Document:

Exhibit 4.3

 

SeNIOR Promissory
Note

 

	Original Principal Amount:  $	Issuance Date:  September __, 2022

 

FOR VALUE RECEIVED, FOXO TECHNOLOGIES
INC., a Delaware corporation (formerly Delwinds Insurance Acquisition Corp., the “Borrower”), promises
to pay to the order of [PURCHASER] (collectively, with any and all of its successors and assigns and/or any other holder of this Note
(as defined below), “Holder”), without offset, in immediately available funds in lawful money of the United
States of America, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other
payments), by wire transfer in accordance with the instructions provided by Holder, the principal sum of [$        ] (the “Original
Principal Amount”), as such amount may be increased as the result of the payment of PIK Interest (as defined below) (the
balance of such amount from time-to-time being the “Outstanding Principal Balance” and collectively with any
and all other indebtedness to Holder under this Note, the “Indebtedness”) as evidenced, governed, or secured
by or arising under this Note or the Note Purchase Agreement (as defined below) (collectively, the “Loan Documents”)).
The loan evidenced by this Note is referred to herein as the “Loan.”

 

This Senior Promissory Note
(this “Note” and, collectively with the other notes of such series, the “Notes”) is
one of a series of notes issued pursuant to that certain Senior Promissory Note Purchase Agreement, dated as of the Issuance Date (the
“Purchase Agreement”), among the Borrower, the Holder and the other holders party thereto (together with the
Holder, the “Holders”). Capitalized terms used, but not defined herein, shall have the meanings set forth in
the Purchase Agreement.

 

		1.	Payment Schedule and Maturity Date.

 

		(a)	Maturity Date. The Outstanding Principal Balance, together with all other Indebtedness payable
hereunder and under the other Loan Documents (collectively, the “Obligations”), shall be due and payable in
full no later than April 1, 2024 (the “Maturity Date”). Commencing on November 1, 2023, the Borrower shall pay
to the Holder the Outstanding Principal Balance hereunder and each one (1) month anniversary thereof (each, a “Payment Date”
and collectively the “Monthly Payments”), an amount equal to $[________], until the Outstanding Principal Balance
has been paid in full on the Maturity Date or, if earlier, upon acceleration, or prepayment of this Note in accordance with the terms
herein.

 

		(b)	Common Stock Purchase Agreement. Reference is made to that certain Common Stock Purchase Agreement,
dated as of February 24, 2022 (the “Common Stock Purchase Agreement”), between the Borrower and CF Principal
Investments LLC, a Delaware limited liability company. The Borrower agrees that the proceeds of any VWAP Purchase (as defined in the Common
Stock Purchase Agreement) shall be used to pay amounts owing under the Notes on a pro rata basis promptly upon the upon receipt of such
proceeds, but in any event no later than two (2) business days following the receipt thereof.

 

     

     

    

 

		(c)	At the Market Offering. Upon any failure by the Borrower to make any Monthly Payment, as permitted
under Section 4.7 of the Purchase Agreement, the Borrower shall use its best efforts to conduct a registered at the market offering, or
similar offering, of its Common Stock as defined in Rule 415 promulgated under the Securities Act. If Joseph Gunnar & Co. LLC affirmatively
notifies the Company that they wish to act as placement agent in respect of such offering, the Company will engage them. The proceeds
of such offering shall be used pay the amounts owing under the Notes.

 

		2.	Interest.

 

		(a)	During the term of this Note,
                                            interest shall accrue on any Outstanding Principal Balance at an annual interest rate of
                                            fifteen percent (15%) (the “Interest”), commencing on the Issuance
                                            Date, compounded quarterly on each December [ ], March [ ], June and September [ ] until
                                            the Maturity Date and on the Maturity Date itself (each, an “Interest Payment
                                            Due Date”). Interest shall be payable by increasing the principal amount of
                                            this Note (with such increased amount accruing Interest as well) on each Interest Payment
                                            Due Date (“PIK Interest”).

 

		(b)	On each Interest Payment
                                            Due Date, the Borrower shall make a record on its books of the additional increase in the
                                            Outstanding Principal Balance of this Note due to the accrual of PIK Interest.

 

		(c)	All Interest will be computed
                                            on the basis of a 360-day year of twelve (12) 30-day months.

 

		(d)	Past Due Rate. If any amount payable by Borrower under any Loan Document is not paid when due,
such amount shall thereafter bear interest at the Past Due Rate (as hereinafter defined) to the fullest extent permitted by applicable
law. In addition, following any Event of Default, all Indebtedness shall bear interest at the Past Due Rate. In either case, accrued and
unpaid Interest or past due amounts (including interest on past due Interest) shall be due and payable on demand, at a rate per annum
equal to twenty-two percent (22%) compounded annually and computed on the basis of a 360-day year, provided that, in no event shall the
rate of interest hereunder exceed the maximum rate permitted by applicable law (the “Past Due Rate”)

 

		3.	Affirmative Covenants of Borrower.

 

		(a)	Existence/Nature of Business. Borrower shall continue to engage in business of the same general
type, or substantially similar type, or related business thereto as now conducted by Borrower and shall at all times preserve and keep
in full force and effect its legal existence and take all reasonable action to preserve all rights, franchises, licenses, permits, privileges,
patents, copyrights, trademarks and trade names necessary to the conduct of its business, except to the extent failure to do so would
not have a Borrower Material Adverse Effect.

 

		(b)	Payment of Expenses. Borrower shall pay any and all expenses, including reasonable attorney’s
fees and disbursements, filing and recording fees, and all other charges and expenses incurred or to be incurred by Holder in connection
with the preparation and execution and recording of this Note and all other Loan Documents, and the loans and advances made under this
Note, and all amendments and modifications hereto, and in defending or prosecuting any actions or proceedings arising out of the Loan
Documents, including, but not limited to, any proceedings in any proceeding under the Bankruptcy Code relating to Borrower.

 

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		(c)	Payment of Taxes. Borrower shall pay all taxes imposed upon it or any of its properties or assets
or in respect of any of its income, businesses or franchises before the same shall become delinquent or in default, except those taxes
which are being contested in good faith by appropriate proceedings and diligently conducted.

 

		(d)	Maintenance of Properties. Borrower shall maintain or cause to be maintained in good repair, working
order and condition, ordinary wear and tear excepted, all properties material to the conduct of its business and, from time-to-time, make
or cause to be made all appropriate repairs, renewals and replacements thereof.

 

		(e)	Compliance with Laws. Borrower shall comply in all material respects with any and all material
laws, legislation, ordinances, orders, judgments, rules, regulations, certifications, franchises, permits, licenses, directions, and requirements
of governmental authorities applicable to the Borrower, its properties or its assets. Borrower covenants that it shall continue to obtain
and hold all necessary licenses and permits for the operations of its business.

 

		4.	Negative Covenants of Borrower. During the period when the Obligations are outstanding, Borrower
shall not engage in any of the activities set forth below without the prior written consent of 50.01% of the Holders of the Notes based
on the aggregate Original Principal Amount of the Notes.

