or affect the right of the Company or an Affiliate to terminate at will and without regard to any future vesting
opportunity that a Participant may have with respect to any Award (i) the employment of an Employee with or without notice and with
or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or
an Affiliate, or (iii) the service of a Director pursuant to the memorandum and articles of association of the Company or an Affiliate,
and any applicable provisions of the corporate law of the state or foreign jurisdiction in which the Company or the Affiliate is incorporated,
as the case may be. Further, nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with
any Award will constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future
work assignments, future compensation or any other term or condition of employment or service or confer any right or benefit under the
Award or the Plan unless such right or benefit has specifically accrued under the terms of the Award Agreement and/or Plan.

 

(f) Change in Time Commitment. In the event
a Participant’s regular level of time commitment in the performance of his or her services for the Company and any Affiliates is
reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status
from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant,
the Board may determine, to the extent permitted by Applicable Law, to (i) make a corresponding reduction in the number of shares
or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time
commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such
Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced
or extended.

 

(g) Execution of Additional Documents.
As a condition to accepting an Award under the Plan, the Participant agrees to execute any additional documents or instruments necessary
or desirable, as determined in the Plan Administrator’s sole discretion, to carry out the purposes or intent of the Award, or facilitate
compliance with securities and/or other regulatory requirements, in each case at the Plan Administrator’s request.

 

(h) Electronic Delivery and Participation.
Any reference herein or in an Award Agreement to a “written” agreement or document will include any agreement or document
delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or
other shared electronic medium controlled by the Company to which the Participant has access). By accepting any Award the Participant
consents to receive documents by electronic delivery and to participate in the Plan through any on-line electronic system established
and maintained by the Plan Administrator or another third party selected by the Plan Administrator. The form of delivery of any Ordinary
Shares (e.g., a share certificate or electronic entry evidencing such shares) shall be determined by the Company.

 

(i) Clawback/Recovery. All Awards granted
under the Plan will be subject to recoupment in accordance with any clawback policy that the Company 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 and any clawback policy that the Company
otherwise adopts, to the extent applicable and permissible under Applicable Law. In addition, the Board may impose such other clawback,
recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but not limited to
a reacquisition right in respect of previously acquired Ordinary Shares or other cash or property upon the occurrence of Cause. No recovery
of compensation under such a clawback policy will be an event giving rise to a Participant’s right to voluntary terminate employment
upon a “resignation for good reason,” or for a “constructive termination” or any similar term under any plan of
or agreement with the Company.

 

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(j) Securities Law Compliance. A Participant
will not be issued any shares in respect of an Award unless either (i) the shares are registered under the Securities Act; or (ii) the
Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Each Award also must
comply with other Applicable Law governing the Award, and a Participant will not receive such shares if the Company determines that such
receipt would not be in material compliance with Applicable Law.

 

(k) Transfer or Assignment of Awards; Issued
Shares. Except as expressly provided in the Plan or the form of Award Agreement, Awards granted under the Plan may not be transferred
or assigned by the Participant. After the vested shares subject to an Award have been issued, or in the case of similar awards, after
the issued shares have vested, the holder of such shares is free to assign, hypothecate, donate, encumber or otherwise dispose of any
interest in such shares provided that any such actions are in compliance with the provisions herein, the terms of the Trading Policy and
Applicable Law.

 

(l) Effect on Other Employee Benefit Plans.
The value of any Award granted under the Plan, as determined upon grant, vesting or settlement, shall not be included as compensation,
earnings, salaries, or other similar terms used when calculating any Participant’s benefits under any employee benefit plan sponsored
by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend,
modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.

 

(m) Deferrals. To the extent permitted
by Applicable Law, the Board, in its sole discretion, may determine that the delivery of Ordinary Shares or the payment of cash, upon
the exercise, vesting or settlement of all or a portion of any Award may be deferred and may also establish programs and procedures for
deferral elections to be made by Participants. Deferrals by will be made in accordance with the requirements of Section 409A.

 

(n) Section 409A. Unless otherwise expressly provided for in
an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan
and the Awards granted hereunder exempt from Section 409A, and, to the extent not so exempt, in compliance with the requirements
of Section 409A. If the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A,
the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1)
of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference
into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides
otherwise), if the Ordinary Shares are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation”
under Section 409A is a “specified employee” for purposes of Section 409A, no distribution or payment of any amount
that is due because of a “separation from service” (as defined in Section 409A without regard to alternative definitions
thereunder) will be issued or paid before the date that is six months and one day following the date of such Participant’s “separation
from service” or, if earlier, the date of the Participant’s death, unless such distribution or payment can be made in a manner
that complies with Section 409A, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses,
with the balance paid thereafter on the original schedule.

 

(o) Choice
of law. This Plan and any controversy arising out of or relating to this Plan shall be governed by, and construed in accordance
with, the internal laws of the Cayman Islands, without regard to conflict of law principles that would result in any application of any
law other than the law of the Cayman Islands.

 

10.
Covenants of the Company. 

 

(a) Compliance with Law. The Company will
seek to obtain from each regulatory commission or agency, as may be deemed to be necessary, having jurisdiction over the Plan such authority
as may be required to grant Awards and to issue and sell Ordinary Shares upon exercise or vesting of the Awards; provided, however, that
this undertaking will not require the Company to register under the Securities Act the Plan, any Award or any Ordinary Shares issued or
issuable pursuant to any such Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such
regulatory commission or agency the authority that counsel for the Company deems necessary or advisable for the lawful issuance and sale
of Ordinary Shares under the Plan, the Company will be relieved from any liability for failure to issue and sell Ordinary Shares upon
exercise or vesting of such Awards unless and until such authority is obtained. A Participant is not eligible for the grant of an Award
or the subsequent issuance of Ordinary Shares pursuant to the Award if such grant or issuance would be in violation of any Applicable
Law.

 

    11

     

    

 

11. Additional
Rules for Awards Subject to Section 409A. 

 

(a) Application. Unless the provisions
of this Section of the Plan are expressly superseded by the provisions in the form of Award Agreement, the provisions of this Section
shall apply and shall supersede anything to the contrary set forth in the Award Agreement for a Non-Exempt Award.

 

(b) Non-Exempt Awards Subject to Non-Exempt
Severance Arrangements. To the extent a Non-Exempt Award is subject to Section 409A due to application of a Non-Exempt Severance
Arrangement, the following provisions of this subsection (b) apply.

 

(i) If the Non-Exempt Award vests in the
ordinary course during the Participant’s Continuous Service in accordance with the vesting schedule set forth in the Award Agreement,
and does not accelerate vesting under the terms of a Non-Exempt Severance Arrangement, in no event will the shares be issued in respect
of such Non-Exempt Award any later than the later of: (i) December 31st of the calendar year that includes the applicable
vesting date, or (ii) the 60th day that follows the applicable vesting date.

