Document:

Exhibit 10.1

  

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement, dated as of                                          (this
“Agreement”), is entered into by and among

 

		(i)	Martín Migoya, an Argentine individual, Argentine I.D. (D.N.I.) No. 20,252,614 ("MM"),
domiciled at Ingeniero Butty 240, 9th floor, City of Buenos Aires, Argentina;

 

		(ii)	Martín Gonzalo Umaran, an Argentine individual, Argentine I.D. (D.N.I.) No. 20,233,654
("MU"), domiciled at Ingeniero Butty 240, 9th floor, City of Buenos Aires, Argentina;

 

		(iii)	Néstor Augusto Nocetti, an Argentine individual, Argentine I.D. (D.N.I.) No. 18,363,547
("NN"), domiciled at Ingeniero Butty 240, 9th floor, City of Buenos Aires, Argentina;

 

		(iv)	Guibert Andrés Englebienne, an Argentine individual, Argentine I.D. (D.N.I.) No. 18,261,896
("GE" and together with MM, MU, NN, the “Founders”), domiciled at Ingeniero Butty
240, 9th floor, City of Buenos Aires, Argentina; 

 

		(v)	Riverwood Capital LLC, a limited liability company organized under
the laws of the State of Delaware (“RW Capital”), having its registered
office at c/o Corporation Service Company, 2711 Centreville Road, Suite 400, City of Wilmington, County of New Castle, Delaware
19808;

 

		(vi)	Riverwood Capital Partners (Parallel-B) L.P., a Cayman Islands exempted limited partnership (“RW
Parallel B”) having its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands;

 

		(vii)	Riverwood Capital Partners L.P., a Cayman Islands exempted limited partnership (“RW
CP”) having its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman,
KY1-1104, Cayman Islands; 

 

		(viii)	Riverwood Capital Partners (Parallel-A) L.P., a Cayman Islands exempted limited partnership (“RW
Parallel A”) having its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands (RW Parallel A, together with RW Capital, RW Parallel B and RW CP, the “Riverwood
Entities”); 

 

		(ix)	FTVentures III L.P., a limited partnership, existing under the laws of Delaware (“FTV
III”), having its registered office at 555, California Street, Suite 2900, CA 94104 San Francisco, USA;

 

		(x)	FTVentures IIIN L.P., a limited partnership, existing under the laws of Delaware (“FTV
IIIN” together with FTV III, the “FTV Entities”), having its registered office at 555 California
Street, Suite 2900, CA 94104, San Francisco, USA;

 

		(xi)	WPP Luxembourg Gamma Three S.à.r.l., a private limited liability company
(société responsabilité limitée) organized under the laws of the Grand Duchy of Luxembourg,
having its registered office at 124 Boulevard de la Petrusse, Luxembourg, L-2330, and registered with the Luxembourg Trade and
Companies Register under registration number B 108,492 (“WPP”);

  

    	 

    	 

    

 

		(xii)	Endeavor Global Inc., a corporation organized under the laws of the state of Delaware,
                                                               United States of America (“Endeavor Global”), having its registered office at 900 Broadway, Suite 600, NY 10003, New York, USA; 

 

		(xiii)	Endeavor Catalyst Inc., a corporation organized under the laws of the state of Delaware, United
States of America (“Endeavor Catalyst” and together with MM, MU, NN, GE, the Riverwood Entities, the FTV Entities,
WPP and Endeavor Global, each a “Shareholder” and, collectively, the “Shareholders”), having
its registered office at 900 Broadway, Suite 600, NY 10003, New York, USA; 

 

		(xiv)	Globant S.A., a corporation (société anonyme) organized under the laws of
the Grand Duchy of Luxembourg, having its registered office at 5, rue Guillaume Kroll, L-1882 Luxembourg, and registered with the
Luxembourg Trade and Companies Register under registration number B 173,727 (the “Company”, and together
with the Shareholders, each a “Party” and, collectively, the “Parties”).

  

Capitalized terms not otherwise defined herein have the meanings
set forth in Section 1.

 

WITNESSETH:

 

WHEREAS, Paldwick
S.A. (“Paldwick”), MM, MU, NN, GE, Endeavor Global, Riverwood Capital, RW Holdings
S.à.r.l. (“RW Holdings”) and ITO Holdings S.à.r.l. (“FTV
Holdings” and together with Paldwick, MM, MU, NN, GE, Endeavor Global, Riverwood LLC and RW Holding, the
“Original Parties”) are parties to that certain (i) “Convenio de Socios”
(members agreement), dated February 23rd, 2011, and (ii) “Acta de Adhesión al Convenio de
Socios” (joinder to members agreement) executed by Endeavor Global on January 18th, 2012 pursuant to
which Endeavor Global joined the “Convenio de Socios” (members agreement) (the documents in (i) and (ii)
together, hereinafter referred as the “Existing Shareholders’ Agreement”), pursuant to which
the Original Parties and Endeavor Global agreed to govern their rights and obligations as shareholders of Globant S.A.
(formerly known as IT Outsourcing S.L.), a corporation duly organized as a sociedad anónima and validly
existing under the laws of Spain ("Spanish Globant").

 

WHEREAS, on December 10, 2012, Paldwick,
MM, MU, NN, GE, Endeavor Global, the Riverwood Entities and the FTV Entities incorporated the Company.

 

WHEREAS, on December 10, 2012 and in furtherance of
the provisions set forth in Section 7.9 of the Existing Shareholders’ Agreement, Paldwick,
MM, MU, NN, GE, Endeavor Global, the Riverwood Entities and the FTV Entities entered into that certain Assignment and Assumption of
Shareholders’ Agreement whereby the parties thereto assumed the same rights and obligations assumed by the
respective Original Parties in the Existing Shareholders’ Agreement with respect to the Company and amended certain
provisions thereof (the “Assignment and Assumption of the Existing Shareholders’ Agreement”).

 

WHEREAS, pursuant to that certain stock purchase and
subscription agreement (the “SPA”) dated December 27, 2012, (i) Paldwick,
MM, MU, NN, GE, Endeavor, the Riverwood Entities and the FTV Entities sold to WPP a pro rata portion of their respective holdings
in the Company which in aggregate represented 20% of the issued shares of the Company and (ii) WPP subscribed for additional shares
on the terms contemplated in the SPA (the “Transaction”). 

 

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WHEREAS, on December 27, 2012, in connection with the
Transaction and in furtherance of the provisions set forth in Section 1.1(iii) of the Existing Shareholders’ Agreement, the
parties thereto entered into a joinder agreement whereby the Parties agreed to be bound by the terms of the Existing Shareholders’
Agreement (as assigned and assumed pursuant to the Assignment and Assumption Agreement of the Existing Shareholders’ Agreement)
as amended and supplemented by the provisions set forth in such joinder agreement, including Exhibit D thereto (the “Joinder
Agreement” and together with of the Existing Shareholders’ Agreement (as assigned and assumed pursuant to the
Assignment and Assumption Agreement of the Existing Shareholders’ Agreement), the “Shareholders’ Agreement”).

 

WHEREAS, Section 3 of the Joinder Agreement
provides that the Parties shall execute this Agreement upon the Company’s consummation of an IPO (as defined below);

  

WHEREAS, upon the Company’s consummation of an
IPO, the Shareholders’ Agreement will terminate in accordance with the terms thereof;

 

WHEREAS, the Company has agreed to grant to the Registration
Rights Holders (as defined below) certain rights to cause the Company to register the Shareholders’ Registrable Securities
(as defined below), on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the agreements
and covenants set forth above and herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

SECTION 1.

 

DEFINITIONS

 

1.1. Defined Terms. As used in this Agreement:

 

“Black-Out Period” shall have the
meaning provided in Section 2.9.

 

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

 

“Company” shall have the meaning provided
in the preamble.

 

“Commission” shall mean the United
States Securities and Exchange Commission, or any other federal agency administering the Securities Act and the Exchange Act at
the time or any foreign law equivalent.

 

“Demand Request” shall have the meaning
provided in Section 2.1(a).

 

“Exchange Act” shall mean the United
States Securities Exchange Act of 1934, as amended, or any similar successor federal statute (or any foreign law equivalent), and
the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time, or such similar statute
of any other jurisdiction applicable to the Company.

 

“Indemnified Person” shall have the
meaning provided in Section 2.6(a).

 

“Inspectors” shall have the meaning
provided in Section 2.4(i).

 

“IPO” means an initial
public offering of the shares in the capital of the Company and listed on the New York Stock Exchange, the American Stock Exchange,
NASDAQ (National Association of Securities Dealers Automatic Quotation System), or any other main stock market.

 

“Liability” shall have the meaning
provided in Section 2.6(a).

 

“Person” shall mean any individual,
corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization,
government or any agency or political subdivision thereof, or any other legal entity.

 

 

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“Records” shall have the meaning provided
in Section 2.4(i).

 

“Registrable Securities” shall mean
(i) any Shares issued to the Shareholders prior to the date hereof, and (ii) any additional shares of the Company issued or distributed
by way of dividend, stock split or other distribution in respect of such Shares referred to in Clause (i) above; provided, that
a Registrable Security shall cease to be a Registrable Security (i) when it is registered under the Securities Act (or foreign
law equivalent) and disposed of in accordance with the registration statement covering it or (ii) with respect to any holder of
Registrable Securities, at such time when all such holder’s Registrable Securities may immediately be sold under Rule 144
without any volume or other restrictions (or similar provisions then in effect or any foreign law equivalent) promulgated by the
Commission under the Securities Act.

 

“Registration Expenses” shall have
the meaning provided in Section 2.5.