 

		(a)	Liens. Borrower will not allow or suffer any lien or other encumbrance to exist on any of its assets, except as set forth below:

 

		(i)	liens for taxes not yet delinquent or which are being contested in good faith by appropriate proceedings,
provided that adequate reserves with respect thereto are maintained on the books of such Person in conformity with GAAP;

 

		(ii)	liens arising in the ordinary course of business (i) in favor of carriers, warehousemen, mechanics and
materialmen, construction contractors and other similar liens imposed by law, (ii) in connection with worker’s compensation, unemployment
compensation and other types of social security laws and regulations or to secure the performance of bids, tenders, leases, contracts
(other than for the payment of money) and statutory obligations, (iii) in connection with surety bonds, bids, performance bonds and similar
obligations or (iv) securing liability for reimbursement indemnification obligations of (including obligations in respect of letters of
credit of bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to Borrower;

 

		(iii)	rights of setoff or bankers’ liens upon deposits of funds in favor of banks or other depository
institutions or upon securities in favor of securities intermediaries, solely to the extent incurred in connection with the maintenance
of deposit accounts or securities accounts;

 

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		(iv)	(i) easements, zoning restrictions, encroachments, rights of way, restrictions, minor defects or irregularities
in title and other similar liens on real property not interfering in any material respect with the business of the Borrower, and (ii)
liens of landlords and mortgagees of landlords (A) arising by statute or under any lease or related contractual obligation, (B) on fixtures
and movable tangible property located on the real property leased or subleased from such landlord, and (C) for amounts not yet due;

 

		(v)	attachments, appeal bonds, judgments and other similar liens, arising in connection with court proceedings
not constituting an Event of Default under Section 8; and

 

		(vi)	non-exclusive licensing of intellectual property in the ordinary course of business.

 

		(b)	Limitation on Indebtedness. Borrower will not, without the prior written consent of 50.01% of the
Holders of the Notes based on the aggregate Original Principal Amount of the Notes, create, incur, assume, or suffer to exist any other
indebtedness, except in accordance with Section 4.7 of the Purchase Agreement.

 

		(c)	Articles of Incorporation and By-Laws. Borrower will not amend or otherwise modify its articles
of incorporation or by-laws, except for such amendments or other modifications required by law or which are not materially adverse to
the interests of Holder.

 

		(d)	Transactions Among Affiliates. Borrower will not become a party to any transaction with an affiliate
of Borrower unless the terms and conditions relating to such transaction are as favorable to Borrower as would be obtainable at the time
in a comparable arm’s-length transaction with a person or entity other than an affiliate of Borrower or pay or incur any obligation
to pay any management, service, consulting, or similar fees to any affiliate of Borrower.

 

		(e)	Maintain Corporate Existence and Nature of Business.

 

		(i)	Borrower will not allow its corporate existence to be other than in good standing and will not, dissolve
or liquidate, or merge or consolidate with, or acquire or affiliate with any other business entity unless Borrower is the surviving entity;

 

		(ii)	Borrower will not change its name without furnishing to Holder at least ten (10) days prior written notice
thereof; and

 

		(iii)	Borrower will not change the nature of its business from (i) business of the same general type or substantially
similar type as conducted by the Borrower on the Issue or Date, or (ii) any related business.

 

		5.	Prepayment.
                                            Borrower may prepay the Indebtedness, in full at any time or in part from time-to-time,
                                            provided that (i) Holder shall have actually received from Borrower prior written notice
                                            (the “Prepayment Notice”) setting forth (A) Borrower’s intent to prepay,
                                            (B) the amount of Indebtedness that will be prepaid (the “Prepaid Indebtedness”),
                                            and (C) the date on which the prepayment will be made, such Prepayment Notice to be received
                                            by Holder, in each case, on or prior to the date that is five (5) days prior to the date
                                            of such proposed prepayment. To prepay this Note in full, the prepayment amount will equal
                                            (i) the product of the Outstanding Principal Balance to be prepaid, excluding any increases
                                            as a result of PIK Interest, multiplied by 1.15, if the Company prepays all or any portion
                                            of this Note on or prior to the date that is three hundred sixty-five (365) calendar days
                                            after the Issuance Date, or (ii) the sum of (a) the Outstanding Principal Balance to be prepaid,
                                            plus (b) all other amounts, costs, fees and expenses due in respect of this Note on the date
                                            of prepayment, if the Company prepays all or any portion of this Note at any time after the
                                            date that is three hundred sixty-five (365) calendar days after the Issuance Date. Any proceeds
                                            received by the Company from a share forward or similar transaction entered into prior to
                                            its merger, including, without limitation, a share forward transaction can be retained by
                                            the Company and not required to be used to prepay the Notes. For purposes of clarity, such
                                            proceeds may be received by the Company after the merger under such share forward or similar
                                            transaction.

 

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		6.	Certain Provisions Regarding Payments.
All payments made under this Note shall be applied, to the extent thereof, to late charges, to accrued but unpaid Interest, to unpaid
Outstanding Principal Balance, and to any other sums due and unpaid to Holder under the Loan Documents, in such manner and order as Holder
may elect in its sole discretion, any instructions from Borrower or anyone else to the contrary notwithstanding. Remittances shall be
made without offset, demand, counterclaim, deduction, or recoupment (each of which is hereby waived) and shall be accepted subject to
the condition that any check or draft may be handled for collection in accordance with the practice of the collecting bank or banks. Acceptance
by Holder of any payment in an amount less than the amount then due on any Indebtedness shall be deemed an acceptance on account only,
notwithstanding any notation on or accompanying such partial payment to the contrary, and shall not in any way (a) waive or excuse the
existence of an Event of Default (as hereinafter defined), (b) waive, impair, or extinguish any right or remedy available to Holder hereunder
or under the other Loan Documents, or (c) waive the requirement of punctual payment and performance or constitute a novation in any respect.
Payments received after 2:00 p.m. Eastern Time shall be deemed to be received on, and shall be posted as of, the following business day.
Whenever any payment under this Note or any other Loan Document falls due on a Saturday, Sunday or a bank holiday in the City of New York,
New York, such payment may be made on the next succeeding business day.

 

		7.	Events of Default. The occurrence
of any one or more of the following shall constitute an “Event of Default” under this Note:

 

		(a)	Borrower fails to pay: (i) when and as required to be paid under this Note, including, without limitation,
the Outstanding Principal Balance or (ii) within five (5) business days after the same becomes due, any other amount payable hereunder.

 

		(b)	Borrower fails to perform or observe any material term, covenant or agreement contained in this Note other
than the payment of money which is the subject of Section 7 above and such failure continues for ten (10) calendar days.

 

		(c)	Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of
Borrower herein, or in this Note, the Purchase Agreement, or any document delivered in connection herewith or therewith shall be incorrect
or misleading in any material respect when made or any representation, warranty, certification or statement of fact contained herein is
or becomes false or materially misleading at any time.

 

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		(d)	Borrower institutes or consents to the institution of any Insolvency Proceeding or consents to the appointment
of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part
of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the
application or consent of Borrower and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any Insolvency
Proceeding relating to Borrower or to all or any material part of its property is instituted without the consent of Borrower and continues
undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such Insolvency Proceeding.

 

		(e)	Borrower becomes unable or admits in writing its inability or fails generally to pay its debts as they
become due, or any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part
of the property of Borrower and is not released, vacated or fully bonded within sixty (60) calendar days after its issue or levy.