 

(ii) If vesting of the Non-Exempt Award
accelerates under the terms of a Non-Exempt Severance Arrangement in connection with the Participant’s Separation from Service,
and such vesting acceleration provisions were in effect as of the date of grant of the Non-Exempt Award and, therefore, are part of the
terms of such Non-Exempt Award as of the date of grant, then the shares will be earlier issued in settlement of such Non-Exempt Award
upon the Participant’s Separation from Service in accordance with the terms of the Non-Exempt Severance Arrangement, but in no event
later than the 60th day that follows the date of the Participant’s Separation from Service. However, if at the time the
shares would otherwise be issued the Participant is subject to the distribution limitations contained in Section 409A applicable
to “specified employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before
the date that is six months following the date of such Participant’s Separation from Service, or, if earlier, the date of the Participant’s
death that occurs within such six month period.

 

(iii) If vesting of a Non-Exempt Award
accelerates under the terms of a Non-Exempt Severance Arrangement in connection with a Participant’s Separation from Service, and
such vesting acceleration provisions were not in effect as of the date of grant of the Non-Exempt Award and, therefore, are not a part
of the terms of such Non-Exempt Award on the date of grant, then such acceleration of vesting of the Non-Exempt Award shall not accelerate
the issuance date of the shares, but the shares shall instead be issued on the same schedule as set forth in the Grant Notice as if they
had vested in the ordinary course during the Participant’s Continuous Service, notwithstanding the vesting acceleration of the Non-Exempt
Award. Such issuance schedule is intended to satisfy the requirements of payment on a specified date or pursuant to a fixed schedule,
as provided under Treasury Regulations Section 1.409A-3(a)(4).

 

(c) Treatment of Non-Exempt Awards Upon a Corporate
Transaction for Employees and Consultants. The provisions of this subsection (c) shall apply and shall supersede anything to
the contrary set forth in the Plan with respect to the permitted treatment of any Non-Exempt Award in connection with a Corporate Transaction
if the Participant was either an Employee or Consultant upon the applicable date of grant of the Non-Exempt Award.

 

(i) Vested Non-Exempt Awards. The following
provisions shall apply to any Vested Non-Exempt Award in connection with a Corporate Transaction:

 

(1) If the Corporate Transaction is also
a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Vested Non-Exempt Award. Upon
the Section 409A Change in Control the settlement of the Vested Non-Exempt Award will automatically be accelerated and the shares
will be immediately issued in respect of the Vested Non-Exempt Award. Alternatively, the Company may instead provide that the Participant
will receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued to the Participant upon the
Section 409A Change in Control.

 

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(2) If the Corporate Transaction is not
also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute each Vested Non-Exempt
Award. The shares to be issued in respect of the Vested Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on
the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring
Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable
issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates,
with the determination of the Fair Market Value of the shares made on the date of the Corporate Transaction.

 

(ii) Unvested Non-Exempt Awards. The following
provisions shall apply to any Unvested Non-Exempt Award unless otherwise determined by the Board pursuant to subsection (e) of this
Section.

 

(1) In the event of a Corporate Transaction,
the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt Award. Unless otherwise determined by the Board, any
Unvested Non-Exempt Award will remain subject to the same vesting and forfeiture restrictions that were applicable to the Award prior
to the Corporate Transaction. The shares to be issued in respect of any Unvested Non-Exempt Award shall be issued to the Participant by
the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not
occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a
cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant
on such issuance dates, with the determination of Fair Market Value of the shares made on the date of the Corporate Transaction.

 

(2) If the Acquiring Entity will not assume,
substitute or continue any Unvested Non-Exempt Award in connection with a Corporate Transaction, then such Award shall automatically terminate
and be forfeited upon the Corporate Transaction with no consideration payable to any Participant in respect of such forfeited Unvested
Non-Exempt Award. Notwithstanding the foregoing, to the extent permitted and in compliance with the requirements of Section 409A,
the Board may in its discretion determine to elect to accelerate the vesting and settlement of the Unvested Non-Exempt Award upon the
Corporate Transaction, or instead substitute a cash payment equal to the Fair Market Value of such shares that would otherwise be issued
to the Participant, as further provided in subsection (e)(ii) below. In the absence of such discretionary election by the Board, any Unvested
Non-Exempt Award shall be forfeited without payment of any consideration to the affected Participants if the Acquiring Entity will not
assume, substitute or continue the Unvested Non-Exempt Awards in connection with the Corporate Transaction.

 

(3) The foregoing treatment shall apply
with respect to all Unvested Non-Exempt Awards upon any Corporate Transaction, and regardless of whether or not such Corporate Transaction
is also a Section 409A Change in Control.

 

(d) Treatment of Non-Exempt Awards Upon a Corporate
Transaction for Non-Employee Directors. The following provisions of this subsection (d) shall apply and shall supersede anything
to the contrary that may be set forth in the Plan with respect to the permitted treatment of a Non-Exempt Director Award in connection
with a Corporate Transaction.

 

(i) If the Corporate Transaction is also
a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Non-Exempt Director Award.
Upon the Section 409A Change in Control the vesting and settlement of any Non-Exempt Director Award will automatically be accelerated
and the shares will be immediately issued to the Participant in respect of the Non-Exempt Director Award. Alternatively, the Company may
provide that the Participant will instead receive a cash settlement equal to the Fair Market Value of the shares that would otherwise
be issued to the Participant upon the Section 409A Change in Control pursuant to the preceding provision.

 

    13

     

    

 

(ii) If the Corporate Transaction is not
also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute the Non-Exempt Director
Award. Unless otherwise determined by the Board, the Non-Exempt Director Award will remain subject to the same vesting and forfeiture
restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of the Non-Exempt
Director Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued
to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of
shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value of
the shares that would otherwise be issued to the Participant on such issuance dates, with the determination of Fair Market Value made
on the date of the Corporate Transaction.

 

12.
Severability.

 

If all or any part of the Plan or any Award Agreement
is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any
portion of the Plan or such Award Agreement not declared to be unlawful or invalid. Any Section of the Plan or any Award Agreement (or
part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the
terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

13.
Termination of the Plan.

 

The Board may suspend or terminate the Plan at
any time. No Incentive Share Options may be granted after the tenth anniversary of the earlier of: (i) the Adoption Date, or (ii) the
date the Plan is approved by the Company’s shareholders. No Awards may be granted under the Plan while the Plan is suspended or
after it is terminated.

 

14.
Definitions.

 

As used in the Plan, the following definitions
apply to the capitalized terms indicated below:

 

(a) “Acquiring Entity”
means the surviving or acquiring corporation (or its parent company) in connection with a Corporate Transaction.

 

(b) “Adoption Date”
means the date the Plan is first approved by the Board or Compensation Committee.