 

“Securities Act” shall mean the United
States Securities Act of 1933, as amended, or any similar successor federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time, or such similar statute and regulatory body of any foreign jurisdiction
applicable to such Registrable Securities.

 

“Selling Shareholders” shall have
the meaning provided in Section 2.3.

 

“Shares” and “shares”
means the (i) common shares of the Company, of one vote each, issued by the Company in accordance with the terms specified in the
articles of association of the Company; (ii) any shares issuable upon exercise of any stock option or any other convertible or
exercisable securities; (iii) any shares of the Company issued and outstanding as (or issuable upon the conversion or exercise
of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for,
or in replacement of, any shares or other security of the Company; and (iv) all other shares of the Company that may be issued
in the future, including without limitation, by virtue of any capital increase of the Company, or by way of exchange, capitalization
of capital adjustment accounts, irrevocable capital contributions, distribution of stock dividends, capitalization of reserves,
revaluations or other accounts, or any other distribution of fully paid in shares, as a result of a merger, spin-off and/or any
other procedure which in any way involves a corporate restructuring or transformation of the Company, or by any other similar reason
or circumstance.

 

“Shareholders” shall have the meaning
provided in the preamble.

 

“Shelf Requests” shall have the meaning
provided in Section 2.2.

 

SECTION 2.

 

REGISTRATION RIGHTS

 

2.1. Demand Registration.

 

(a) At any time after 180 days after the
IPO each of (1) the Riverwood Entities (acting as a group), (2) the FTV Entities (acting as a group), (3) WPP and (4) the Founders
(acting as a group) (such Shareholders identified in clauses (1) through (4), the “Registration Rights Holders”)
may each notify the Company that they intend to offer or cause to be offered for public sale all or any portion of their Registrable
Securities in the manner specified in such request (the “Demand Request”). In addition, any two of the
Registration Rights Holders, acting together, may notify the Company of one additional Demand Request. No later than twenty (20)
days after receipt of such Demand Request, the Company shall promptly deliver notice of such request to all other Shareholders
holding Registrable Securities who shall then have thirty (30) days to notify the Company in writing of their desire to be included
in such registration. If the Demand Request contemplates an underwritten public offering, the Company shall state such in the written
notice and in such event the right of any Person to participate in such registration shall be conditioned upon such Person’s
participation in such underwritten public offering and the inclusion of such Person’s Registrable Securities in the underwritten
public offering to the extent provided herein. The Company will use its commercially reasonable efforts to expeditiously effect
(but in any event no later than 180 days after the receipt of the Demand Request) the registration of all Registrable Securities
whose holders request participation in such registration under the Securities Act, but only to the extent provided for in this
Section 2.1; provided, however, that the Company shall not be required to effect registrations pursuant to
a request under this Section 2.1 more than five times, one by each of (1) the Riverwood Entities (acting as a group), (2)
the FTV Entities (acting as a group), (3) WPP and (4) the Founders (acting as a group) and one by any two of (1) the Riverwood
Entities (acting as a group), (2) the FTV Entities (acting as a group), (3) WPP and (4) the Founders (acting as a group). Notwithstanding
anything to the contrary contained herein, no request may be made under this Section 2 within one hundred and twenty (120)
days after the effective date of a registration statement filed by the Company covering a firm commitment underwritten public offering
(subsequent to the IPO) in which the holders of Registrable Securities shall have been entitled to join and in which there shall
have been effectively registered a majority of the Registrable Securities as to which registration shall have been requested. A
registration will not count as a requested registration under this Section 2.1(a) unless and until the registration statement
relating to such registration has been declared effective by the Commission at the request of the initiating Shareholders; provided,
however, that a majority in interest of the participating holders of Registrable Securities may request, in writing, that
the Company withdraw a registration statement which has been filed under this Section 2.1(a) but has not yet been declared
effective, and a majority in interest of such holders may thereafter request the Company to reinstate such registration statement,
if permitted under the Securities Act, or to file another registration statement, in accordance with the procedures set forth herein
and without reduction in the number of demand registrations permitted under this Section 2.1(a).

 

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(b) If a requested registration involves
an underwritten public offering and the managing underwriter of such offering determines in good faith that the number of securities
sought to be offered should be limited due to market conditions, then the number of securities to be included in such underwritten
public offering shall be reduced to a number deemed satisfactory by such managing underwriter; provided, that the shares to be
excluded shall be determined in the following order of priority: (i) securities to be registered by the Company pursuant to such
registration statement shall be the first to be reduced or excluded, (ii) Registrable Securities of Shareholders requesting to
have their securities included in the demand registration statement filed by the Company in compliance with the Demand Request
shall be the second to be reduced or excluded, and (iii) Registrable Securities of the Shareholders initiating the Demand Request
shall be the last to be reduced or excluded. If there is a reduction of the number of Registrable Securities pursuant to clause
(iii), such reduction shall be made in proportion (as nearly as practicable) to the number of Registrable Securities owned by the
Shareholders initiating the Demand Request, and, if such reduction exceeds 25% of the Registrable Securities of Shareholders requested
to be included in such offering, then the registration shall not cause a reduction in the number of demand registrations permitted
under Section 2.1(a).

 

(c) With respect to a request for registration
pursuant to Section 2.1(a) which is for an underwritten public offering, the managing underwriter shall be chosen by the
majority of the Registration Rights Holder (s) that made the Demand Request. The Company may not cause any other registration of
securities for sale for its own account (other than a registration effected solely to implement an employee benefit plan or a transaction
to which Rule 145 of the Securities Act is applicable) to become effective within one hundred and twenty (120) days following the
effective date of any registration required pursuant to this Section 2.1.

 

(d) The Company will not be obliged to effect
any demand registration when (i) the request for registration does not cover that number of common shares with an anticipated gross
offering price of at least $10,000,000, or (ii) the amount of common shares to be sold in such registration represents more than
15% of the Company’s share capital.

 

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2.2. Form F-3. The Company shall use its commercially
reasonable efforts to qualify and remain qualified to register securities pursuant to a registration statement on Form F-3 (or
any successor form) under the Securities Act (or such comparable form of registration statement in any other jurisdiction), if
applicable to such Registrable Securities. Each Registration Rights Holder holding Registrable Securities anticipated to have an
aggregate sale price (net underwriting discounts and commissions, if any) of at least $5,000,000 shall have the right to request
one registration on Form F-3 (or any successor form) for the Registrable Securities held by such requesting holders (each, a “Shelf
Request”). Such Shelf Requests shall be in writing and shall state the number of shares of Registrable Securities
to be disposed of and the intended method of disposition of such shares by such holder or holders. No later than twenty (20) days
after receipt of such Shelf Request, the Company shall give notice to all other holders of Registrable Securities of the receipt
of a request for registration pursuant to this Section 2.2 and such Shareholders shall then have thirty (30) days to notify
the Company in writing of their desire to participate in the registration. The Company shall file the Form F-3 with the Commission
within 60 days after the date of the Shelf Request and shall effect as promptly as practicable the registration of all shares on
Form F-3 (or a comparable successor form) to the extent requested by such holders. The Company shall use its commercially reasonable
efforts to keep such registration statement effective until the earlier of 90 days after the date it was declared effective or
until such holders have completed the distribution described in such registration statement.

 

2.3. Piggyback Registration. If the Company proposes
to register any of its securities for sale to the public (except with respect to registration statements on Form F-4, or S-8 or
another form not available for registering the Registrable Securities for sale to the public or such similar registration statements
in any other jurisdictions), each such time it will give written notice at the applicable address of record to each holder of Registrable
Securities of its intention to do so. Upon the written request of any of such holders of the Registrable Securities, given within
twenty (20) days after receipt by such Person of such notice, the Company will, subject to the limits contained in this Section
2.3, use its commercially reasonable efforts to cause all such Registrable Securities of said requesting holders to be registered
under the Securities Act and qualified for sale under any state blue sky law, all to the extent required to permit such sale or
other disposition of said Registrable Securities; provided, however, that if the Company is advised in writing in
good faith by any managing underwriter of the Company’s securities being offered in a public offering pursuant to such registration
statement that the amount to be sold by persons other than the Company (collectively, “Selling Shareholders”)
is greater than the amount which can be offered without adversely affecting the offering, the Company may reduce the amount offered
for the accounts of Selling Shareholders (including such holders of shares of Registrable Securities) to a number deemed satisfactory
by such managing underwriter; and provided further, that (a) in no event shall the amount of Registrable Securities of Selling
Shareholders be reduced below thirty percent (30%) of the total amount of securities included in such offering; and (b) any Registrable
Securities to be excluded shall be excluded in proportion (as nearly as practicable) to the number of Registrable Securities owned
by the Shareholders holding such Registrable Securities.