 

		(f)	There is entered against Borrower one or more final judgments or orders for the payment of money in an
aggregate amount (as to all such judgments or orders) exceeding $250,000.

 

		(g)	This Note or the Purchase Agreement or any material provision hereof or thereof, at any time after its
execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the
Obligations of Borrower, ceases to be in full force and effect; or Borrower contests in any manner the validity or enforceability of this
Note, or the Purchase Agreement or any provision hereof or thereof other than a contest based solely on all of the Obligations having
already been paid or satisfied in full; or Borrower denies that it has any or further liability or obligation under this Note, or the
Purchase Agreement other than a denial based solely on all of the Obligations having already been paid or satisfied in full, or revokes,
terminates or rescinds or purports to revoke, terminate or rescind this Note, or the Purchase Agreement or any provision thereof.

 

For purposes of this
Note, “Insolvency Proceeding” means any proceeding commenced by or against any person or entity under any provision
of the Bankruptcy Code or under any other bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria,
compositions, or extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief. “Bankruptcy
Code” means Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (or other applicable bankruptcy,
insolvency or similar laws).

 

		8.	Remedies. Upon the occurrence of
an Event of Default, Holder may at any time thereafter exercise any one or more of the following rights, powers, and remedies:

 

		(a)	Holder may accelerate the Maturity Date and declare the Indebtedness and accrued but unpaid Interest thereon,
and all other amounts payable hereunder and under the other Loan Documents at the Mandatory Default Amount, at once due and payable, and
upon such declaration the same shall at once be due and payable. For purposes of this Note “Mandatory Default Amount”
means the sum of 130% of the Outstanding Principal Balance.

 

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		(b)	Holder may set off the amount owed by Borrower to Holder, whether or not matured and regardless of the
adequacy of any other collateral securing this Note, against any and all accounts, credits, money, securities or other property now or
hereafter on deposit with, held by or in the possession of Holder to the credit or for the account of Borrower, without notice to or the
consent of Borrower.

 

		(c)	Holder may exercise any of its other rights, powers, and remedies under the Loan Documents or at law or
in equity.

 

		9.	Remedies Cumulative. All of the
rights and remedies of Holder under this Note and the other Loan Documents are cumulative of each other and of any and all other rights
at law or in equity, and the exercise by Holder of any one or more of such rights and remedies shall not preclude the simultaneous or
later exercise by Holder of any or all such other rights and remedies. No single or partial exercise of any right or remedy shall exhaust
it or preclude any other or further exercise thereof, and every right and remedy may be exercised at any time and from time-to-time. No
failure by Holder to exercise, nor delay in exercising, any right or remedy shall operate as a waiver of such right or remedy or as a
waiver of any Event of Default.

 

		10.	Costs and Expenses of Enforcement.
Borrower agrees to pay to Holder on demand all costs and expenses incurred by Holder in seeking to collect this Note or to enforce any
of Holder’s rights and remedies under the Loan Documents, including court costs and reasonable attorneys’ fees and expenses,
whether or not suit is filed hereon, or whether in connection with bankruptcy, insolvency, or appeal.

 

		11.	Service of Process. Borrower hereby
consents to process being served in any suit, action, or proceeding instituted in connection with this Note by (i) the mailing of a copy
thereof by certified mail, postage prepaid, return receipt requested, to Borrower; and (ii) serving a copy thereof upon the agent, if
any, designated and appointed by Borrower in the State of Delaware as Borrower’s agent for service of process. Borrower irrevocably
agrees that such service shall be deemed to be service of process upon Borrower in any such suit, action, or proceeding. Nothing in this
Note shall affect the right of Holder to serve process in any manner otherwise permitted by law and nothing in this Note will limit the
right of Holder otherwise to bring proceedings against Borrower in the courts of any jurisdiction or jurisdictions.

 

		12.	Successors and Assigns. The terms of this Note and of the other Loan Documents shall bind and inure
to the benefit of the representatives, successors, and assigns of the parties. The foregoing sentence shall not be construed to permit
Borrower to, and Borrower shall not, assign the Loan, or its rights and obligations under this Note or any of the Loan Documents, except
as otherwise expressly permitted under the other Loan Documents.

 

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		13.	General Provisions. Time is of
the essence with respect to Borrower’s obligations under this Note, subject to applicable notice and/or cure periods. Borrower does
hereby (a) waive demand, presentment for payment, notice of dishonor and of non-payment, protest, notice of protest, notice of intent
to accelerate, notice of acceleration, and all other notices (except any notices which are specifically required by this Note or any other
Loan Document), filing of suit and diligence in collecting this Note or enforcing any of the security herefor; (b) agree to any substitution,
subordination, exchange, or release of any such security; (c) agree that Holder shall not be required first to institute suit or exhaust
its remedies hereon against Borrower or to perfect or enforce its rights against Borrower hereunder or any security herefor; (d) consent
to any extensions or postponements of time of payment on this Note for any period or periods of time and to any partial payments, before
or after maturity, and to any other indulgences with respect hereto, without notice thereof to any of them; (e) submit (and waive all
rights to object) to non-exclusive personal jurisdiction of any state or federal court sitting in the County of New York in the State
of New York and the state and county in which payment on this Note is to be made for the enforcement of any and all obligations under
this Note and the other Loan Documents; (f) waive the benefit of all homestead and similar exemptions as to this Note; and (g) agree that
its liability under this Note shall not be affected or impaired by any determination that any title, security interest, or lien taken
by Holder to secure this Note is invalid or unperfected, until this Note is paid in full. A determination that any provision of this Note
is unenforceable or invalid shall not affect the enforceability or validity of any other provision and the determination that the application
of any provision of this Note to any person or circumstance is illegal or unenforceable shall not affect the enforceability or validity
of such provision as it may apply to other persons or circumstances. Title and headings in this Note are for convenience only and shall
be disregarded in construing it. Whenever a time of day is referred to herein, unless otherwise specified such time shall be the local
time of the place where payment on this Note is to be made.

 

		14.	Notices. All notices, requests,
demands and other communications in connection with this Note shall be in writing and shall be deemed given if (a) delivered personally,
on the date of such delivery, (b) upon non-automated confirmation of receipt when transmitted via electronic mail, or (c) on receipt (or
refusal to accept delivery) after dispatch by registered or certified mail (return receipt requested), postage prepaid, or by a nationally
recognized overnight courier (with confirmation of delivery), addressed, in each case, as follows:

 

	If to Borrower:	
    FOXO Technologies Inc.

    220 South Sixth Street, Suite 1200

    Minneapolis, Minnesota 55402

    Attention: Jon Sabes, Chief Executive Officer

	
     

    If to Holder:
	
     

    [Holder]

    [Address]

    Attention:

    Email:

	 	 

		15.	No Usury. It is expressly stipulated
and agreed to be the intent of Borrower and Holder at all times to comply with applicable state law or applicable United States federal
law (to the extent that it permits Holder to contract for, charge, take, reserve, or receive a greater amount of interest than under state
law) and that this Section shall control every other covenant and agreement in this Note and the other Loan Documents. If applicable state
or federal law should at any time be judicially interpreted so as to render usurious any amount called for under this Note or under any
of the other Loan Documents, or contracted for, charged, taken, reserved, or received with respect to the Loan, or if Holder’s exercise
of the option to accelerate the Maturity Date, or if any prepayment by Borrower results in Borrower having paid any Interest in excess
of that permitted by applicable law, then it is Holder’s express intent that all excess amounts theretofore collected by Holder
shall be credited on the Outstanding Principal Balance of this Note, and the provisions of this Note and the other Loan Documents shall
immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution
of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called
for hereunder or thereunder. All sums paid or agreed to be paid to Holder for the use or forbearance of the Loan shall, to the extent
permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan.