 

(c) “Affiliate”
means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in
Rule 405 promulgated under the Securities Act. The Board may determine the time or times at which “parent” or “subsidiary”
status is determined within the foregoing definition.

 

(d) “Applicable Law”
means shall mean any applicable securities, federal, state, foreign, material local or municipal or other law, statute, constitution,
principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement
issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Body (including
under the authority of any applicable self-regulating organization such as the Nasdaq Stock Market, New York Stock Exchange, or the Financial
Industry Regulatory Authority).

 

(e) “Award” means
any right to receive Ordinary Shares, cash or other property granted under the Plan (including an Incentive Share Option, a Non-statutory
Share Option, a Performance Award or any Other Award).

 

(f) “Award Agreement”
means a written agreement between the Company and a Participant evidencing the terms and conditions of an Award. The Award Agreement generally
consists of the Grant Notice and the agreement containing the written summary of the general terms and conditions applicable to the Award
and which is provided to a Participant along with the Grant Notice.

 

    14

     

    

 

(g) “Board” means
the Board of Directors of the Company (or its designee). Any decision or determination made by the Board shall be a decision or determination
that is made in the sole discretion of the Board (or its designee), and such decision or determination shall be final and binding on all
Participants.

 

(h)“Capitalization Adjustment”
means any change that is made in, or other events that occur with respect to, the Ordinary Shares subject to the Plan or subject to any
Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization,
reincorporation, share dividend, dividend in property other than cash, large nonrecurring cash dividend, share split, share sub-division,
share consolidation, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure
or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting
Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities
of the Company will not be treated as a Capitalization Adjustment.

 

(i) “Cause” has
the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term and, in the absence
of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such Participant’s
attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (ii) such Participant’s intentional,
material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company;
(iii) such Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or
(iv) such Participant’s gross or willful misconduct. The determination that a termination of the Participant’s Continuous
Service is either for Cause or without Cause will be made by the Board with respect to Participants who are executive officers of the
Company and by the Company’s Chief Executive Officer with respect to Participants who are not executive officers of the Company.
Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of
outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company or
such Participant for any other purpose.

 

(j) “Change in Control”
or “Change of Control” means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events; provided, however, to the extent necessary to avoid adverse personal income tax consequences
to the Participant in connection with an Award, also constitutes a Section 409A Change in Control:

 

(i) any Exchange Act Person becomes the
Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s
then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change
in Control shall not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company,
(B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person
that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain
financing for the Company through the issuance of equity securities, or (C) solely because the level of Ownership held by any Exchange
Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities
as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided
that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by
the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming
the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the
Subject Person over the designated percentage threshold, then a Change in Control shall be deemed to occur;

 

(ii) there is consummated a merger, consolidation
or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation
or similar transaction, the shareholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding
voting securities representing more than 50% of the combined outstanding voting power of the surviving Entity in such merger, consolidation
or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the surviving Entity in such
merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such transaction;

 

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(iii) there is consummated a sale, lease,
exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other
than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries
to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned by shareholders of the Company in
substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale,
lease, license or other disposition; or

 

(iv) individuals who, on the date the Plan
is adopted by the Board, are members of the Board (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of
any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new
member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.

 

Notwithstanding the foregoing or any other provision
of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or other transaction effected exclusively
for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an
individual written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with respect
to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth
in such an individual written agreement, the foregoing definition shall apply.

 

(k) “Code” means
the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(l) “Committee”
means the Compensation Committee and any other committee of Directors to whom authority has been delegated by the Board or Compensation
Committee in accordance with the Plan.

 

(m) “Company”
means Virax Biolabs Group Limited, a Cayman Islands exempted company.

 

(n) “Compensation Committee”
means the Compensation Committee of the Board.

 

(o) “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services
and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for
such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered
a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan
only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s
securities to such person.

 

(p) “Continuous Service”
means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted
or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Director
or Consultant or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination
of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided,
however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the
Board, such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as
an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not
constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company,
in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any
leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or
(ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be
treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave
of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required
by law. In addition, to the extent required for exemption from or compliance with Section 409A, the determination of whether there
has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition
of “separation from service” as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative
definition thereunder).

 

    16

     

    

 

(q) “Corporate Transaction”
means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

 

(i) a sale or other disposition of all
or substantially all, as determined by the Board, of the consolidated assets of the Company and its Subsidiaries;

 

(ii) a sale or other disposition of at
least 50% of the outstanding securities of the Company;

 

(iii) a merger, consolidation or similar
transaction following which the Company is not the surviving corporation; or

 

(iv) a merger, consolidation or similar
transaction following which the Company is the surviving corporation but the Ordinary Shares outstanding immediately preceding the merger,
consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other
property, whether in the form of securities, cash or otherwise.

 

(r) “Director”
means a member of the Board.

 

(s) “determine”
or “determined” means as determined by the Board or the Committee (or its designee) in its sole
discretion.

 

(t) “Disability”
means, with respect to a Participant, such Participant is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for
a continuous period of not less than 12 months, as provided in Section 22(e)(3) of the Code, and will be determined by the Board
on the basis of such medical evidence as the Board deems warranted under the circumstances.

 

(u) “Effective Date”
means immediately prior to the IPO Date, provided this Plan is approved by the Company’s shareholders prior to the IPO Date.

 

(v) “Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services,
will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(w) “Employer”
means the Company or the Affiliate of the Company that employs the Participant.

 

(x) “Entity”
means a corporation, partnership, limited liability company or other entity.

 

(y) “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(z) “Exchange Act Person”
means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except
that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company, (ii) any employee
benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered
public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the shareholders of the Company in substantially
the same proportions as their Ownership of shares of the Company; or (v) any natural person, Entity or “group” (within
the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly,
of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities.

 

    17

     

    

 

(aa) “Fair Market Value”
means, as of any date, unless otherwise determined by the Board, the value of the Ordinary Shares (as determined on a per share or aggregate
basis, as applicable) determined as follows:

 

(i) If the Ordinary Shares are listed on
any established stock exchange or traded on any established market, the Fair Market Value will be the closing sales price for such Ordinary
Shares as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Ordinary Shares) on
the date of determination, as reported in a source the Board deems reliable.

 

(ii) If there is no closing sales price
for the Ordinary Shares on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding
date for which such quotation exists.

 

(iii) In the absence of such markets for
the Ordinary Shares, or if otherwise determined by the Board, the Fair Market Value will be determined by the Board in good faith and
in a manner that complies with Sections 409A and 422 of the Code.