 

2.4. Registration Procedures. If and whenever the Company
is required by the provisions of this Section 2 to use its commercially reasonable efforts to promptly effect the registration
of any of its securities under the Securities Act, the Company will:

 

(a) use its commercially reasonable efforts diligently
to prepare and file with the Commission a registration statement on the appropriate form under the Securities Act with respect
to such securities, which form shall comply as to form in all material respects with the requirements of the applicable form and
include all financial statements required by the Commission to be filed therewith, and use its commercially reasonable efforts
to cause such registration statement to become and remain effective until completion of the proposed offering;

 

(b) use its commercially reasonable efforts diligently
to prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used
in connection therewith as may be necessary to keep such registration statement effective until the Shareholder or Shareholders
have completed the distribution described in such registration statement and to comply with the provisions of the Securities Act
with respect to the sale or other disposition of all securities covered by such registration statement whenever the seller or sellers
of such securities shall desire to sell or otherwise dispose of the same, but only to the extent provided in this Section 2.4;

 

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(c) furnish to each selling holder and the underwriters,
if any, such number of copies of such registration statement, any amendments thereto, any documents incorporated by reference therein,
the prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents
as such selling holder may reasonably request in order to facilitate the public sale or other disposition of the securities owned
by such selling holder;

 

(d) use its commercially reasonable efforts to register
or qualify the securities covered by such registration statement under such other securities or state blue sky laws of such jurisdictions
as each selling holder shall request, and do any and all other acts and things which may be necessary under such securities or
blue sky laws to enable such selling holder to consummate the public sale or other disposition in such jurisdictions of the securities
owned by such selling holder, except that the Company shall not for any such purpose be required to qualify to do business as a
foreign corporation in any jurisdiction wherein it is not so qualified;

 

(e) within a reasonable time before each filing of
the registration statement or prospectus or amendments or supplements thereto with the Commission, furnish to counsel selected
by the holders of Registrable Securities copies of such documents proposed to be filed, which documents shall be subject to the
approval of such counsel;

 

(f) immediately notify each selling holder of Registrable
Securities and any underwriter and (if requested by any such Person) confirm such notice in writing, of the happening of any event
which makes any statement made in the registration statement or related prospectus untrue or which requires the making of any changes
in such registration statement or prospectus so that they will not contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein in the light of the circumstances under
which they were made not misleading; and, as promptly as practicable thereafter, prepare and file with the Commission and furnish
a supplement or amendment to such prospectus so that, as thereafter deliverable to the purchasers of such Registrable Securities,
such prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading;

 

(g) use its commercially reasonable efforts to prevent
the issuance of any order suspending the effectiveness of a registration statement, and if one is issued use its commercially reasonable
efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement at the earliest possible
moment;

 

(h) if requested by the managing underwriter or underwriters
(if any) or any selling holder promptly incorporate in a prospectus supplement or post-effective amendment such information as
such Person requests to be included therein, including, without limitation, with respect to the securities being sold by such selling
holder to such underwriter or underwriters, the purchase price being paid therefor by such underwriter or underwriters and with
respect to any other terms of an underwritten offering of the securities to be sold in such offering, and promptly make all required
filings of such prospectus supplement or post-effective amendment;

 

(i) make available to each selling holder, any underwriter
participating in any disposition pursuant to a registration statement, and any attorney, accountant or other agent or representative
retained by any such selling holder or underwriter (collectively, the “Inspectors”), all financial and
other records, pertinent corporate documents and properties of the Company (collectively, the “Records”),
as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors and employees to supply all information requested by any such Inspector in connection with such registration statement;

 

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(j) enter into any reasonable underwriting agreement
required by the proposed underwriter(s) for the selling holders, if any, and use its commercially reasonable efforts to facilitate
the public offering of the securities;

 

(k) if requested by the underwriter(s) under the underwriting
agreement, furnish to the underwriter(s) (A) an opinion of counsel for the Company, dated the effective date of the registration
statement, and (B) a “comfort” letter signed by the independent public accountants who have certified the Company’s
financial statements included in the registration statement, covering substantially the same matters with respect to the registration
statement (and the prospectus included therein) and (in the case of the accountants’ letter) with respect to events subsequent
to the date of the financial statements, as are customarily covered (at the time of such registration) in opinions of the Company’s
counsel and in accountants’ letters delivered to the underwriters in underwritten public offerings of securities;

 

(l) cause the securities covered by such registration
statement to be listed on the securities exchange or quoted on the quotation system on which the securities of the same class as
the Registrable Securities are then listed or quoted (or if the Registrable Securities are not yet listed or quoted, then on such
exchange or quotation system as the selling holders of Registrable Securities and the Company shall determine);

 

(m) otherwise use its commercially reasonable efforts
to comply with all applicable rules and regulations of the Commission and make generally available to its security holders, in
each case as soon as practicable, but not later than 30 days after the close of the period covered thereby, an earnings statement
of the Company which will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any comparable
successor provisions);

 

(n) otherwise cooperate with the underwriter(s), the
Commission and other regulatory agencies and take all actions and execute and deliver or cause to be executed and delivered all
documents necessary to effect the registration of any securities under this Section 2; and

 

(o) during the period when the prospectus is required
to be delivered under the Securities Act, promptly file all documents required to be filed with the Commission pursuant to Sections
13(a), 13(c), 14, or 15(d) of the Exchange Act.

 

2.5. Expenses. All expenses incurred by the Company or
the Shareholders in effecting the registrations provided for in Sections 2.1, 2.2, and 2.3, including, without
limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, and one counsel
for the Shareholders participating in such registration as a group (selected by a majority in interest of the holders of Registrable
Securities who participate in the registration) underwriting expenses (other than fees, commissions or discounts), expenses of
any audits incident to or required by any such registration and expenses of complying with the securities or blue sky laws of any
jurisdictions (all of such expenses referred to as “Registration Expenses”), shall be paid by the Company.

 

2.6. Indemnification.

 

(a) The Company shall indemnify and hold
harmless each Shareholder that is a selling holder of Registrable Securities (including its partners (including partners of partners
and shareholders of such partners)), each underwriter (as defined in the Securities Act), and directors, officers, employees and
agents of any of them, and each other Person who participates in the offering of such securities and each other Person, if any,
who controls (within the meaning of the Securities Act) such seller, underwriter or participating Person (individually and collectively
and for purposes of this Section 2.6, the “Company Indemnified Person”) against
any losses, claims, damages or liabilities (collectively, the “liability”), joint or several, to which
such Company Indemnified Person may become subject under the Securities Act or any other statute or at common law, insofar as such
liability (or action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of
any fact contained, on the effective date thereof, in any registration statement under which such securities were registered under
the Securities Act, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto, or
(ii) any omission or alleged omission to state therein a fact required to be stated therein or necessary to make the statements
therein not misleading, or (iii) any violation by the Company of the Securities Act, any state securities or “blue sky”
laws or any sale or regulation thereunder in connection with such registration, or (iv) any breach of the Company’s obligations
under this Section 2. Except as otherwise required by law, the Company shall reimburse each such Company Indemnified Person
in connection with investigating or defending any such liability; provided, however, that the Company shall not be
liable to any Company Indemnified Person in any such case to the extent that any such liability arises out of or is based upon
any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, preliminary
or final prospectus, or amendment or supplement thereto in reliance upon and in conformity with information furnished in writing
to the Company by such Person specifically for use therein. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of such Company Indemnified Person and shall survive transfer of such securities by such
seller.

 

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(b) Each Shareholder holding any securities
included in such registration being effected shall indemnify and hold harmless each other selling holder of any securities, the
Company, its directors and officers, each underwriter and each other Person, if any, who controls (within the meaning of the Securities
Act) the Company or such underwriter (individually and collectively and for purposes of this Section 2.6 also the “Selling
Shareholder Indemnified Person”), against any liability, joint or several, to which any such Selling Shareholder
Indemnified Person may become subject under the Securities Act or any other statute or at common law, insofar as such liability
(or actions in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of any material
fact contained, on the effective date thereof, in any registration statement under which securities were registered under the Securities
Act at the request of such selling Shareholder, any preliminary prospectus or final prospectus contained therein, or any amendment
or supplement thereto, or (ii) any omission or alleged omission by such selling Shareholder to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading, in the case of (i) and (ii) to the extent, but
only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in such registration
statement, preliminary or final prospectus, amendment or supplement thereto in reliance upon and in conformity with information
furnished in writing to the Company by such selling Shareholder specifically for use therein. Such selling Shareholder shall reimburse
any Selling Shareholder Indemnified Person for any legal fees incurred in investigating or defending any such liability; provided,
however, that in no event shall the liability of any Shareholder for indemnification under this Section 2.6(b) in
its capacity as a seller of Registrable Securities exceed the lesser of (i) that proportion of the total of such losses, claims,
damages, expenses or liabilities indemnified against equal to the proportion of the total securities sold under such registration
statement which is being held by such Shareholder, or (ii) the amount equal to the proceeds to such Shareholder of the securities
sold in any such registration. Such indemnity shall remain in full force and effect regardless of any investigation made by or
on behalf of such Selling Shareholder Indemnified Person and shall survive transfer of such securities by such seller.

 

(c) Indemnification similar to that specified
in Sections 2.6(a) and (b) shall be given by the Company and each selling holder (with such modifications as may
be appropriate) with respect to any required registration or other qualification of their securities under any federal or state
law or regulation of governmental authority other than the Securities Act.

 

(d) In the event the Company, any selling
holder or other Person receives a complaint, claim or other notice of any liability or action, giving rise to a claim for indemnification
under Sections 2.6(a), (b) or (c) above, the Person claiming indemnification under such paragraphs shall promptly
notify the Person against whom indemnification is sought of such complaint, notice, claim or action, and such indemnifying Person
shall have the right to investigate and defend any such loss, claim, damage, liability or action.

 

    	9

    	 

    

 

(e) If the indemnification provided for
in this Section 2.6 for any reason is held by a court of competent jurisdiction to be unavailable to a Company Indemnified
Person or Selling Shareholder Indemnified Person (as applicable) in respect of any losses, claims, damages expenses or liabilities
referred to therein, then each indemnifying party under this Section 2.6, in lieu of indemnifying such indemnified party
thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages,
expenses or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, the
Shareholder, or Shareholders and the underwriters from the offering of Registrable Securities or (ii) if the allocation provided
by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company, the other Shareholders and the underwriters in connection
with the statements or omissions which resulted in such losses, claims, damages expenses or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the Company, the Shareholders and the underwriters shall be deemed
to be in the same respective proportions that the net proceeds from the offering (before deducting expenses) received by the Company,
the Shareholders, and the underwriting discount received by the underwriters, in each case as set forth in the table on the cover
page of the applicable prospectus, bear to the aggregate public offering price of the Registrable Securities. The relative fault
of the Company, the Shareholders and the underwriters shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company, the Shareholders, or the underwriters and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.