 

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		16.	Lost Note. Upon receipt of an affidavit
of an officer of Holder as to the loss, theft, destruction, or mutilation of this Note or any other security document which is not of
public record, and, in the case of any such loss, theft, destruction, or mutilation, upon cancellation of this Note or other security
document, Borrower will issue, in lieu thereof, a replacement note or other security document in the same principal amount thereof and
otherwise of like tenor.

 

		17.	Choice of Law. This Note and its
validity, enforcement, and interpretation shall be governed by the laws of the State of New York (without regard to any principles of
conflicts of laws) and applicable United States federal law.

 

		18.	Waiver of Jury Trial. BORROWER
AND HOLDER HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED HEREON, ARISING
OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH OR ANY COURSE
OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE
OF CONDUCT, COURSE OF DEALINGS, STATEMENTS, OR ACTIONS OF HOLDER RELATING TO THE ADMINISTRATION OF THE LOAN EVIDENCED BY THIS NOTE OR
ENFORCEMENT OF THE LOAN DOCUMENTS EVIDENCING AND/OR SECURING THE LOAN, AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH
ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW, EACH OF HOLDER AND BORROWER
HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL DAMAGES OR
ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. EACH OF BORROWER AND HOLDER CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF BORROWER OR HOLDER HAS REPRESENTED TO THE OTHER, EXPRESSLY OR OTHERWISE, THAT BORROWER OR HOLDER WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR HOLDER TO ACCEPT THIS NOTE AND MAKE THE LOAN.

 

		19.	Venue; Jurisdiction. BORROWER AGREES
THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE COUNTY OF NEW YORK
IN THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF SUCH COURT. BORROWER HEREBY
WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN
AN INCONVENIENT FORUM.

 

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		20.	Indemnification. Borrower hereby indemnifies and holds harmless Holder, each of its affiliates
and each of their respective directors, officers, employees, agents and advisors (each, an “Indemnified Party”)
from and against any and all actions, claims, damages, losses, liabilities, fines, penalties, costs and expenses of any kind (including,
without limitation, counsel fees and disbursements in connection with any subpoena, investigative, administrative or judicial proceeding,
whether or not the Indemnified Party shall be designated a party thereto) which may be incurred by the Indemnified Party or which may
be claimed against the Indemnified Party by any person or entity by reason of or in connection with the execution, delivery or performance
of this Note, or action taken or omitted to be taken by Holder under, this Note; provided, however, that Borrower is not obligated to
indemnify any Indemnified Party under the Loan Documents to the extent the claim is found by a court of competent jurisdiction in a final
adjudication to have resulted from any Indemnified Party’s gross negligence, bad faith or willful misconduct. Nothing in this Section
is intended to limit Borrower’s obligations contained elsewhere in this Note. Without prejudice to the survival of any other obligation
of Borrower hereunder, the indemnities and obligations of Borrower contained in this Section shall survive the payment in full of all
obligations hereunder.

 

		21.	Equal Treatment of Holders. No
                                            consideration (including any modification of this Note) shall be offered or paid to any Person
                                            (as such term is defined in the Purchase Agreement) to amend or consent to a waiver or modification
                                            of any provision hereof unless the same consideration is also offered to all of the holders
                                            of the same series of Note as held by the Holder hereunder. Further, the Company shall not
                                            make any payment of Outstanding Principal Balance or Interest on the Notes in amounts which
                                            are disproportionate to the respective Outstanding Principal Balances due on all of Notes
                                            at any applicable time. For clarification purposes, this provision constitutes a separate
                                            right granted to each Holder by the Company and negotiated separately by each Holder, and
                                            is intended for the Company to treat the Holders as a class, but shall not in any way be
                                            construed as the Holders acting in concert or as a group with respect to the purchase or
                                            disposition of the Notes or otherwise. Notwithstanding the foregoing, a Holder may enter
                                            into agreements, amend or consent to a waiver or modification of provisions of this Note
                                            without offering the same terms or extending the same agreements to all Holders, provided,
                                            however, that the terms of the agreement, amendment, waiver or modification at issue is not
                                            more favorable than the terms which are applicable to each other Holder or will serve to
                                            adversely affect the other Holders in any way.

 

		22.	Amendments;
                                            Waivers. No provision of this Note may be waived, modified, supplemented or amended except
                                            in a written instrument signed - in the case of an amendment - by the Company and 50.01%
                                            of the Holders of the Notes based on the Aggregate Original Principal Amount of the Notes
                                            or - in the case of a waiver - by
                                            the party against whom enforcement of any such waived provision is sought, provided however,
                                            that if any amendment, modification or waiver disproportionately and adversely impacts a
                                            Holder (or group of Holders), the consent of such disproportionately impacted Holder (or
                                            group of Holders) shall also be required. No waiver of any default with respect to any provision,
                                            condition or requirement of this Note shall be deemed to be a continuing waiver in the future
                                            or a waiver of any subsequent default or a waiver of any other provision, condition or requirement
                                            hereof, nor shall any delay or omission of any party to exercise any right hereunder in any
                                            manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately,
                                            materially and adversely affects the rights and obligations of any Holder relative to the
                                            comparable rights and obligations of the other Holders shall require the prior written consent
                                            of such adversely affected Holder. 

 

		23.	Lock-Up Release Agreement. As
                                            provided for in the Purchase Agreement, the Borrower shall execute a Lock-Up Release Agreement
                                            that provides for shares of Common Stock held by the Holder to be released from certain prior
                                            transfer transactions on a one for one basis, proportional to the original subscription amount
                                            of the Holder for Prior Debentures to the Subscription Amount of the Holder in respect of
                                            this Note.

 

		24.	Counterparts. If this Note is to
be executed by more than one person or entity, then this Note may be executed electronically or by electronic transmission in one or more
counterparts, each of which shall constitute an original and all of which, taken together, shall constitute one and the same instrument.

 

[Remainder of page intentionally left blank]

 

    10

     

    

 

IN WITNESS WHEREOF, Borrower
has duly executed this Note as of the date first above written.

 

	 	BORROWER:
	 	 
	 	
    FOXO TECHNOLOGIES INC.

	 	 
	 	By:	           
	 	 	Name:   
	 	 	Title:Exhibit 10.5

 

Execution Version

 

FOXO TECHNOLOGIES INC.

2022 EQUITY INCENTIVE PLAN

 

1. Purpose;
Eligibility.

 

1.1. General Purpose.
The name of this plan is the FOXO Technologies Inc. 2022 Equity Incentive Plan (the “Plan”). The purposes of the Plan
are to (a) enable FOXO Technologies Inc., a Delaware corporation (the “Company”), and any Affiliate to attract and
retain the types of Service Providers who will contribute to the Company’s long range success; (b) provide incentives that align
the interests of Service Providers with those of the shareholders of the Company; and (c) promote the success of the Company’s
business.