 

(bb) “Governmental Body”
means any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature;
(b) federal, state, local, municipal, foreign or other government; (c) governmental or regulatory body, or quasi-governmental
body of any nature (including any governmental division, department, administrative agency or bureau, commission, authority, instrumentality,
official, ministry, fund, foundation, center, organization, unit, body or Entity and any court or other tribunal, and for the avoidance
of doubt, any Tax authority) or other body exercising similar powers or authority; or (d) self-regulatory organization (including
the Nasdaq Stock Market, New York Stock Exchange, and the Financial Industry Regulatory Authority).

 

(cc) “Grant Notice”
means the notice provided to a Participant that he or she has been granted an Award under the Plan and which includes the name of the
Participant, the type of Award, the date of grant of the Award, number of Ordinary Shares subject to the Award or potential cash payment
right, (if any), the vesting schedule for the Award (if any) and other key terms applicable to the Award.

 

(dd) “Incentive Share Option”
means an option granted pursuant to Section 4 of the Plan that is intended to be, and qualifies as, an “incentive stock option”
within the meaning of Section 422 of the Code.

 

(ee) “IPO Date”
means the date of the underwriting agreement between the Company and the underwriter(s) managing the initial public offering of the Ordinary
Shares, pursuant to which the Ordinary Shares is priced for the initial public offering.

 

(ff) “Materially Impair”
means any amendment to the terms of the Award that materially adversely affects the Participant’s rights under the Award. A Participant’s
rights under an Award will not be deemed to have been Materially Impaired by any such amendment if the Board, in its sole discretion,
determines that the amendment, taken as a whole, does not materially impair the Participant’s rights. For example, the following
types of amendments to the terms of an Award do not Materially Impair the Participant’s rights under the Award: (i) imposition
of reasonable restrictions on the minimum number of shares subject to an Option that may be exercised; (ii) to maintain the qualified
status of the Award as an Incentive Share Option under Section 422 of the Code; (iii) to change the terms of an Incentive Share
Option in a manner that disqualifies, impairs or otherwise affects the qualified status of the Award as an Incentive Share Option under
Section 422 of the Code; (iv) to clarify the manner of exemption from, or to bring the Award into compliance with or qualify
it for an exemption from, Section 409A; or (v) to comply with other Applicable Laws.

 

(gg) “Non-Employee Director”
means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation,
either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as
a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant
to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure
would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required
pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes
of Rule 16b-3.

 

    18

     

    

 

(hh) “Non-Exempt Award”
means any Award that is subject to, and not exempt from, Section 409A, including as the result of (i) a deferral of the issuance
of the shares subject to the Award which is elected by the Participant or imposed by the Company, (ii) the terms of any Non-Exempt
Severance Agreement.

 

(ii) “Non-Exempt Director Award”
means a Non-Exempt Award granted to a Participant who was a Director but not an Employee on the applicable grant date.

 

(jj) “Non-Exempt Severance
Arrangement” means a severance arrangement or other agreement between the Participant and the Company that provides for
acceleration of vesting of an Award and issuance of the shares in respect of such Award upon the Participant’s termination of employment
or separation from service (as such term is defined in Section 409A(a)(2)(A)(i) of the Code (and without regard to any alternative
definition thereunder) (“Separation from Service”) and such severance benefit does not satisfy the requirements
for an exemption from application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(4), 1.409A-1(b)(9)
or otherwise.

 

(kk) “Non-statutory Share Option”
means any option granted pursuant to Section 4 of the Plan that does not qualify as an Incentive Share Option.

 

(ll) “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

 

(mm) “Option”
means an Incentive Share Option or a Non-statutory Share Option to purchase Ordinary Shares granted pursuant to the Plan.

 

(nn) “Option Agreement”
means a written agreement between the Company and the Optionholder evidencing the terms and conditions of the Option grant. The Option
Agreement includes the Grant Notice for the Option and the agreement containing the written summary of the general terms and conditions
applicable to the Option and which is provided to a Participant along with the Grant Notice. Each Option Agreement will be subject to
the terms and conditions of the Plan.

 

(oo) “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

 

(pp) “Ordinary Shares”
means the Class A ordinary shares of the Company.

 

(qq) “Other Award”
means an award based in whole or in part by reference to the Ordinary Shares which is granted pursuant to the terms and conditions of
Section 5(c).

 

(rr) “Other Award Agreement”
means a written agreement between the Company and a holder of an Other Award evidencing the terms and conditions of an Other Award grant.
Each Other Award Agreement will be subject to the terms and conditions of the Plan.

 

(ss) “Own,” “Owned,”
“Owner,” “Ownership” means that a person or Entity will be deemed to “Own,”
to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person
or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power,
which includes the power to vote or to direct the voting, with respect to such securities.

 

(tt) “Participant”
means an Employee, Director or Consultant to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds
an outstanding Award.

 

    19

     

    

 

(uu) “Performance Award”
means an Award that may vest or may be exercised or a cash award that may vest or become earned and paid contingent upon the attainment
during a Performance Period of certain Performance Goals and which is granted under the terms and conditions of Section 5(b) pursuant
to such terms as are approved by the Board. In addition, to the extent permitted by Applicable Law and set forth in the applicable Award
Agreement, the Board may determine that cash or other property may be used in payment of Performance Awards. Performance Awards that are
settled in cash or other property are not required to be valued in whole or in part by reference to, or otherwise based on, the Ordinary
Shares.

 

(vv) “Performance Criteria”
means the one or more criteria that the Board will select for purposes of establishing the Performance Goals for a Performance Period.
The Performance Criteria that will be used to establish such Performance Goals may be based on any measure of performance selected by
the Board.

 

(ww) “Performance Goals” means, for
a Performance Period, the one or more goals established by the Board for the Performance Period based upon the Performance Criteria. Performance
Goals may be based on a Company-wide basis, with respect to one or more business units, divisions, Affiliates, or business segments, and
in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant
indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the Award is granted or (ii) in such
other document setting forth the Performance Goals at the time the Performance Goals are established, the Board will appropriately make
adjustments in the method of calculating the attainment of Performance Goals for a Performance Period as follows: (1) to exclude
restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes
to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates; (5) to
exclude the effects of items that are “unusual” in nature or occur “infrequently” as determined under generally
accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to assume that any
business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following
such divestiture; (8) to exclude the effect of any change in the outstanding ordinary shares of the Company by reason of any share
dividend or split, share repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares
or other similar corporate change, or any distributions to ordinary shareholders other than regular cash dividends; (9) to exclude
the effects of stock based compensation and the award of bonuses under the Company’s bonus plans; (10) to exclude costs incurred
in connection with potential acquisitions or divestitures that are required to expense under generally accepted accounting principles;
and (11) to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally accepted
accounting principles. In addition, the Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon
attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for such Performance
Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement
as specified in the Award Agreement or the written terms of a Performance Cash Award.

 

(xx) “Performance Period”
means the period of time selected by the Board over which the attainment of one or more Performance Goals will be measured for the purpose
of determining a Participant’s right to vesting or exercise of an Award. Performance Periods may be of varying and overlapping duration,
at the sole discretion of the Board.