 

The Company and the Shareholders agree that
it would not be just and equitable if contribution pursuant to this Section 2.6(e) were determined by pro rata or per capita
allocation or by any other method of allocation which does not take account the equitable considerations referred to in the immediately
preceding paragraph. In no event, however, shall a Shareholder be required to contribute under this Section 2.6(e) in excess
of the lesser of (i) that proportion of the total of such losses, claims, damages expenses or liabilities indemnified against equal
to the proportion of the total Registrable Securities sold under such registration statement which are being sold by such Shareholder
or (ii) the net proceeds received by such Shareholder from its sale of Registrable Securities under such registration statement.
No Person found guilty of fraudulent representation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not found guilty of such fraudulent misrepresentation.

 

(f) The amount paid by an indemnifying party
or payable to a Company Indemnified Person or Selling Shareholder Indemnified Person (as applicable) as a result of the losses,
claims, damages, expenses and liabilities referred to in this Section 2.6 shall be deemed to include, subject to limitations
set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim, payable as the same are incurred. The indemnification and contribution provided for in this
Section 2.6 will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified
parties or any other officer, director, employee, agent or controlling person of the Indemnified Parties. No indemnifying party,
in the defense of any such claim or litigation, shall enter into a consent or entry of any judgment or enter into a settlement
without the consent of the Indemnified Person, which consent will not be unreasonably withheld or delayed.

 

2.7. Compliance with Rule 144. In the event that the
Company (i) registers a class of securities under Section 12 of the Exchange Act or (ii) shall commence to file reports under Section
13 or 15(d) of the Exchange Act, the Company will use its commercially reasonable efforts thereafter to file with the Commission
such information as is required under the Exchange Act for so long as there are Shareholders with Registrable Securities; and in
such event, the Company shall use its commercially reasonable efforts to take all action as may be required as a condition to the
availability of Rule 144 under the Securities Act (or any comparable successor rules). The Company shall furnish to any holder
of Registrable Securities upon request a written statement executed by the Company as to the steps it has taken to comply with
the current public information requirement of Rule 144 (or such comparable successor rules). Subject to the limitations on transfers
imposed by this Section 2, the Company shall use its commercially reasonable efforts to facilitate and expedite transfers
of Registrable Securities pursuant to Rule 144 under the Securities Act, which efforts shall include timely notice to its transfer
agent to expedite such transfers of Registrable Securities.

 

    	10

    	 

    

 

2.8. Rule 144A Information. The Company shall, upon written
request of any Shareholder, provide to such Shareholder and to any prospective institutional transferee of the securities designated
by such Shareholder, such financial and other information as is available to the Company or can be obtained by the Company without
material expense and as such Shareholder may reasonably determine is required to permit such transfer to comply with the requirements
of Rule 144A promulgated under the Securities Act.

 

2.9. Postponement. The Company may postpone the filing
of any registration statement required hereunder for a reasonable period of time, not to exceed ninety (90) days in the aggregate
during any twelve-month period, if the Company has been advised by legal counsel that such filing would require a special audit
or the disclosure of a material impending transaction or other matter and the Company’s Board of Directors determines reasonably
and in good faith that such disclosure would have a material adverse effect on the Company (a “Black-Out Period”).
Upon notice of the existence of a Black-Out Period from the Company to any Shareholder or Shareholders with respect to any registration
statement already effective, such Shareholder or Shareholders shall refrain from selling its or their Registrable Securities under
such registration statement until such Black-Out Period has ended; provided, however, that the Company shall not
impose a Black-Out Period with respect to any registration statement that is already effective more than once during any period
of twelve (12) consecutive months and in no event shall such Black-Out Period exceed ninety (90) days. The Company will not be
required to effect a demand registration or comply with a Shelf Request if the Company intends to effect a primary registration
of its own securities within 60 days of receiving notice of a demand registration or Shelf Request, as the case may be, provided
that the Company files such intended registration statement within the aforementioned 60-day period.

 

2.10. Market Stand-Off. Each Shareholder agrees, that
if requested by the Company and an underwriter of Registrable Securities of the Company in connection with any public offering
of the Company after the IPO, not to directly or indirectly offer, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant for the sale of or otherwise dispose of or transfer
(i) any Shares issued to it prior to the IPO, and (ii) any additional shares of the Company issued or distributed by way of dividend,
stock split or other distribution in respect of such Shares referred to in clause (i) above, held by it for such period, not to
exceed ninety (90) days following the effective date of the relevant registration statement in connection with any public offering
of Registrable Securities, as such underwriter shall specify reasonably and in good faith.

 

2.11. Transferability of Registration Rights. The registration
rights set forth in this Section 2 shall be automatically transferred to each transferee of Registrable Securities that
consents in writing to be bound by the terms and conditions of this Agreement.

 

2.12. Damages. The Company recognizes and agrees that
each holder of Registrable Securities will not have an adequate remedy if the Company fails to comply with the terms and provisions
of this Section 2 and that damages will not be readily ascertainable, and the Company expressly agrees that, in the event
of such failure, it shall not oppose an application by any holder of Registrable Securities or any other Person entitled to the
benefits of this Section 2 requiring specific performance of any and all provisions hereof or enjoining the Company from
continuing to commit any such breach of this Section 2.

 

2.13. Obligations to be Assumed by the Issuer. In the
event that the Company is not the issuer of the Registrable Securities, the Company shall cause such issuer to assume the obligations
of the Company as set forth in this Section 2 (such that the issuer will be obligated to perform the obligations of the
Company under this Section 2 as if such issuer were the Company) by written instrument executed by the issuer of such Registrable
Securities for the benefit of the Shareholders. The Company shall not sell, assign or transfer all or substantially all of its
assets unless the purchaser, assignor or transferee agrees to assume the obligations of the Company under this Section 2.

 

    	11

    	 

    

 

2.14. Additional Registration Rights. The Company may
not grant superior registration rights to any other person without the consent of the Registration Rights Holders.

 

SECTION 3.

MISCELLANEOUS

 

3.1. Termination. This Agreement and the obligations
of the Company hereunder with respect to any Shareholder (other than with respect to Section 2.6) shall terminate upon the
earlier to occur of (i) the fifth anniversary of the date of this Agreement, or (ii) the date upon which the percentage of the
total outstanding common shares held by such Shareholder ceases to be at least one percent (1%).

 

3.2. Notices.

 

(a) Any notice, request, demand, approval or other communication
required or permitted to be given to a party pursuant to the provisions of this Agreement will be in writing and will be effective
and deemed given under this Agreement on the earliest of: (i) the date of personal delivery, (ii) the date of transmission by facsimile,
with confirmed transmission and receipt, (iii) two (2) days after deposit with a nationally recognized courier or overnight service
such as Federal Express, or (iv) five (5) days after mailing via certified mail, return receipt requested. All notices not delivered
personally or by facsimile will be sent with postage and other charges prepaid and properly addressed to the party to be notified
at the address set forth for such party:

 

If to the Company, to:

 

Globant S.A.

5, rue Guillaume Kroll

L-1882 Luxembourg

Attn: Martín Migoya/Pablo
Rojo

Fax: +54-11-4109-1700

Email: martin.migoya@globant.com
/ pablo.rojo@globant.com

 

With a
copy (which shall not constitute notice) to:

 

DLA Piper LLP (US)

Attn.: Christopher
C. Paci

1251 Avenue of the
Americas

New York, NY 10020

Tel.: +1 (212) 335-4970

Fax: +1 (212) 335-4501

E-mail:
christopher.paci@dlapiper.com

  

If to Martín
Migoya, Martín Gonzalo Umaran, Néstor Augusto Nocetti or Guibert Andrés Englebienne, to:

 

Ing. Butty 240, Piso 6,

Ciudad de Buenos Aires,

Argentina

Attn: Martín Migoya/Martín
Umaran/Néstor Nocetti/Guibert Englebienne

Fax: +54-11-4109-1700

Email: martin.migoya@globant.com
/ martin.umaran@globant.com / néstor.nocetti@globant.com / Guibert.englebienne@globant.com

 

    	12

    	 

    

 

With a
copy (which shall not constitute notice) to:

 

Candioti
Gatto Bicain & Ocantos

Cerrito
348, 5to B

C1010AAH
Buenos Aires

Argentina

Attn.:
Alejandro Candioti

Fax No.:
+54 11-5256-6223

Email:
acandioti@cgbo.com.ar

  

If to Riverwood
Capital LLC, Riverwood Capital Partners (Parallel-B) L.P., Riverwood Capital Partners L.P. or Riverwood Capital Partners (Parallel-A),
to:

 

California
Office:

Riverwood
Capital, LLC

70 Willow
Road, Suite 100

Menlo
Park, CA 94025

Fax: +1-650-618-7300

Attn.:
Francisco Alvarez Demalde

Email:
fad@rwcm.com

 

With a
copy (which shall not constitute notice) to:

 

Marval,
O’Farrell & Mairal

Av. Leandro
N. Alem 928

Buenos
Aires

Argentina

Attention:
Hernán Slemenson/Daniela Bianchi

Fax No.:
+54-11-4310-0200

Email:
hs@marval.com.ar / dab@marval.com.ar

  

If to FTVentures III
L.P. or FTVentures IIIN L.P., to:

 

FTVentures
III, L.P.