 

1.2. Eligible
Award Recipients. The persons eligible to receive Awards are the Service Providers of the Company and its Affiliates designated by
the Committee who either are Service Providers or are reasonably expected to become Service Providers.

 

1.3. Available
Awards. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock Options, (c)
Stock Appreciation Rights, (d) Restricted Awards, and (e) Other Equity-Based Awards.

 

2. Definitions.

 

“Affiliate”
means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common
control with, the Company.

 

“Applicable Laws”
means the requirements related to or implicated by the administration of the Plan under applicable state corporate law, United States
federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common Stock are listed or
quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan.

 

“Award” means
any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation Right, a Restricted
Award, or an Other Equity-Based Award.

 

“Award Agreement”
means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual
Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award
Agreement shall be subject to the terms and conditions of the Plan.

 

“Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership
of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that such Person has the right to
acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage
of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

 

     

     

    

 

“Board” means
the Board of Directors of the Company, as constituted at any time.

 

“Cause” means:

 

(a) With
respect to any Employee or Consultant, unless the applicable Award Agreement states otherwise:

 

(a)  If
the Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides
for a definition of Cause, the definition contained therein; or

 

(b)  If
no such agreement exists, or if such agreement does not define Cause:

 

(A)  the
commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude;

 

(B)  the
commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate;

 

(C)  conduct
that brings or is reasonably likely to bring the Company or an Affiliate negative publicity or into public disgrace, embarrassment, or
disrepute;

 

(D)  gross
negligence or willful misconduct with respect to the Company or an Affiliate;

 

(E)  material
violation of state or federal securities laws; or

 

(F)  material
violation of any written policy or code of conduct of the Company or an Affiliate.

 

(b)  With
respect to any Director, unless the applicable Award Agreement states otherwise, a determination by a majority of the disinterested Board
members that the Director has engaged in any of the following:

 

(a)  malfeasance
in office;

 

(b)  gross
misconduct or neglect;

 

(c)  false
or fraudulent misrepresentation inducing the director’s appointment;

 

(d)  willful
conversion of corporate funds; or

 

(e)  repeated
failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings in advance.

 

The Committee, in its absolute
discretion, shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause.

 

    2

     

    

 

“Change in Control”

 

(a) The
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole,
to any Person that is not a subsidiary of the Company;

 

(b) The
date which is ten (10) business days prior to the consummation of a complete liquidation or dissolution of the Company;

 

(c) The
acquisition by any Person of Beneficial Ownership of 50% or more (on a fully diluted basis) of either (i) the then outstanding shares
of Common Stock, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants,
the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding
Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to
vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however,
that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company
or any Affiliate, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate, (C) any acquisition
which complies with clauses, (i), (ii) and (iii) of subsection (d) of this definition, or (D) in respect of an Award held by a particular
Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity controlled by the Participant
or any group of persons including the Participant); or

 

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

 

If a Change in Control
constitutes a payment event with respect to any Award which provides for a deferral of compensation and is subject to Section 409A of
the Code, then notwithstanding anything to the contrary in the Plan or applicable Award Agreement the transaction with respect to such
Award must also constitute a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent
required by Section 409A of the Code.

 

    3

     

    

 

“Code” means
the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed to include
a reference to any regulations promulgated thereunder.

 

“Committee”
means a committee of one or more members of the Board appointed by the Board to administer the Plan in accordance with Section 3.3
and Section 3.4.

 

“Common Stock”
means the Class A Common Stock, $0.00001 par value per share, of the Company, or such other securities of the Company as may be designated
by the Committee from time to time in substitution thereof.

 

“Company”
means FOXO Technologies Inc. a Delaware corporation, and any successor thereto.

 

“Consultant”
means any individual or entity which performs bona fide services to the Company or an Affiliate, other than as an Employee or Director,
and who may be offered securities registerable pursuant to a registration statement on Form S-8 under the Securities Act.

 

“Continuous Service”
means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted
or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity
in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity
for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s
Continuous Service; provided further that if any Award is subject to Section 409A of the Code, this sentence shall only be given
effect to the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company to a Director
of an Affiliate will not constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may
determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including
sick leave, military leave or any other personal or family leave of absence. The Committee or its delegate, in its sole discretion, may
determine whether a Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed
to result in a termination of Continuous Service for purposes of affected Awards, and such decision shall be final, conclusive and binding.

 

    4

     

    

 

“Deferred Stock Units
(DSUs)” has the meaning set forth in Section 8.2 hereof.

 

“Director”
means a member of the Board.

 

“Disability”
means, unless the applicable Award Agreement says otherwise, that the Participant is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months; provided, however, for purposes of determining the term of an Incentive Stock
Option pursuant to Section 6.12 hereof, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the
Code. The determination of whether an individual has a Disability shall be determined under procedures established by the Committee. Except
in situations where the Committee is determining Disability for purposes of the term of an Incentive Stock Option pursuant to Section
6.12 hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a Participant is
disabled for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant
participates.

 

“Disqualifying Disposition”
has the meaning set forth in Section 16.13.

 

“Effective Date”
shall mean February 24, 2022.

 

“Employee”
means any person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes of determining
eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation
within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate
shall not be sufficient to constitute “employment” by the Company or an Affiliate. Solely for purposes of Substitute Awards,
the term Employee includes any current or former Employee of an Acquired Entity (as defined in the definition of Substitute Awards) who
holds Acquired Entity Awards (as defined in the definition of Substitute Awards) immediately prior to the Acquisition Date (as defined
in the definition of Substitute Awards).

 

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

 

“Fair Market Value”
means, as of any date, the value of the Common Stock as determined below:

 

(a) If
the Common Stock is readily tradable on an established securities market, its Fair Market Value will be the closing sales price for a
share of Common Stock (or if no sales were reported the closing price on the date immediately preceding such date) as quoted on such market
for the day of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable. Notwithstanding
the foregoing, the Committee may, in its sole discretion and if consistently applied, elect that Fair Market Value will be determined
based upon the last sale before or the first sale after the determination date, the arithmetic mean of the high and low prices on the
trading day before or the trading day of the determination date.

 

    5

     

    

 

(b) If
the Common Stock is not readily tradable on an established securities market, the Fair Market Value will be determined in good faith by
the Committee and, to the extent necessary, shall be determined in a manner consistent with Section 409A of the Code and the regulations
thereunder.

 

The Committee’s
determination of Fair Market Value shall be conclusive and binding on all persons. The determination of fair market value for purposes
of tax withholding may be made in the Committee’s discretion subject to Applicable Laws and is not required to be consistent with
the determination of Fair Market Value for other purposes.

 

“Good Reason”
means, unless the applicable Award Agreement states otherwise:

 

(a) If
an Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides
for a definition of Good Reason, the definition contained therein; or

 

(b) If
no such agreement exists or if such agreement does not define Good Reason, the occurrence (without a Participant’s express written
consent) of one or more of the following: (i) any material, adverse change in the Participant’s duties, responsibilities, authority,
title, status or reporting structure or (ii) a material reduction in the Participant’s base salary or bonus opportunity.