 

(yy) “Plan” means
this Virax Biolabs Group Limited 2022 Equity Incentive Plan, as amended from time to time.

 

(zz) “Plan Administrator”
means the person, persons, and/or third-party administrator designated by the Company to administer the day to day operations of the Plan
and the Company’s other equity incentive programs.

 

(aaa) “Post-Termination Exercise
Period” means the period following termination of a Participant’s Continuous Service within which an Option is exercisable,
as specified in Section 4(h).

 

(bbb) “Prospectus”
means the document containing the Plan information specified in Section 10(a) of the Securities Act.

 

(ccc) “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

    20

     

    

 

(ddd) “Rule 405”
means Rule 405 promulgated under the Securities Act.

 

(eee) “Section 409A”
means Section 409A of the Code and the regulations and other guidance thereunder.

 

(fff) “Section 409A Change
in Control” means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion
of the Company’s assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder).

 

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

 

(hhh) “Share Reserve”
means the number of shares available for issuance under the Plan as set forth in Section 2(a).

 

(iii) “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting
power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class
or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly
or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has
a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.

 

(jjj) “Ten Percent Shareholder”
means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) shares possessing more than 10% of the total
combined voting power of all classes of shares of the Company or any Affiliate.

 

(kkk) “Trading Policy”
means the Company’s policy permitting certain individuals to sell Company shares only during certain “window” periods
and/or otherwise restricts the ability of certain individuals to transfer or encumber Company shares, as in effect from time to time.

 

(lll) “Unvested Non-Exempt
Award” means the portion of any Non-Exempt Award that had not vested in accordance with its terms upon or prior to the date
of any Corporate Transaction.

 

(mmm) “Vested Non-Exempt Award”
means the portion of any Non-Exempt Award that had vested in accordance with its terms upon or prior to the date of a Corporate Transaction.

 

    21

     

    

 

Standard Stock Option Grant Package 

 

Virax Biolabs Group Limited 

Share
Option Grant Notice

(2022
Equity Incentive Plan) 

 

Virax Biolabs Group Limited (the “Company”),
pursuant to its 2022 Equity Incentive Plan (the “Plan”), has granted to you (“Optionholder”)
an option to purchase the number of the Ordinary Shares set forth below (the “Option”). Your Option is subject
to all of the terms and conditions as set forth herein and in the Plan, and the Share Option Agreement and the Notice of Exercise, all
of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in
the Plan or the Share Option Agreement shall have the meanings set forth in the Plan or the Share Option Agreement, as applicable.

 

	Optionholder:	 	 
	Date of Grant:	 	 
	Vesting Commencement Date:	 	 
	Number of Ordinary Shares Subject to Option:	 	 
	Exercise Price (Per Share):	 	 
	Total Exercise Price:	 	 
	Expiration Date:	 	

 

 

	Type of Grant:	 	[Incentive Share Option] OR [Non-statutory Share Option]*
	 	 
	
    Exercise and

    Vesting Schedule:
	 	Subject to the Optionholder’s Continuous Service through each applicable vesting date, the Option will vest as follows: Immediately.

 

Optionholder Acknowledgements: By
your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree that:

 

		●	The Option is governed by this
Share Option Grant Notice, and the provisions of the Plan and the Share Option Agreement and the Notice of Exercise, all of which are
made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and the Share Option Agreement (together, the
“Option Agreement”) may not be modified, amended or revised except in a writing signed by you and a duly authorized
officer of the Company.

 

		●	[If the Option is an Incentive
Share Option, it (plus other outstanding Incentive Share Options granted to you) cannot be first exercisable for more than $100,000
in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Non-statutory Share Option.]*

 

		●	You consent to receive this Grant
Notice, the Share Option Agreement, the Plan, the Prospectus and any other Plan-related documents by electronic delivery and to participate
in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the
Company.

 

		●	You have read and are familiar
with the provisions of the Plan, the Share Option Agreement, the Notice of Exercise and the Prospectus. In the event of any conflict
between the provisions in this Grant Notice, the Option Agreement, the Notice of Exercise, or the Prospectus and the terms of the Plan,
the terms of the Plan shall control.

 

		●	The
                                            Option Agreement sets forth the entire understanding between you and the Company regarding
                                            the acquisition of Ordinary Shares and supersedes all prior oral and written agreements,
                                            promises and/or representations on that subject with the exception of other equity awards
                                            previously granted to you and any written employment agreement, offer letter, severance agreement,
                                            written severance plan or policy, or other written agreement between the Company and you
                                            in each case that specifies the terms that should govern this Option.

 

		*	Please delete if the grantee is not a United States tax payer.

 

     

     

    

 

		●	Counterparts may be delivered
via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform
Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to
have been duly and validly delivered and be valid and effective for all purposes.

 

	VIRAX BIOLABS GROUP LIMITED    	 	OPTIONHOLDER:

 

	By:	 	 	 
	 	Signature	 	 	Signature
	 	 	 	 	 
	Title:	
    Chief Executive
    Officer
	 	Date:	 
	 	 	 	 	 
	Date:	 	 	 	 

 

ATTACHMENTS: Share Option Agreement, 2022 Equity Incentive Plan,
Notice of Exercise

 

     

     

    

 

Standard Stock Option Grant Package 

 

Attachment
I 

 

Share
Option Agreement

 

     

     

    

 

Standard Stock Option Grant Package 

 

VIRAX BIOLABS GROUP LIMITED 

2022
Equity Incentive Plan

 

Share
Option Agreement

 

As reflected by your Share Option Grant Notice
(“Grant Notice”), Virax Biolabs Group Limited (the “Company”) has granted you an option
under its 2022 Equity Incentive Plan (the “Plan”) to purchase a number of Ordinary Shares at the exercise price
indicated in your Grant Notice (the “Option”). Capitalized terms not explicitly defined in this Agreement but
defined in the Grant Notice or the Plan shall have the meanings set forth in the Grant Notice or Plan, as applicable. The terms of your
Option as specified in the Grant Notice and this Stock Option Agreement constitute your Option Agreement.

 

The general terms and conditions applicable to
your Option are as follows:

 

1. Governing
Plan Document. Your Option is subject to all the provisions of the Plan, including but not limited to the provisions in:

 

(a) Section 6 regarding the impact of a
Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your Option;

 

(b) Section 9(e) regarding the Company’s
retained rights to terminate your Continuous Service notwithstanding the grant of the Option; and

 

(c) Section 8 regarding the tax consequences
of your Option.

 

Your Option is further subject to all interpretations, amendments,
rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between
the Option Agreement and the provisions of the Plan, the provisions of the Plan shall control.