Attn.:
Brad Bernstein

Cc: David
Haynes

555 California
Street, 29th Floor

San Francisco,
CA 94104

Tel.: +1
(415) 229-3000

Fax: +1
(415) 229-3005

E-mail:
bbernstein@FTVentures.com / dhaynes@ftvcapital.com

 

With a
copy (which shall not constitute notice) to:

 

Kirkland & Ellis
LLP

Attn.: David A.
Breach, P.C.

555 California Street,
27th Floor

San Francisco, CA
94104

Tel.: +1 (415) 439-1400

Fax: +1 (415) 439-1500

E-mail: david.breach@kirkland.com

 

 

    	13

    	 

    

 

If to WPP, to:

 

WPP Luxembourg
Gamma Three S.à.r.l.

c/o
WPP Group USA, Inc.

100 Park
Avenue, 4th Floor

New York,
New York 10017

Attention:
Chief Financial Officer

Fax: +1
212- 632-2222

E-mail:

 

With a
copy (which shall not constitute notice) to:

 

Davis &
Gilbert LLP

1740 Broadway

New York,
New York 10019

Attention:
Curt C. Myers, Esq.

Fax: +1-212-468-4888

E-mail:
cmyers@dglaw.com

 

If to Endeavor Global
Inc. or Endeavor Catalyst Inc., to:

 

Endeavor Global

900 Broadway, Suite
600

New York, NY 10003
USA

Fax No.:
+1 212-352-3200

Attn: Linda Rottenberg

E-mail: linda.rottenberg@endeavor.org

 

With a
copy (which shall not constitute notice) to:

 

K&L Gates LLP

599 Lexington Avenue

New York, NY 10022-6030
USA

Fax No.:
+1 212-536-3901

Attn: Alejandro
Fiuza

E-mail:
Alejandro.Fiuza@klgates.com

 

(b) Any party hereto (and such party’s permitted assigns)
may change such party’s address for receipt of future notices hereunder by giving written notice to the other parties hereto.

 

3.3. Governing Law.

 

(a) This Agreement and the rights of the
Shareholders hereunder shall be governed by, and interpreted in accordance with, the laws of the State of New York, without regard
to any conflicts of law jurisprudence.

 

(b) Solely as it relates to actions for
specific performance, restraining orders or other injunctive relief and actions to enforce an arbitration award, each of the parties
hereto irrevocably submits to the jurisdiction of the New York State courts and the federal courts sitting in the County of New
York, State of New York and agrees that all matters involving this Agreement shall be heard and determined in such courts. Each
of the parties hereto waives irrevocably the defense of inconvenient forum to the maintenance of such action or proceeding. Each
of the parties hereto designates Corporation Service Company, as its agent for service of process in the State of New York, which
designation may only be changed on not less than ten (10) days’ prior notice to all of the other parties. The Company agrees
to pay the reasonable fees and expenses of Corporation Service Company for acting in such capacity.

 

    	14

    	 

    

 

3.4. Successors. This Agreement shall be binding upon,
and inure to the benefit of, the parties and their successors and permitted assigns.

 

3.5. Pronouns. Whenever from the context it appears appropriate,
each term stated in either the singular or the plural shall include the singular and the plural, and pronouns stated in either
the masculine, the feminine or the neuter gender shall include the masculine, feminine and neuter.

 

3.6. Table of Contents and Captions Not Part of Agreement.
The table of contents and captions contained in this Agreement are inserted only as a matter of convenience and in no way define,
limit or extend the scope or intent of this Agreement or any provisions hereof.

 

3.7. Severability. If any provision of this Agreement
shall be invalid, illegal or unenforceable in any jurisdiction or in any respect, then the validity, legality and enforceability
of the remaining provisions contained herein shall not in any way be affected or impaired, and the Shareholders shall act in good
faith and use their best efforts to amend or substitute such invalid, illegal or unenforceable provision with enforceable and valid
provisions which would produce as nearly as possible the original intent of the Shareholders without renegotiation of any material
terms and conditions stipulated herein.

 

3.8. Counterparts. This Agreement may be executed in
several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.

 

3.9. Entire Agreement and Amendment. This Agreement and
the other written agreements described herein between the parties hereto entered into as of the date hereof, constitute the entire
agreement between the Shareholders and the Company relating to the subject matter hereof. In the event of any conflict between
this Agreement or such other written agreements, the terms and provisions of this Agreement shall govern and control.

 

3.10. Further Assurances. Each Shareholder agrees to
execute and deliver any and all additional instruments and documents and do any and all acts and things as may be necessary or
expedient to effectuate more fully this Agreement or any provisions hereof.

 

3.11. No Third Party Rights. The provisions of this Agreement
are for the exclusive benefit of the Shareholders and the Company, and no other party (including, without limitation, any creditor
of the Company) shall have any right or claim against any Shareholder by reason of those provisions or be entitled to enforce any
of those provisions against any Shareholder.

 

3.12. Remedies Cumulative. The rights and remedies given
in this Agreement and by law to a Shareholder shall be deemed cumulative, and the exercise of any one of such remedies shall not
operate to bar the exercise of any other rights and remedies reserved to a Shareholder under the provisions of this Agreement or
given to a Shareholder by law. In the event of any dispute between the parties hereto, the prevailing party shall be entitled to
recover from the other party reasonable attorney’s fees and costs incurred in connection therewith.

 

3.13. No Waiver. One or more waivers of the breach of
any provision of this Agreement by any Shareholder shall not be construed as a waiver of a subsequent breach of the same or any
other provision, nor shall any delay or omission by a Shareholder to seek a remedy for any breach of this Agreement or to exercise
the rights accruing to a Shareholder by reason of such breach be deemed a waiver by a Shareholder of its remedies and rights with
respect to such breach.

 

[Signature
pages follow]

 

    	15

    	 

    

 

IN WITNESS WHEREOF,
each of the Parties hereto has executed, or caused this Agreement to be executed by its duly authorized officer, as the case may
be, as of the date first above written.

 

	Globant S.A.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

	 	 
	Riverwood Capital LLC. 	 
	By:	 
	Title:	 
	 	 
	 	 
	Martin Migoya	 
	 	 
	 	 
	Martin Gonzalo Umaran	 
	 	 
	 	 
	Néstor Augusto Nocetti	 
	 	 
	 	 
	Guibert Andrés Englebienne	 

 

	RIVERWOOD CAPITAL PARTNERS L.P.
	 	 
	By:	RIVERWOOD CAPITAL L.P., its general partner
	 	 
	By:	Riverwood Capital GP Ltd., its general
	 	partner
	 	 	 
	By: 	 	 
	 	Name:  	 
	 	Title:  	 

 

    	16

    	 

    

 

	RIVERWOOD CAPITAL PARTNERS (PARALLEL – A) L.P.
	 	 
	By:	RIVERWOOD CAPITAL L.P., its general partner
	 	 
	By:	Riverwood Capital GP Ltd., its general
	 	partner
	 	 
	By: 	 	 
	 	Name:  	 
	 	Title:  	 

 

	RIVERWOOD CAPITAL PARTNERS (PARALLEL – B) L.P.
	 	 
	By:	RIVERWOOD CAPITAL L.P., its general partner
	 	 
	By:	Riverwood Capital GP Ltd., its general
	 	Partner
	 	 	 
	By: 	 	 
	 	Name:  	 
	 	Title:  	 

 

	 	 
	FTVentures III L.P.	 
	By:	 
	Title:	 

 

	 	 
	FTVentures IIIN L.P.	 
	By:	 
	Title:	 

 

	By:	WPP Luxembourg Gamma Three S.à r.l.

 

	 	 
	By: 	 
	Title:	 

 

	 	 
	By:	 
	Title:	 

 

	ENDEAVOR GLOBAL INC.
	 	 	 
	By: 	 	 
	 	Name:  	 
	 	Title:  	 

 

	ENDEAVOR  CATALYST
    INC.
	 	 	 
	By: 	 	 
	 	Name:  	 
	 	Title:  	 

    	17Exhibit 10.5

GLOBANT S.A.

2013 EQUITY INCENTIVE PLAN

 

		1.	Establishment, Purpose and Types of Awards

 

GLOBANT S.A., a société
anonyme incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 5, rue Guillaume Kroll, L-1882
Luxembourg, registered with the Luxembourg trade and companies register under number B 173 727 (the “Company”),
hereby establishes the GLOBANT S.A. 2013 EQUITY INCENTIVE PLAN (the “Plan”). The purpose of the Plan is to promote
the long-term growth and profitability of the Company by (i) providing key people with incentives to improve stockholder value
and to contribute to the growth and financial success of the Company through their future services, and (ii) enabling the
Company to attract, retain and reward the best-available personnel.

 

The Plan permits the
granting of stock options (including incentive stock options qualifying under Code section 422 and nonstatutory stock options),
stock appreciation rights, restricted or unrestricted stock awards, restricted stock units, performance awards, other stock-based
awards, or any combination of the foregoing.

 

		2.	Definitions

 

Under this Plan, except
where the context otherwise indicates, the following definitions apply:

 

(a)          “Administrator”
means the Board or the committee(s) or officer(s) appointed by the Board from time to time that have authority to administer the
Plan as provided in Section 3 hereof.

 

(b)          “Affiliate”
means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, the Company
(including, but not limited to, joint ventures, limited liability companies, and partnerships). For this purpose, “control”
shall mean ownership of 50% or more of the total combined voting power or value of all classes of stock or interests of the entity,
or the power to direct the management and policies of the entity, by contract or otherwise.

 

(c)          “Award”
means any stock option, stock appreciation right, stock award, restricted stock unit award, performance award, or other stock-based
award.