 

A Participant does
not have Good Reason unless he or she has provided written notice to the Company of the existence of the circumstances providing grounds
for termination for Good Reason within 30 days of the initial existence of such grounds and the Company has had at least 30 days from
the date on which such notice is provided to cure such circumstances. If the Participant does not terminate his or her employment for
Good Reason within 180 days after the first occurrence of the applicable grounds, then the Participant will be deemed to have waived his
or her right to terminate for Good Reason with respect to such grounds.

 

“Grant Date”
means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant
that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such date as is set
forth in such resolution.

 

“Incentive Stock Option”
means an Option that is designated by the Committee as an incentive stock option within the meaning of Section 422 of the Code and that
meets the requirements set out in the Plan.

 

“Non-Employee Director”
means a Director who is a “non-employee director” within the meaning of Rule 16b-3. Solely for purposes of Substitute Awards,
the term Non-Employee Director includes any current or former non-employee director of an Acquired Entity (as defined in the definition
of Substitute Awards) who holds Acquired Entity Awards (as defined in the definition of Substitute Awards) immediately prior to the Acquisition
Date (as defined in the definition of Substitute Awards).

 

    6

     

    

 

“Non-qualified Stock
Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

 

“Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.

 

“Option”
means an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.

 

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

 

“Option Exercise Price”
means the price at which a share of Common Stock may be purchased upon the exercise of an Option.

 

“Other Equity-Based
Award” means an Award that is not an Option, Stock Appreciation Right, Restricted Stock, or Restricted Stock Unit that is granted
under Section 9 and is payable by delivery of Common Stock and/or which is measured by reference to the value of Common Stock.

 

“Participant”
means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Award.

 

“Permitted Transferee”
means:

 

(a) a
member of the Participant’s immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships),
any person sharing the Participant’s household (other than a tenant or employee), a trust in which these persons have more than 50% of
the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity
in which these persons (or the Participant) own more than 50% of the voting interests; and

 

(b) such
other transferees as may be permitted by the Committee in its sole discretion.

 

“Person”
means a person as defined in Section 13(d)(3) of the Exchange Act.

 

“Plan” means
this FOXO Technologies Inc. 2022 Equity Incentive Plan, as amended and/or amended and restated from time to time.

 

“Restricted Award”
means any Award granted pursuant to Section 8.

 

“Restricted Period”
has the meaning set forth in Section 8.

 

    7

     

    

 

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

 

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

 

“Service Provider”
means an Employee, Director or Consultant.

 

“Stock Appreciation
Right” means the right pursuant to an Award granted under Section 7.

 

“Stock for Stock Exchange”
has the meaning set forth in Section 6.4(b)(i).

 

“Substitute Award”
means an Award granted under the Plan in substitution for stock or stock-based awards (“Acquired Entity Awards”) held
by current and former employees or former non-employee directors of another corporation or entity who become Employees or Non-Employee
Directors as the result of a merger or consolidation of the employing corporation or other entity (the “Acquired Entity”)
with the Company or an Affiliate, or the acquisition by the Company or an Affiliate of property or stock of, or other ownership interest
in, the Acquired Entity immediately prior to such merger, consolidation, or acquisition (“Acquisition Date”) as agreed
to by the parties to such corporate transaction and as may be set forth in the definitive purchase agreement. The limitations of Section
4.1 on the number of shares reserved or available for grants, and the limitations under Section 6 and Section 7 with
respect to the Option Exercise Price shall not apply to Substitute Awards. Any issuance of a Substitute Award which relates to an Option
or a SAR shall be completed in conformity with the rules under Sections 424 and 409A of the Code relating to the substitutions and assumptions
of stock rights by reason of a corporate transaction to the extent applicable.

 

“Ten Percent Shareholder”
means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or of any of its Affiliates.

 

3. Administration.

 

3.1. Authority
of Committee. The Plan shall be administered by the Committee or, in the Board’s sole discretion, by the Board. Subject to the
terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other express powers and authorization conferred
by the Plan, the Committee shall have the authority to construe and interpret the Plan and apply its provisions; to determine when Awards
are to be granted under the Plan and the applicable Grant Date; to prescribe the terms and conditions of each Award, including, without
limitation, the exercise price and medium of payment and vesting provisions, and to specify the provisions of the Award Agreement relating
to such Award; to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an
event that triggers anti-dilution adjustments; and to exercise discretion to make any and all other determinations which it determines
to be necessary or advisable for the administration of the Plan. The Committee also may modify the purchase price or the exercise price
of any outstanding Award, provided that if the modification effects a repricing, shareholder approval shall be required before
the repricing is effective.

 

    8

     

    

 

3.2. Committee
Decisions Final. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on the Company,
the Participants, and all other Persons, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.

 

3.3. Delegation.
The Committee or, if no Committee has been appointed, the Board may delegate administration of the Plan to a committee or committees of
one or more members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority
has been delegated. The Committee shall have the power to delegate to a subcommittee any of the administrative powers the Committee is
authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee),
subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.
The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members of the Committee shall
be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee,
add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies,
however caused, in the Committee.

 

3.4. Committee
Composition. Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee Directors.
The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3. However,
if the Board intends to satisfy such exemption requirements, with respect to any insider subject to Section 16 of the Exchange Act, the
Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors. Within
the scope of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are not Non-Employee
Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein
shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by a compensation
committee of the Board that does not at all times consist solely of two or more Non-Employee Directors.

 

4. Shares
Subject to the Plan; Limitation of Number of Shares Awarded; General Terms.

 

4.1. Subject
to adjustment in accordance with Section 13, no more than 3,386,235 shares of Common Stock shall be available for the grant of
Awards under the Plan (the “Maximum Limitation”). During the terms of the Awards, the Company shall keep available at all
times the number of shares of Common Stock required to satisfy such Awards. The maximum number of shares that may be subject to grants
of Incentive Stock Options is the Maximum Limitation. Shares delivered by the Company under the Plan may be authorized but unissued shares,
shares held in the treasury of the Company or shares purchased on the open market (including private purchases) in accordance with Applicable
Laws. Any shares required to satisfy Substitute Awards shall not count against the Maximum Limitation.

 

    9

     

    

 

4.2. Any
issued shares of Common Stock subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full number
of shares of Common Stock to which the Award related will again be available for issuance under the Plan. Notwithstanding anything to
the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery under
the Plan if such shares are (a) shares tendered in payment of an Option, (b) shares delivered or withheld by the Company to satisfy any
tax withholding obligation, or (c) shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon
the settlement of the Award.

 

4.3. The
maximum grant date fair value (determined in accordance with ASC Topic 718) of all Awards granted to any individual for services as a
Non-Employee Director during any calendar year shall not exceed $500,000.

 

5. Eligibility.

 

5.1. Eligibility
for Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options may be granted
to any Service Provider and those individuals whom the Committee determines are reasonably expected to become Service Providers following
the Grant Date.

 

5.2. Ten
Percent Shareholders. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise Price is
at least 110% of the Fair Market Value of the Common Stock on the Grant Date and the Option is not exercisable after the expiration of
five years from the Grant Date.