 

2. Vesting.
Subject to the provisions contained herein, your Option will vest as provided in your Grant Notice. Vesting will cease upon the termination
of your Continuous Service.1

 

3. Exercise.

 

(a) You may generally exercise the vested
portion of your Option for whole Ordinary Shares at any time during its term by delivery of payment of the exercise price and applicable
withholding taxes and other required documentation to the Plan Administrator in accordance with the exercise procedures established by
the Plan Administrator, which may include an electronic submission. Please review Sections 4(i), 4(j) and 7(b)(v) of the Plan, which may
restrict or prohibit your ability to exercise your Option during certain periods.

  

(b) To the extent permitted by Applicable
Law, you may pay your Option exercise price as follows:

 

(i) cash, check, bank draft or money order;

 

(ii) subject to Company and/or Committee
consent at the time of exercise, pursuant to a “cashless exercise” program as further described in Section 4(c)(ii) of
the Plan if at the time of exercise the Ordinary Shares is publicly traded;

 

 

		1	Company to confirm whether to include double trigger vesting
acceleration.

 

     

     

    

 

(iii) subject to Company and/or Committee
consent at the time of exercise, by delivery (and repurchase by the Company) of previously owned Ordinary Shares as further described
in Section 4(c)(iii) of the Plan; or

 

(iv) subject to Company and/or Committee
consent at the time of exercise, if the Option is a Non-statutory Share Option, by a “net exercise” arrangement as further
described in Section 4(c)(iv) of the Plan.

 

(c) By accepting your Option, you agree
that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging
or similar transaction with the same economic effect as a sale with respect to any Ordinary Shares or other securities of the Company
held by you, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company
filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA
Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however,
that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up
Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters
that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant,
the Company may impose stop-transfer instructions with respect to your Ordinary Shares until the end of such period. You also agree that
any transferee of any Ordinary Shares (or other securities) of the Company held by you will be bound by this Section 3(c). The underwriters
of the Company’s shares are intended third party beneficiaries of this Section 3(c) and will have the right, power and authority
to enforce the provisions hereof as though they were a party hereto.

 

4. Term.
You may not exercise your Option before the commencement of its term or after its term expires. The term of your Option commences
on the Date of Grant and expires upon the earliest of the following:

 

(a) immediately upon the termination of
your Continuous Service for Cause;

 

(b) three months after the termination
of your Continuous Service for any reason other than Cause, Disability or death;

 

(c) 12 months after the termination of
your Continuous Service due to your Disability;

 

(d) 18 months after your death if you die
during your Continuous Service;

 

(e) immediately upon a Corporate Transaction
if the Board has determined that the Option will terminate in connection with a Corporate Transaction,

 

(f) the Expiration Date indicated in your
Grant Notice; or

 

(g) the day before the 10th anniversary
of the Date of Grant.

 

Notwithstanding the foregoing, if you die during
the period provided in Section 4(b) or 4(c) above, the term of your Option shall not expire until the earlier of (i) 18 months after
your death, (ii) upon any termination of the Option in connection with a Corporate Transaction, (iii) the Expiration Date indicated
in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally, the Post-Termination Exercise
Period of your Option may be extended as provided in Section 4(i) of the Plan.

 

To obtain the federal income tax advantages associated
with an Incentive Share Option, the Code requires that at all times beginning on the date of grant of your Option and ending on the day
three months before the date of your Option’s exercise, you must be an employee of the Company or an Affiliate, except in the event
of your death or Disability. If the Company provides for the extended exercisability of your Option under certain circumstances for your
benefit, your Option will not necessarily be treated as an Incentive Share Option if you exercise your Option more than three months after
the date your employment terminates.

 

     

     

    

 

5. Withholding
Obligations. As further provided in Section 8 of the Plan: (a) you may not exercise your Option unless the applicable
tax withholding obligations are satisfied, and (b) at the time you exercise your Option, in whole or in part, or at any time thereafter
as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree
to make adequate provision for (including by means of a “cashless exercise” pursuant to a program developed under Regulation
T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state,
local and foreign tax withholding obligations, if any, which arise in connection with the exercise of your Option in accordance with
the withholding procedures established by the Company. Accordingly, you may not be able to exercise your Option even though the Option
is vested, and the Company shall have no obligation to issue Ordinary Shares subject to your Option, unless and until such obligations
are satisfied. In the event that the amount of the Company’s withholding obligation in connection with your Option was greater
than the amount actually withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company
to withhold the proper amount.

 

6. Incentive
Share Option Disposition Requirement. If your Option is an Incentive Share Option, you must notify the Company in writing
within 15 days after the date of any disposition of any of the Ordinary Shares issued upon exercise of your Option that occurs within
two years after the date of your Option grant or within one year after such Ordinary Shares are transferred upon exercise of your Option.

 

7. Transferability.
Except as otherwise provided in Section 4(e) of the Plan, your Option is not transferable, except by will or by the applicable
laws of descent and distribution, and is exercisable during your life only by you.

 

8. Corporate
Transaction. Your Option is subject to the terms of any agreement governing a Corporate Transaction involving the Company,
including, without limitation, a provision for the appointment of a shareholder representative that is authorized to act on your behalf
with respect to any escrow, indemnities and any contingent consideration.

 

9. No
Liability For Taxes. As a condition to accepting the Option, you hereby (a) agree to not make any claim against the Company,
or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the Option or other Company compensation
and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the
tax consequences of the Option and have either done so or knowingly and voluntarily declined to do so. Additionally, you acknowledge
that the Option is exempt from Section 409A only if the exercise price is at least equal to the “fair market value”
of the Ordinary Shares on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral
of compensation associated with the Option. Additionally, as a condition to accepting the Option, you agree not make any claim against
the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such
exercise is less than the “fair market value” of the Ordinary Shares on the date of grant as subsequently determined by the
Internal Revenue Service.

 

10. Severability.
If any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid,
such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid. Any
Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in
a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful
and valid

 

11. Other
Documents. You hereby acknowledge receipt of or the right to receive a document providing the information required by
Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus. In addition, you acknowledge receipt of the
Company’s Trading Policy.

 

12. Questions.
If you have questions regarding these or any other terms and conditions applicable to your Option, including a summary of the applicable
federal income tax consequences please see the Prospectus.

 

* * * *

 

     

     

    

 

Standard Stock Option Grant Package 

 

Attachment
II 

 

2022
Equity Incentive Plan

 

     

     

    

 

Attachment
III 

 

Notice
of Exercise

 

     

     

    

 

Standard Stock Option Grant Package 

 

VIRAX BIOLABS GROUP LIMITED 

 

(2022
Equity Incentive Plan) 

 

Notice
of Exercise

 

	
    Virax Biolabs Group Limited

    89 Nexus Way, Camana Bay

    Grand Cayman, KY1-9009

    Cayman Islands
	 	Date of Exercise:                     

 

This constitutes notice to Virax Biolabs Group
Limited (the “Company”) that I elect to purchase the below number of Ordinary Shares of the Company (the “Shares”)
by exercising my Option for the price set forth below. Capitalized terms not explicitly defined in this Notice of Exercise but defined
in the Grant Notice, Option Agreement or 2022 Equity Incentive Plan (the “Plan”) shall have the meanings set
forth in the Grant Notice, Option Agreement or Plan, as applicable. Use of certain payment methods is subject to Company and/or Committee
consent and certain additional requirements set forth in the Option Agreement and the Plan.