 

(d)          “Board”
means the board of directors of the Company as composed from time to time.

 

(e)          “Change
in Control” means: (i) the acquisition (other than from the Company) in one or more transactions by any Person,
as defined in this Section 2(e), of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities
Exchange Act of 1934, as amended) of more than 50% of (A) the then outstanding shares of the Company, or (B) the combined
voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors (the “Company
Voting Stock”); (ii) the closing of a sale or other conveyance of all or substantially all of the assets of the
Company; or (iii) the effective time of any merger, share exchange, consolidation, or other business combination involving
the Company if immediately after such transaction persons who hold a majority of the outstanding voting securities entitled to
vote generally in the election of directors of the surviving entity (or the entity owning 100% of such surviving entity) are not
persons who, immediately prior to such transaction, held the Company Voting Stock; provided, however, that a Change
in Control shall not include any consolidation or merger effected exclusively to change the domicile of the Company or a public
offering of capital stock of the Company, and provided also that that for purposes of any Award or subplan that constitutes a
“nonqualified deferred compensation plan,” within the meaning of Code section 409A, the Administrator, in its discretion,
may specify a different definition of Change in Control in order to comply with the provisions of Code section 409A. For purposes
of this Section 2(e), a “Person” means any individual, entity or group within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than: employee benefit plans sponsored or maintained by
the Company and by entities controlled by the Company or an underwriter of the Common Shares in a registered public offering. 

 

(f)          “Code”
means the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder.

 

    	 

    	 

    

 

(g)          “Common
Shares” means the common shares of the Company at Par Value.

 

(h)          “Fair
Market Value” means, with respect to the Common Shares, as of any date:

 

(i)          if
the principal market for the Common Shares (as determined by the Administrator if the Common Shares is listed or admitted to trading
on more than one exchange or market) is a national securities exchange or an established securities market, the official closing
price per Common Share for the regular market session on that date on the principal exchange or market on which the Common Shares
are then listed or admitted to trading or, if no sale is reported for that date, on the last preceding day on which a sale was
reported;

 

(ii)         if
the principal market for the Common Shares is not a national securities exchange or an established securities market, the average
of the highest bid and lowest asked prices for the Common Shares on that date as reported on a national quotation system or, if
no prices are reported for that date, on the last preceding day on which prices were reported; or

 

(iii)        if
the Common Shares are neither listed or admitted to trading on a national securities exchange or an established securities market,
nor quoted by a national quotation system, the value determined by the Administrator in good faith by reasonable application of
a reasonable valuation method.

 

(i)          “Grant
Agreement” means a written document, including an electronic writing acceptable to the Administrator, memorializing the
terms and conditions of an Award granted pursuant to the Plan and which shall incorporate the terms of the Plan.

 

(j)          “Par
Value” means the par value of the Common Shares from time to time, being currently $0.10 per share.

 

(k)          “Performance
Measures” mean criteria established by the Administrator relating to any of the following, as it may apply to an individual,
one or more business units, divisions or subsidiaries, or on a Company-wide basis, and in either absolute terms or relative to
the performance of one or more comparable companies or an index covering multiple companies: revenue; earnings before interest,
taxes, depreciation and amortization (EBITDA); operating income; pre- or after-tax income; cash flow; cash flow per share; net
earnings; earnings per share; price-to-earnings ratio; return on equity; return on invested capital; return on assets; growth in
assets; share price performance; economic value added; total shareholder return; improvement in or attainment of expense levels;
improvement in or attainment of working capital levels; relative performance to a group of companies comparable to the Company,
and strategic business criteria consisting of one or more objectives based on the Company’s meeting specified goals relating
to revenue, market penetration, business expansion, costs or acquisitions or divestitures.

 

		3.	Administration

 

(a)          Administration
of the Plan. The Plan shall be administered by the Board or by such committee or committees as may be appointed by the Board
from time to time. To the extent allowed by applicable laws, the Board by resolution may authorize an officer or officers to grant
Awards (other than stock Awards) to other officers and employees of the Company and its Affiliates, and, to the extent of such
authorization, such officer or officers shall be the Administrator.

 

(b)          Powers
of the Administrator. The Administrator shall have all the powers vested in it by the terms of the Plan and the resolution
of the Board, such powers to include authority, in its sole and absolute discretion, to grant Awards under the Plan, prescribe
Grant Agreements evidencing such Awards and establish programs for granting Awards.

 

    	 

    	 

    

 

The Administrator
shall have full power and authority to take all other actions necessary to carry out the purpose and intent of the Plan, including,
but not limited to, the authority to: (i) determine the eligible persons to whom, and the time or times at which Awards shall
be granted; (ii) determine the types of Awards to be granted; (iii) determine the number of shares to be covered by or
used for reference purposes for each Award; (iv) impose such terms, limitations, restrictions and conditions upon any such
Award as the Administrator shall deem appropriate; (v) modify, amend, extend or renew outstanding Awards, or accept the surrender
of outstanding Awards and substitute new Awards (provided however, that, except as provided in Section 7 of the Plan, any
modification that would materially adversely affect any outstanding Award shall not be made without the consent of the holder and
no such modification, amendment or substitution that results in repricing the Award shall be made without prior stockholder approval);
(vi) accelerate or otherwise change the time in which an Award may be exercised or becomes payable and to waive or accelerate
the lapse, in whole or in part, of any restriction or condition with respect to such Award, including, but not limited to, any
restriction or condition with respect to the vesting or exercisability of an Award following termination of any grantee’s
employment or other relationship with the Company; provided, however, that no such waiver or acceleration
of lapse restrictions shall be made with respect to a performance-based stock award granted to an executive officer of the Company
if such waiver or acceleration is inconsistent with Code section 162(m); (vii) establish objectives and conditions, if any,
for earning Awards and determining whether Awards will be paid with respect to a performance period; and (viii) for any purpose,
including but not limited to, qualifying for preferred tax treatment under foreign tax laws or otherwise complying with the regulatory
requirements of local or foreign jurisdictions, to establish, amend, modify, administer or terminate sub-plans, and prescribe,
amend and rescind rules and regulations relating to such sub-plans.

 

The Administrator
shall have full power and authority, in its sole and absolute discretion, to administer, construe and interpret the Plan, Grant
Agreements and all other documents relevant to the Plan and Awards issued thereunder, to establish, amend, rescind and interpret
such rules, regulations, agreements, guidelines and instruments for the administration of the Plan and for the conduct of its business
as the Administrator deems necessary or advisable, and to correct any defect, supply any omission or reconcile any inconsistency
in the Plan or in any Award in the manner and to the extent the Administrator shall deem it desirable to carry it into effect.

 

(c)          Non-Uniform
Determinations. The Administrator’s determinations under the Plan (including without limitation, determinations of the
persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Grant Agreements
evidencing such Awards, and the ramifications of a Change in Control upon outstanding Awards) need not be uniform and may be made
by the Administrator selectively among Awards or persons who receive, or are eligible to receive, Awards under the Plan, whether
or not such persons are similarly situated.

 

(d)          Limited
Liability. To the maximum extent permitted by law, no member of the Administrator shall be liable for any action taken or decision
made in good faith relating to the Plan or any Award thereunder.

 

(e)          Indemnification.
To the maximum extent permitted by law and by the Company’s articles of association, the members of the Administrator shall
be indemnified by the Company in respect of all their activities under the Plan except in the case of gross negligence or willful
misconduct.

 

(f)          Effect
of Administrator’s Decision. All actions taken and decisions and determinations made by the Administrator on all matters
relating to the Plan pursuant to the powers vested in it hereunder shall be in the Administrator’s sole and absolute discretion
and shall be conclusive and binding on all parties concerned, including the Company, its stockholders, any participants in the
Plan and any other employee, consultant, or director of the Company, and their respective successors in interest.

 

		4.	Shares Available for the Plan

 

Subject to adjustments
as provided in Section 7(d) of the Plan, the Common Shares that may be issued with respect to Awards granted under
the Plan shall not exceed an aggregate of 40,000,000 shares, and of those the maximum number of shares that may be issued under
this Plan pursuant to incentive stock options intended to qualify under Code section 422 is 40,000,000. Subject to the provisions
of the law, the Company shall maintain an authorized capital comprising such number of shares for Awards under the Plan, subject
to adjustments as provided in Section 7(d) of the Plan. If any Award, or portion of an Award, under the Plan expires
or terminates unexercised, becomes unexercisable, is settled in cash without delivery of Common Shares, or is forfeited or otherwise
terminated or canceled as to any shares, the shares subject to such Award shall thereafter be available for further Awards under
the Plan. Notwithstanding anything herein to the contrary, shares used to pay the exercise price of an Award or tax obligations
shall not be available again for other Awards under the Plan.

 

    	 

    	 

    

 

Subject to adjustments
as provided in Section 7(d) of the Plan, the maximum number of Common Shares subject to Awards of any combination that may be granted
during any one fiscal year of the Company to any one individual under this Plan shall be limited to 4,000,000 shares. Such per-individual
limit shall not be adjusted to effect a restoration of Common Shares with respect to which the related Award is terminated, surrendered
or canceled. Notwithstanding the foregoing, the restriction contained in this paragraph shall not apply until the earliest of:
(1) the first material modification of the Plan (including any increase in the number of Common Shares reserved for issuance hereunder);
(2) the issuance of all of the Common Shares reserved for issuance under the Plan; (3) the expiration of the Plan; (4) the first
meeting of stockholders at which directors are to be elected that occurs after the close of the third (3rd) calendar year following
the calendar year in which occurred the first registration of an equity security by the Company under Section 12 of the Securities
Act of 1934, as amended; or (5) such other date required by Section 162(m) of the Code.