 

6. Option
Provisions. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject to
the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in
the applicable Award Agreement. All Options shall be separately designated Incentive Stock Options or Non-qualified Stock Options at the
time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased
on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other
Person if an Option designated as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined to constitute
“nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy
the requirements of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option shall include
(through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:

 

6.1. Term.
Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, the term of an Incentive Stock Option granted under
the Plan shall be determined by the Committee; provided, however, no Incentive Stock Option shall be exercisable after the expiration
of ten (10) years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined by the Committee;
provided, however, no Non-qualified Stock Option shall be exercisable after the expiration of ten (10) years from the Grant Date.

 

    10

     

    

 

6.2. Exercise
Price of an Incentive Stock Option. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, the Option
Exercise Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the
Option on the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price lower
than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in
a manner satisfying the provisions of Section 424(a) of the Code.

 

6.3. Exercise
Price of a Non-qualified Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall be not less than 100% of
the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified Stock
Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant
to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the Code.

 

6.4. Consideration.
The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by Applicable Laws, either

 

(a) in
cash or by certified or bank check at the time the Option is exercised or

 

(b) if
approved by the Committee, as determined in its sole discretion,

 

(i)  by
delivery to the Company of other Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery
equal to the Option Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby
the Participant identifies for delivery specific shares of Common Stock that have an aggregate Fair Market Value on the date of attestation
equal to the Option Exercise Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference between
the number of shares thereby purchased and the number of identified attestation shares of Common Stock (a “Stock for Stock Exchange”);

 

(ii)  a
broker-assisted cashless exercise in accordance with procedures approved by the Committee, whereby payment of the Option Exercise Price
may be satisfied, in whole or in part, with shares of Common Stock subject to the Option by delivery of an irrevocable direction to a
securities broker (on a form prescribed by the Committee) to sell shares and to deliver all or part of the sale proceeds to the Company
in payment of the aggregate Option Exercise Price;

 

(iii)  by
reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such Option with a Fair Market Value equal to
the aggregate Option Exercise Price at the time of exercise;

 

(iv)  by
any combination of the foregoing methods; or

 

(v)  in
any other form of legal consideration that may be acceptable to the Committee.

 

Unless otherwise specifically
provided in the Option Award Agreement, the Option Exercise Price that is paid by delivery (or attestation) to the Company of other Common
Stock acquired shall be paid only by shares of the Common Stock that have been held for more than six months (or such longer or shorter
period of time required to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing, during any period
for which the Common Stock is publicly traded (i.e., the Common Stock is listed on any established stock exchange or a national market
system) an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit or arrangement of an
extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002 shall be
prohibited with respect to any Award under this Plan.

 

    11

     

    

 

6.5. Transferability
of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution
and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder
may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of
the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

6.6. Transferability
of a Non-qualified Stock Option. A Non-qualified Stock Option may, in the sole discretion of the Committee, be transferable to a Permitted
Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the Non-qualified Stock Option does
not provide for transferability, then the Non-qualified Stock Option shall not be transferable except by will or by the laws of descent
and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing,
the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who,
in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

6.7. Vesting
of Options; Default Vesting. Each Option may, but need not, vest and therefore become exercisable in periodic installments that may,
but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which
may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may
vary. No Option may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for
an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event. Unless otherwise
specified in this Plan or set forth in an individual Award Agreement, Options shall vest in monthly increments over a period of three
(3) years.

 

6.8. Exercise
Requirements. An Option will be deemed exercised when the Company receives: (a) written or electronic notice of exercise (in accordance
with the Award Agreement) from the person entitled to exercise the Option, and (b) full payment of the Option Exercise Price (including
provision for any applicable tax withholding).

 

6.9. Non-Exempt
Employees. If an Option is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938,
as amended, the Option will not be first exercisable for any shares of Common Stock until at least six (6) months following the Grant
Date of the Option (although the Option may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity
Act, (a) if such non-exempt Employee dies or suffers a Disability, (b) upon a Change in Control in which such Option is not assumed, continued,
or substituted, or (c) upon the Participant’s retirement (as such term may be defined in the Participant’s Award Agreement,
in another agreement between the Participant and the Company, or, if no such definition, in accordance with the then current employment
policies and guidelines of the Company or employing Affiliate), the vested portion of any Option may be exercised earlier than six (6)
months following the Grant Date. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in
connection with the exercise or vesting of an Option will be exempt from the Participant’s regular rate of pay. To the extent permitted
and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in
connection with the exercise, vesting, or issuance of any shares of Common Stock under any other Award will be exempt from the Employee’s
regular rate of pay, the provisions of this Section 6.9 will apply to all Awards and are hereby incorporated by reference into
such Award Agreements.

 

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6.10. Termination
of Continuous Service. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of which have been
approved by the Committee, in the event an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s
death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following
the termination of the Optionholder’s Continuous Service or (b) the expiration of the term of the Option as set forth in the Award
Agreement; provided that, if the termination of Continuous Service is by the Company for Cause, all outstanding Options (whether
or not vested) shall immediately terminate and cease to be exercisable. If, after termination, the Optionholder does not exercise his
or her Option within the time specified in the Award Agreement, the Option shall terminate.

 

6.11. Extension
of Termination Date. If the exercise of the Option following the termination of the Optionholder’s Continuous Service for any
reason would be prohibited at any time because the issuance of shares of Common Stock would violate the registration requirements under
the Securities Act or any other state or federal securities law or the rules of any securities exchange or interdealer quotation system,
then the Option shall terminate on the earlier of (a) the expiration of the term of the Option in accordance with Section 6.1 or
(b) the expiration of a period after termination of the Participant’s Continuous Service that is three months after the end of the
period during which the exercise of the Option would be in violation of such registration or other securities law requirements.

 

6.12. Disability
of Optionholder. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of which have been approved
by the Committee, in the event that an Optionholder’s Continuous Service terminates as a result of the Optionholder’s Disability,
the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date
of termination), but only within such period of time ending on the earlier of (a) the date 12 months following such termination or (b)
the expiration of the term of the Option as set forth in the Award Agreement. If, after termination, the Optionholder does not exercise
his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate.

 

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6.13. Death
of Optionholder. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of which have been approved
by the Committee, in the event an Optionholder’s Continuous Service terminates as a result of the Optionholder’s death, then
the Option may be exercised (to the extent the Optionholder was entitled to exercise such Option as of the date of death) by the Optionholder’s
estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the
Option upon the Optionholder’s death, but only within the period ending on the earlier of (a) the date 12 months following the date
of death or (b) the expiration of the term of such Option as set forth in the Award Agreement. If, after the Optionholder’s death,
the Option is not exercised within the time specified herein or in the Award Agreement, the Option shall terminate.

 

6.14. Incentive
Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock
with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all
plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order
in which they were granted) shall be treated as Non-qualified Stock Options.

 

7. Stock
Appreciation Rights. Each Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Stock Appreciation
Right so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement.

 

7.1. Term.
The term of a Stock Appreciation Right granted under the Plan shall be determined by the Committee; provided, however, no Stock
Appreciation Right shall be exercisable later than the tenth anniversary of the Grant Date.