 

	Type of option (check one):	   Incentive ☐	   Non-statutory ☐
	 	 	 
	Date of Grant:	                           	 
	 	 	 
	Number of Shares as to which Option is exercised:	                           	 
	 	 	 
	Certificates to be issued in name of:	                           	 
	 	 	 
	Total exercise price:	   $                      	 
	 	 	 
	Cash, check, bank draft or money order delivered herewith:	   $                      	 
	 	 	 
	Value of                      Shares delivered herewith:	   $                      	 
	 	 	 
	Regulation T Program (cashless exercise)	   $                      	 
	 	 	 
	Value of                      Shares pursuant to net exercise:	   $                      	 

 

By this exercise, I
agree (i) to provide such additional documents as you may require pursuant to the terms of the Plan, (ii) to satisfy the
tax withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement, and (iii) if
this exercise relates to an incentive share option, to notify you in writing within 15 days after the date of any disposition of any
of the Shares issued upon exercise of this Option that occurs within two years after the Date of Grant or within one year after such
Shares are issued upon exercise of this Option.

 

I further agree that, if required by the Company
(or a representative of the underwriters) in connection with the first underwritten registration of the offering of any securities of
the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase
of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Ordinary Shares
or other securities of the Company for a period of one hundred eighty (180) days following the effective date of a registration statement
of the Company filed under the Securities Act (or such longer period as the underwriters or the Company shall request to facilitate compliance
with FINRA Rule 2241 or any successor or similar rule or regulation) (the “Lock-Up Period”). I further agree
to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with
the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period.

 

	 	Very truly yours,
	 	 
	 	 
	 	Name:EX-4.2

  Exhibit 4.2

  Description of the Registrant’s Securities

  Registered Pursuant to Section 12 of the Securities Exchange Act of 1934

   

  The following description of the capital stock of Bridge Investment Group Holdings Inc. and certain provisions of our amended and restated certificate of incorporation (“certificate of incorporation”) and amended and restated bylaws (“bylaws”) are summaries and are qualified in their entirety by reference to the full text of our certificate of incorporation and bylaws and applicable provisions of the Delaware General Corporation Law (the “DGCL”).

  Bridge Investment Group Holdings Inc. has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. References herein to “we,” “us,” “our” and the “Company” refer to Bridge Investment Group Holdings Inc. and not to any of its subsidiaries unless otherwise specified.

  General 

  Our certificate of incorporation authorizes capital stock consisting of: 

  •five hundred million (500,000,000) shares of Class A common stock, par value $0.01 per share; 

  •two hundred thirty-nine million two hundred and eight thousand seven hundred and twenty-two (239,208,722) shares of Class B common stock, par value $0.01 per share; and

  •twenty million (20,000,000) shares of preferred stock, par value $0.01 per share. 

  Certain provisions of our certificate of incorporation and our bylaws summarized below may be deemed to have an anti-takeover effect and may delay or prevent a tender offer or takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares of common stock. 

  Common Stock 

  Class A Common Stock 

  Holders of shares of our Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. 

  Holders of shares of our Class A common stock are entitled to receive dividends when and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. 

  Upon our dissolution or liquidation, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of our Class A common stock and Class B common stock are entitled to receive ratable 

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  portions of our remaining assets available for distribution; provided, that the holders of shares of Class B common stock are not entitled to receive more than $0.01 per share of Class B common stock and upon receiving such amount, shall not be entitled to receive any of our other assets or funds with respect to such shares of Class B common stock. 

  Holders of shares of our Class A common stock do not have preemptive, subscription, redemption or conversion rights with respect to such shares of Class A common stock. There are no redemption or sinking fund provisions applicable to the Class A common stock. 

  Class B Common Stock 

  Each share of our Class B common stock entitles its holders to ten votes per share on all matters presented to our stockholders generally. 

  Shares of Class B common stock are issued only to the extent necessary to maintain a one-to-one ratio between the number of Class A Units held by the “Continuing Equity Owners,” which group includes direct or indirect holders of Class A common units of Bridge Investment Group Holdings LLC (“Class A Units”), and the number of shares of Class B common stock issued to the Continuing Equity Owners. Shares of Class B common stock are transferable only together with an equal number of Class A Units. Only permitted transferees of Class A Units held by the Continuing Equity Owners are permitted transferees of Class B common stock. 

  Holders of shares of our Class B common stock vote together with holders of our Class A common stock as a single class on all matters presented to our stockholders for their vote or approval, except for certain amendments to our certificate described below or as otherwise required by applicable law or the certificate. 

  Holders of our Class B common stock do not have any right to receive dividends or to receive a distribution upon dissolution or liquidation other than the right to receive $0.01 per share of Class B common stock. Additionally, holders of shares of our Class B common stock do not have preemptive, subscription, redemption or conversion rights with respect to such shares of Class B common stock. There are no redemption or sinking fund provisions applicable to the Class B common stock. Any amendment of our certificate of incorporation that gives holders of our Class B common stock (1) any rights to receive dividends or any other kind of distribution other than in connection with a dissolution or liquidation, (2) any right to convert into or be exchanged for Class A common stock or (3) any other economic rights will require, in addition to any other vote required by law or our certificate of incorporation, the affirmative vote of holders of a majority in voting power of the outstanding shares of our Class A common stock, voting separately as a class. 

  Forum Selection 

  Our certificate of incorporation provides (A) (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, other employee or stockholder of the Company to the Company or the Company’s stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, our certificate of incorporation or our bylaws (as either may be amended or restated) or as to which the DGCL confers jurisdiction on the Court of Chancery of 

   

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  the State of Delaware or (iv) any action asserting a claim governed by the internal affairs doctrine of the law of the State of Delaware shall, to the fullest extent permitted by law, be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, the federal district court of the State of Delaware; and (B) the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended. Notwithstanding the foregoing, the exclusive forum provision does not apply to claims seeking to enforce any liability or duty created by the Exchange Act. Our certificate of incorporation also provides that, to the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock shall be deemed to have notice of and consented to the foregoing. By agreeing to this provision, however, stockholders are not deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder. 