 

		5.	Participation

 

Participation in the
Plan shall be open to all employees, officers, and directors of, and other individuals providing bona fide services to or for,
the Company, or of any Affiliate of the Company, as may be selected by the Administrator from time to time. The Administrator may
also grant Awards to individuals in connection with hiring, recruiting or otherwise, prior to the date the individual first performs
services for the Company or an Affiliate, provided that such Awards shall not become vested or exercisable, and no shares shall
be issued to such individual, prior to the date the individual first commences performance of such services.

 

		6.	Awards

 

The Administrator,
in its sole discretion, establishes the terms of all Awards granted under the Plan. Awards may be granted individually or in tandem
with other types of Awards, concurrently with or with respect to outstanding Awards. All Awards are subject to the terms and conditions
provided in the Grant Agreement.

 

(a)          Stock
Options. The Administrator may from time to time grant to eligible participants Awards of incentive stock options as that term
is defined in Code section 422 or nonstatutory stock options; provided, however, that Awards of incentive stock
options shall be limited to employees of the Company or of any current or hereafter existing “parent corporation”
or “subsidiary corporation,” as defined in Code sections 424(e) and (f), respectively, of the Company and any
other individuals who are eligible to receive incentive stock options under the provisions of Code section 422. Options must
have an exercise price at least equal to Fair Market Value as of the date of grant and not lower than Par Value and may not have
a term in excess of ten years’ duration. No stock option shall be an incentive stock option unless so designated by the Administrator
at the time of grant or in the Grant Agreement evidencing such stock option.

 

(b)          Stock
Appreciation Rights. The Administrator may from time to time grant to eligible participants Awards of Stock Appreciation Rights
(“SAR”). An SAR entitles the grantee to receive, subject to the provisions of the Plan and the Grant Agreement,
a payment having an aggregate value equal to the product of (i) the excess of (A) the Fair Market Value on the exercise date of
one Common Share over (B) the base price per share specified in the Grant Agreement, times (ii) the number of shares specified
by the SAR, or portion thereof, which is exercised. The base price per share specified in the Grant Agreement shall not be less
than the lower of the Fair Market Value on the grant date (but in no case lower than Par Value) or the exercise price of any tandem
stock option Award to which the SAR is related. No SAR shall have a term longer than ten years’ duration. Payment by the
Company of the amount receivable upon any exercise of an SAR may be made by the delivery of Common Shares or cash, or any combination
of Common Shares and cash, as determined in the sole discretion of the Administrator. If upon settlement of the exercise of an
SAR a grantee is to receive a portion of such payment in Common Shares, the number of shares shall be determined by dividing such
portion by the Fair Market Value of a Common Share on the exercise date, it being understood that no Common Shares shall be issued
below Par Value. No fractional shares shall be used for such payment and the Administrator shall determine whether cash shall be
given in lieu of such fractional shares or whether such fractional shares shall be eliminated. The Administrator shall obtain a
report from an independent auditor (réviseur d’entreprises agréé) confirming that the in-kind
consideration upon exercise of a SAR has a value at least equivalent to the number and value of Shares issued in counterpart.

 

    	 

    	 

    

 

		(c)	Stock Awards. 

 

(i)          The
Administrator may from time to time grant stock awards to eligible participants in such amounts, on such terms and conditions,
and for such consideration, including no consideration or such minimum consideration as may be required by law, as it shall determine.
A stock award may be denominated in Common Shares or other securities, stock-equivalent units or restricted stock units, securities
or debentures convertible into Common Shares, or any combination of the foregoing and may be paid in Common Shares or other securities,
in cash, or in a combination of Common Shares or other securities and cash, all as determined in the sole discretion of the Administrator.

 

(ii)         The
Administrator may grant stock awards in a manner constituting “qualified performance-based compensation” within the
meaning of Code section 162(m). The grant of, or lapse of restrictions with respect to, such performance-based stock awards shall
be based upon one or more Performance Measures and objective performance targets to be attained relative to those Performance Measures,
all as determined by the Administrator. Performance targets may include minimum, maximum, intermediate and target levels of performance,
with the size of the performance-based stock award or the lapse of restrictions with respect thereto based on the level attained.
A performance target may be stated as an absolute value or as a value determined relative to prior performance, one or more indices,
budget, one or more peer group companies, any other standard selected by the Administrator, or any combination thereof. The Administrator
shall be authorized to make adjustments in the method of calculating attainment of Performance Measures and performance targets
in recognition of: (A) extraordinary or non-recurring items; (B) changes in tax laws; (C) changes in generally accepted accounting
principles or changes in accounting policies; (D) charges related to restructured or discontinued operations; (E) restatement of
prior period financial results; and (F) any other unusual, non-recurring gain or loss that is separately identified and quantified
in the Company’s financial statements; provided that the Administrator’s decision as to whether such adjustments will
be made with respect to any “covered employee,” within the meaning of Code section 162(m), is determined when the performance
targets are established for the applicable performance period. Notwithstanding the foregoing, the Administrator may, at its sole
discretion, modify the performance results upon which Awards are based under the Plan to offset any unintended results arising
from events not anticipated when the Performance Measures and performance targets were established; provided, that such modifications
may be made with respect to an Award granted to any “covered employee,” within the meaning of Code section 162(m),
only to the extent permitted by Code section 162(m) if the Award was intended to constitute “qualified performance-based
compensation” within the meaning of Code section 162(m). Notwithstanding anything in the Plan to the contrary, the Administrator
is not authorized to waive or accelerate the lapse of restrictions on a performance-based stock award granted to any “covered
employee,” within the meaning of Code section 162(m), except upon death, disability or a change of ownership or control of
the Company. In the event that a Change in Control occurs after a performance-based stock award has been granted but before completion
of the applicable performance period, a pro rata portion of such Award shall become payable (or a pro rata portion of the lapse
restrictions shall lapse, as applicable) as of the date of the Change in Control to the extent otherwise earned on the basis of
achievement of the pro rata portion of the Performance Measures and performance targets relating to the portion of the performance
period completed as of the date of the Change in Control.

 

    	 

    	 

    

 

		7.	Miscellaneous

 

(a)          Withholding
of Taxes. Grantees and holders of Awards shall pay to the Company or its Affiliate, or make provision satisfactory to the Administrator
for payment of, any taxes required to be withheld in respect of Awards under the Plan no later than the date of the event creating
the tax liability. The Company or its Affiliate may, to the extent permitted by law, deduct any such tax obligations from any payment
of any kind otherwise due to the grantee or holder of an Award. In the event that payment to the Company or its Affiliate of such
tax obligations is made in Common Shares, such shares shall be valued at Fair Market Value on the applicable date for such purposes
and shall not exceed in amount the minimum statutory tax withholding obligation.

 

(b)          Loans.
To the extent otherwise permitted by law, the Company or its Affiliate may make or guarantee loans to grantees to assist grantees
in exercising Awards and satisfying any withholding tax obligations.

 

(c)          Transferability.
Except as otherwise determined by the Administrator, and in any event in the case of an incentive stock option or a stock appreciation
right granted with respect to an incentive stock option, no Award granted under the Plan shall be transferable by a grantee otherwise
than by will or the laws of descent and distribution. Unless otherwise determined by the Administrator in accord with the provisions
of the immediately preceding sentence, an Award may be exercised during the lifetime of the grantee, only by the grantee or, during
the period the grantee is under a legal disability, by the grantee’s guardian or legal representative.

 

(d)          Adjustments
for Corporate Transactions and Other Events.

 

		(i)	Stock Dividend, Stock Split and Reverse Stock Split. In the event of a stock dividend of,
or stock split or reverse stock split affecting, the Common Shares, (A) the maximum number of shares of such Common Shares as to
which Awards may be granted under this Plan and the maximum number of shares with respect to which Awards may be granted during
any one fiscal year of the Company to any individual, as provided in Section 4 of the Plan, and (B) the number of shares
covered by and the exercise price and other terms of outstanding Awards, shall, without further action of the Board, be adjusted
to reflect such event. The Administrator may make adjustments, in its discretion, to address the treatment of fractional shares
and fractional cents that arise with respect to outstanding Awards as a result of the stock dividend, stock split or reverse stock
split.

 

		(ii)	Non-Change in Control Transactions. Except
with respect to the transactions set forth in Section 7(d)(i), in the event of any change affecting the Common Shares, the
Company or its capitalization, by reason of a spin-off, split-up, dividend, recapitalization, merger, consolidation or share exchange,
other than any such change that is part of a transaction resulting in a Change in Control of the Company, the Administrator, in
its discretion and without the consent of the holders of the Awards, may make (A) appropriate adjustments to the maximum number
and kind of shares reserved for issuance or with respect to which Awards may be granted under the Plan, in the aggregate and with
respect to any individual during any one fiscal year of the Company, as provided in Section 4 of the Plan; and (B) any
adjustments in outstanding Awards, including but not limited to modifying the number, kind and price of securities subject to Awards
as the Administrator determines to be appropriate and equitable.

 

    	 

    	 

    

 

		(iii)	Change in Control Transactions. In the event of any transaction resulting in a Change in
Control of the Company, outstanding stock options and other Awards that are payable in or convertible into Common Shares under
this Plan will terminate upon the effective time of such Change in Control unless provision is made in connection with the transaction
for the continuation or assumption of such Awards by, or for the substitution of the equivalent awards, as determined in the sole
discretion of the Administrator, of, the surviving or successor entity or a parent thereof. In the event of such termination, the
holders of stock options and other Awards under the Plan will be permitted, immediately before the Change in Control, to exercise
or convert all portions of such stock options or other Awards under the Plan that are then exercisable or convertible or which
become exercisable or convertible upon or prior to the effective time of the Change in Control.