  Dividends 

  Declaration and payment of any dividend are subject to the discretion of our board of directors. The time and amount of dividends are dependent upon our business prospects, results of operations, financial condition, cash requirements and availability, debt repayment obligations, capital expenditure needs, contractual restrictions, covenants in the agreements governing our current and future indebtedness, industry trends, the provisions of Delaware law affecting the payment of distributions to stockholders and any other factors our board of directors may consider relevant.

  Anti-Takeover Provisions 

  Our certificate of incorporation and bylaws contain provisions that may delay, defer or discourage another party from acquiring control of us. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give our board of directors the power to discourage acquisitions that some stockholders may favor. 

  Authorized but Unissued Shares 

  The authorized but unissued shares of our common stock and our preferred stock are available for future issuance without stockholder approval, subject to any limitations imposed by the listing rules of the New York Stock Exchange. These additional shares may be used for a variety of corporate finance transactions, acquisitions and employee benefit plans and funding of redemptions of the Class A Units. The existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 

  Classified Board of Directors 

  Our certificate of incorporation provides that our board of directors is divided into three classes, with the classes as nearly equal in number as possible and each class serving three-year 

   

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  staggered terms. Our certificate of incorporation also provides that subject to the rights of the holders of any series of preferred stock then outstanding, for as long as the certificate of incorporation provides for a classified board of directors, any director, or the entire board of directors, may otherwise be removed only for cause by an affirmative vote of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all the outstanding shares of stock entitled to vote generally in the election of directors, at a meeting duly called for that purpose; provided, however, that the directors appointed pursuant to the stockholders agreement by and among us and certain of the Continuing Equity Owners may be removed with or without cause in accordance with the terms thereof and the requirements of the DGCL. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control of us or our management. 

  Stockholder Action by Written Consent 

  Our certificate of incorporation provides that any action required or permitted to be taken by the stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing in lieu of a meeting of such stockholders. 

  Special Meetings of Stockholders 

  Our bylaws provide that only the chairperson of our board of directors or a majority of our board of directors may call special meetings of our stockholders. 

  Advance Notice Requirements for Stockholder Proposals and Director Nominations 

  In addition, our bylaws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed nominations of candidates for election to our board of directors. In order for any matter to be “properly brought” before a meeting, a stockholder has to comply with advance notice and provide us with certain information. Stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a qualified stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our secretary of the stockholder’s intention to bring such business before the meeting. These provisions could have the effect of delaying stockholder actions that are favored by the holders of a majority of our outstanding voting securities until the next stockholder meeting. 

  Amendment of Certificate of Incorporation or Bylaws 

  The DGCL provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation’s certificate of incorporation, unless a corporation’s certificate of incorporation requires a greater percentage. Our bylaws may be amended or repealed by a majority vote of our board of directors or by the affirmative vote of the holders of a majority of the voting power of our outstanding capital stock generally entitled to vote on the election of directors. 

  Section 203 of the DGCL 

   

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  Our certificate of incorporation contains a provision opting out of Section 203 of the DGCL. However, our certificate of incorporation contains provisions that are similar to Section 203. Specifically, our certificate of incorporation provides that, subject to certain exceptions, we are not to engage in a “business combination” with any “interested stockholder” for three years following the time that the person became an interested stockholder, unless the interested stockholder attained such status with the approval of our board of directors or unless the business combination is approved in a prescribed manner. A “business combination” includes, among other things, a merger or consolidation involving us and the “interested stockholder” and the sale of more than 10% of our assets. In general, an “interested stockholder” is any entity or person beneficially owning 15% or more of our outstanding voting stock and any entity or person affiliated with or controlling or controlled by such entity or person. 

  Limitations on Liability and Indemnification of Officers and Directors 

  Our certificate of incorporation and bylaws provide indemnification for our directors and officers to the fullest extent permitted by the DGCL. We have entered into indemnification agreements with each of our directors and executive officers that may, in some cases, be broader than the specific indemnification provisions contained under Delaware law. In addition, as permitted by Delaware law, our certificate of incorporation includes provisions that eliminate the personal liability of our directors for monetary damages resulting from breaches of certain fiduciary duties as a director. The effect of this provision is to restrict our rights and the rights of our stockholders in derivative suits to recover monetary damages against a director for breach of fiduciary duties as a director. 

  These provisions may be held not to be enforceable for violations of the federal securities laws of the United States. 

  Corporate Opportunity Doctrine 

  Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. Our certificate of incorporation, to the fullest extent permitted from time to time by Delaware law, provides that we renounce any interest or expectancy that we otherwise would have in, and all rights to be offered an opportunity to participate in, any business opportunity that from time to time may be presented to certain of our officers, directors or stockholders or their respective affiliates, and any of its or their respective principals, members, directors, partners, stockholders, officers, employees or other representatives (other than any such person who is also our employee or an employee of our subsidiaries), or any director or stockholder who is not employed by us or our subsidiaries, and we refer to each such person as an exempt person. Our certificate of incorporation provides that, to the fullest extent permitted by law, no exempt person has any duty to refrain from (1) engaging in a corporate opportunity in the same or similar lines of business in which we or our subsidiaries now engage or propose to engage or (2) otherwise competing with us or our subsidiaries. In addition, to the fullest extent permitted by law, if an exempt person acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or himself or its or his affiliates or for us or our subsidiaries, such exempt person will have no duty to communicate or offer such transaction or business opportunity to us or any of our subsidiaries and such exempt person may take any such 

   

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  opportunity for themselves or offer it to another person or entity. The forgoing provisions shall not apply to an opportunity that was expressly offered to an exempt person solely in their capacity as a director, executive officer or employee of us or our subsidiaries. To the fullest extent permitted by Delaware law, no potential transaction or business opportunity may be deemed to be a corporate opportunity of the corporation or its subsidiaries unless (1) we or our subsidiaries would be permitted to undertake such transaction or opportunity in accordance with the certificate of incorporation, (2) we or our subsidiaries, at such time have sufficient financial resources to undertake such transaction or opportunity, (3) we or our subsidiaries have an interest or expectancy in such transaction or opportunity, and (4) such transaction or opportunity would be in the same or similar line of our or our subsidiaries’ business in which we or our subsidiaries are engaged or a line of business that is reasonably related to, or a reasonable extension of, such line of business.

  Dissenters’ Rights of Appraisal and Payment 

  Under the DGCL, with certain exceptions, our stockholders have appraisal rights in connection with a merger or consolidation of the Company. Pursuant to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment of the fair value of their shares as determined by the Delaware Court of Chancery. 

  Stockholders’ Derivative Actions 

  Under the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder’s stock thereafter devolved by operation of law. 

  Transfer Agent and Registrar 

  The transfer agent and registrar for our Class A common stock is American Stock Transfer & Trust Company, LLC.

  Trading Symbol and Market 

  Our Class A common stock is listed on the New York Stock Exchange under the symbol “BRDG.”

   

   

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