 

		(iv)	Unusual or Nonrecurring Events. The Administrator is authorized to make, in its discretion
and without the consent of holders of Awards, adjustments in the terms and conditions of, and the criteria included in, Awards
in recognition of unusual or nonrecurring events affecting the Company, or the financial statements of the Company or any Affiliate,
or of changes in applicable laws, regulations, or accounting principles, whenever the Administrator determines that such adjustments
are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available
under the Plan. 

 

(e)          Substitution
of Awards in Mergers and Acquisitions. Awards may be granted under the Plan from time to time in substitution for awards held
by employees, officers, consultants or directors of entities who become or are about to become employees, officers, consultants
or directors of the Company or an Affiliate as the result of a merger or consolidation of the employing entity with the Company
or an Affiliate, or the acquisition by the Company or an Affiliate of the assets or stock of the employing entity. The terms and
conditions of any substitute Awards so granted may vary from the terms and conditions set forth herein to the extent that the Administrator
deems appropriate at the time of grant to conform the substitute Awards to the provisions of the awards for which they are substituted.

 

(f)          Other
Agreements. As a condition precedent to the grant of any Award under the Plan, the exercise pursuant to such an Award, or to
the delivery of certificates for shares issued pursuant to any Award, the Administrator may require the grantee or the grantee’s
successor or permitted transferee, as the case may be, to become a party to a stock restriction agreement, shareholders’
agreement, voting trust agreement or other agreements regarding the Common Shares of the Company in such form(s) as the Administrator
may determine from time to time.

 

(g)          Termination,
Amendment and Modification of the Plan. The Board may terminate, amend or modify the Plan or any portion thereof at any time.
Except as otherwise determined by the Board, termination of the Plan shall not affect the Administrator’s ability to exercise
the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

(h)          Non-Guarantee
of Employment or Service. Nothing in the Plan or in any Grant Agreement thereunder shall confer any right on an individual
to continue in the service of the Company or shall interfere in any way with the right of the Company to terminate such service
at any time with or without cause or notice and whether or not such termination results in (i) the failure of any Award to
vest; (ii) the forfeiture of any unvested or vested portion of any Award; and/or (iii) any other adverse effect on the
individual’s interests under the Plan.

 

(i)          Compliance
with Securities Laws; Listing and Registration. If at any time the Administrator determines that the delivery of Common Shares
under the Plan is or may be unlawful under the laws of any applicable jurisdiction, or Federal, state or foreign securities laws,
the right to exercise an Award or receive Common Shares pursuant to an Award shall be suspended until the Administrator determines
that such delivery is lawful. If at any time the Administrator determines that the delivery of Common Shares under the Plan is
or may violate the rules of the national exchange on which the shares are then listed for trade, the right to exercise an Award
or receive Common Shares pursuant to an Award shall be suspended until the Administrator determines that such delivery would not
violate such rules. The Company shall have no obligation to effect any registration or qualification of the Common Shares under
Federal, state or foreign laws.

 

    	 

    	 

    

 

The Company
may require that a grantee, as a condition to exercise of an Award, and as a condition to the delivery of any share certificate,
make such written representations (including representations to the effect that such person will not dispose of the Common Shares
so acquired in violation of Federal, state or foreign securities laws) and furnish such information as may, in the opinion of counsel
for the Company, be appropriate to permit the Company to issue the Common Shares in compliance with applicable Federal, state or
foreign securities laws. The stock certificates for any Common Shares issued pursuant to this Plan may bear a legend restricting
transferability of the Common Shares unless such shares are registered or an exemption from registration is available under the
Securities Act of 1933, as amended, and applicable state or foreign securities laws.

 

(j)          No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Company and a grantee or any other person. To the extent that any grantee or other
person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right
of any unsecured general creditor of the Company.

 

(k)          Governing
Law. The validity, construction and effect of the Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules,
regulations, determinations or decisions made by the Administrator relating to the Plan or such Grant Agreements, and the rights
of any and all persons having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance
with applicable United States federal laws and the laws of the State of Delaware, without regard to its conflict of laws principles.
Any dispute arising from the interpretation, validity or performance of this Plan or any Grant Agreement or any of their terms
and provisions shall be submitted to the courts of the State of Delaware in the United States.

 

(l)          Section
409A. The Plan and all Awards granted hereunder are intended to comply with, or otherwise be exempt from, Code section 409A.
The Plan and all Awards granted under the Plan shall be administered, interpreted, and construed in a manner consistent with Code
section 409A to the extent necessary to avoid the imposition of additional taxes under Code section 409A(a)(1)(B). Should any provision
of the Plan, any Award Agreement, or any other agreement or arrangement contemplated by the Plan be found not to comply with, or
otherwise be exempt from, the provisions of Code section 409A, such provision shall be modified and given effect (retroactively
if necessary), in the sole discretion of the Administrator, and without the consent of the holder of the Award, in such manner
as the Administrator determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Code section
409A. Notwithstanding anything in the Plan to the contrary, in no event shall the Administrator exercise its discretion to accelerate
the payment or settlement of an Award where such payment or settlement constitutes deferred compensation within the meaning of
Code section 409A unless, and solely to the extent that, such accelerated payment or settlement is permissible under Treasury Regulation
section 1.409A-3(j)(4) or any successor provision.

 

(m)          Effective
Date; Termination Date. The Plan is effective as of the date on which the Plan is adopted by the Board, subject to approval
of the stockholders within twelve months before or after such date. No Award shall be granted under the Plan after the close of
business on the day immediately preceding the tenth anniversary of the effective date of the Plan, or if earlier, the tenth anniversary
of the date this Plan is approved by the stockholders. Subject to other applicable provisions of the Plan, all Awards made under
the Plan prior to such termination of the Plan shall remain in effect until such Awards have been satisfied or terminated in accordance
with the Plan and the terms of such Awards.

 

PLAN APPROVAL

 

	Date Approved by the Board:	 	 

 

	Date Approved by the Stockholders:	 	 

 

    	 

    	 

    

 

APPENDIX A

PROVISIONS FOR CALIFORNIA RESIDENTS

 

With respect to Awards
granted to California residents prior to a public offering of capital stock of the Company that is effected pursuant to a registration
statement filed with, and declared effective by, the Securities and Exchange Commission under the Securities Act of 1933, as amended,
and only to the extent required by applicable law, the following provisions shall apply notwithstanding anything in the Plan or
a Grant Agreement to the contrary:

 

1.           With
respect to any Award granted in the form of a stock option pursuant to Section 6(a) of the Plan:

 

(a)          The
exercise period shall be no more than 120 months from the date the option is granted.

 

(b)          The
options shall be non-transferable other than by will, by the laws of descent and distribution, or, if and to the extent permitted
under the Grant Agreement, to a revocable trust or as permitted by Rule 701 of the Securities Act of 1933, as amended (17 C.F.R. 230.701).

 

(c)          Unless
employment is terminated for “cause” as defined by applicable law, the terms of the Plan or Grant Agreement, or a contract
of employment, the right to exercise the option in the event of termination of employment, to the extent that the Award recipient
is entitled to exercise on the date employment terminates, will continue until the earlier of the option expiration date, or:

 

(1) At least 6 months from the
date of termination if termination was caused by death or disability.

 

(2) At least 30 days from the date
of termination if termination was caused by other than death or disability.

 

2.           With
respect to an Award, granted pursuant to Section 6(c) of the Plan, that provides the Award recipient the right to purchase
stock, the Award shall be non-transferable other than by will, by the laws of descent and distribution, or, if and to the extent
permitted under the Grant Agreement, to a revocable trust or as permitted by Rule 701 of the Securities Act of 1933, as amended
(17 C.F.R. 230.701).

 

3.           The
Plan shall have a termination date of not more than 10 years from the date the Plan is adopted by the Board or the date the Plan
is approved by the security holders, whichever is earlier.

 

4.           Security
holders representing a majority of the Company’s outstanding securities entitled to vote must approve the Plan by the later
of (a) 12 months after the date the Plan is adopted or (b) 12 months after the granting of any Award to a resident of California.
Any option exercised or any securities purchased before security holder approval is obtained must be rescinded if security holder
approval is not obtained within the period described in the preceding sentence. Such securities shall not be counted in determining
whether such approval is obtained.

 

5.           The
Company will provide financial statements to each Award recipient annually during the period such individual has Awards outstanding,
or as otherwise required under Section 260.140.46 of Title 10 of the California Code of Regulations. Notwithstanding the foregoing,
the Company will not be required to provide such financial statements to Award recipients when the Plan complies with all conditions
of Rule 701 of the Securities Act of 1933, as amended (17 C.F.R. 230.701); provided that for purposes of determining
such compliance, any registered domestic partner shall be considered a “family member” as that term is defined in Rule
701.

 

6.           The
Plan is intended to comply with Section 25102(o) of the California Corporations Code. Any provision of this Plan which is inconsistent
with Section 25102(o), including without limitation any provision of this Plan that is more restrictive than would be permitted
by Section 25102(o) as amended from time to time, shall, without further act or amendment by the Board, be reformed to comply with
the provisions of Section 25102(o). If at any time the Administrator determines that the delivery of Common Shares under the
Plan is or may be unlawful under the laws of any applicable jurisdiction, or federal or state securities laws, the right to exercise
an Award or receive shares of Common Shares pursuant to an Award shall be suspended until the Administrator determines that such
delivery is lawful. The Company shall have no obligation to effect any registration or qualification of the Common Shares under
federal or state laws.

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