 

7.2. Vesting.
Each Stock Appreciation Right may, but need not, vest and therefore become exercisable in periodic installments that may, but need not,
be equal. The Stock Appreciation Right may be subject to such other terms and conditions on the time or times when it may be exercised
as the Committee may deem appropriate. The vesting provisions of individual Stock Appreciation Rights may vary. No Stock Appreciation
Right may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration
of vesting and exercisability in the terms of any Stock Appreciation Right upon the occurrence of a specified event.

 

7.3. Exercise
and Payment. Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the Company an amount equal
to the number of shares of Common Stock subject to the Stock Appreciation Right that is being exercised multiplied by the excess of (i)
the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (ii) the exercise price specified in the Stock
Appreciation Right or related Option. Payment with respect to the exercise of a Stock Appreciation Right shall be made on the date of
exercise. Payment shall be made in the form of shares of Common Stock (with or without restrictions as to substantial risk of forfeiture
and transferability, as determined by the Committee in its sole discretion), cash or a combination thereof, as determined by the Committee.

 

7.4. Exercise
Price. The exercise price of a Stock Appreciation Right shall be determined by the Committee, but shall not be less than 100% of the
Fair Market Value of one share of Common Stock on the Grant Date of such Stock Appreciation Right.

 

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8. Restricted
Awards. A Restricted Award is an Award of actual shares of Common Stock (“Restricted Stock”) or hypothetical Common
Stock units (“Restricted Stock Units”) having a value equal to the Fair Market Value of an identical number of shares
of Common Stock (or such other ratio of shares of Common Stock as the Committee shall determine), which may, but need not, provide that
such Restricted Award may not be sold, assigned, transferred or otherwise disposed of, pledged or hypothecated as collateral for a loan
or as security for the performance of any obligation or for any other purpose for such period (the “Restricted Period”)
as the Committee shall determine. Each Restricted Award granted under the Plan shall be evidenced by an Award Agreement. Each Restricted
Award so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement.

 

8.1. Restricted
Stock. If the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than delivered to the
Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and
deliver to the Company (a) an escrow agreement satisfactory to the Committee, if applicable and (b) the appropriate blank stock power
with respect to the Restricted Stock covered by such agreement. If a Participant fails to execute an Award Agreement evidencing an Award
of Restricted Stock and, if applicable, an escrow agreement and stock power, the Award shall be null and void. Subject to the restrictions
set forth in the Award Agreement, the Participant generally shall have the rights and privileges of a shareholder as to such Restricted
Stock, including the right to vote such Restricted Stock and the right to receive dividends; provided that, any cash dividends
and stock dividends with respect to the Restricted Stock shall be withheld by the Company for the Participant’s account, and interest
may be credited on the amount of the cash dividends withheld at a rate and subject to such terms as determined by the Committee. The cash
dividends or stock dividends so withheld by the Committee and attributable to any particular share of Restricted Stock (and earnings thereon,
if applicable) shall be distributed to the Participant in cash or, at the discretion of the Committee, in shares of Common Stock having
a Fair Market Value equal to the amount of such dividends, if applicable, upon the release of restrictions on such share and, if such
share is forfeited, the Participant shall have no right to such dividends or earnings.

 

8.2. Restricted
Stock Units. No shares of Common Stock shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be
required to set aside funds for the payment of any such Award. A Participant shall have no voting rights with respect to any Restricted
Stock Units granted hereunder. The Committee may also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred
beyond the vesting date or lapse of the Restricted Period until the occurrence of a future payment date or event set forth in an Award
Agreement (“Deferred Stock Units”). At the discretion of the Committee, each Restricted Stock Unit or Deferred Stock
Unit (representing one share of Common Stock) may be credited with an amount equal to the cash and stock dividends paid by the Company
in respect of one share of Common Stock (“Dividend Equivalents”). Dividend Equivalents shall be withheld by the Company
and credited to the Participant’s account, and interest may be credited on the amount of cash Dividend Equivalents credited to the
Participant’s account at a rate and subject to such terms as determined by the Committee. Dividend Equivalents credited to a Participant’s
account and attributable to any particular Restricted Stock Unit or Deferred Stock Unit (and earnings thereon, if applicable) shall be
distributed in cash or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of
such Dividend Equivalents and earnings, if applicable, to the Participant upon settlement of such Restricted Stock Unit or Deferred Stock
Unit and, if such Restricted Stock Unit or Deferred Stock Unit is forfeited, the Participant shall have no right to such Dividend Equivalents
or earnings.

 

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8.3. Restrictions.

 

(a) Restricted Stock
awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period, and to such other
terms and conditions as may be set forth in the applicable Award Agreement: (i) if an escrow arrangement is used, the Participant shall
not be entitled to delivery of the stock certificate; (ii) the shares shall be subject to the restrictions on transferability set forth
in the Award Agreement; (iii) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement; and
(iv) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant
to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company.

 

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

 

(c)  The
Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units and Deferred
Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the
date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate.

 

8.4. Restricted
Period. With respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time or times set
forth on a schedule established by the Committee in the applicable Award Agreement. No Restricted Award may be granted or settled for
a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting and lapse
of the Restricted Period in the terms of any Award Agreement upon the occurrence of a specified event.

 

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8.5. Delivery
of Restricted Stock and Settlement of Restricted Stock Units.

 

(a)  Upon
the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in Section 8.3
and the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable
Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary,
without charge, the stock certificate evidencing the shares of Restricted Stock which have not then been forfeited and with respect to
which the Restricted Period has expired (to the nearest full share) and any cash dividends or stock dividends credited to the Participant’s
account with respect to such Restricted Stock and the interest thereon, if any.

 

(b)  Upon
the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, or at the expiration of the deferral period
with respect to any outstanding Deferred Stock Units, the Company shall deliver to the Participant, or his or her beneficiary, without
charge, one share of Common Stock for each such outstanding vested Restricted Stock Unit or Deferred Stock Unit (“Vested Unit”)
and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with Section 8.2 hereof
and the interest thereon or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to such Dividend
Equivalents and the interest thereon, if any; provided, however, that, if explicitly provided in the applicable Award Agreement,
the Committee may, in its sole discretion, elect to pay cash or part cash and part Common Stock in lieu of delivering only shares of Common
Stock for Vested Units. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal
to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed in the case of Restricted Stock Units,
or the delivery date in the case of Deferred Stock Units, with respect to each Vested Unit.

 

8.6. Stock
Restrictions. Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in such form as the Company
deems appropriate.

 

9. Other
Equity-Based Awards. The Committee may grant Other Equity-Based Awards, either alone or in tandem with other Awards, in such amounts
and subject to such conditions as the Committee shall determine in its sole discretion. Each Other Equity-Based Award shall be evidenced
by an Award Agreement and shall be subject to such conditions, not inconsistent with the Plan, as may be reflected in the applicable Award
Agreement. The Committee has absolute discretion to determine whether any consideration (other than services) is to be received by the
Company or any Affiliate as a condition precedent to the grant of Other Equity-Based Awards, subject to such minimum consideration as
may be required by Applicable Laws.

 

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10. Securities
Law Compliance. Each Award Agreement shall provide that no shares of Common Stock shall be purchased or sold thereunder unless and
until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction
of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered to the Company
a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall use reasonable
efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required
to grant Awards and to issue and sell shares of Common Stock upon exercise of the Awards; provided, however, that this undertaking
shall not require the Company to register under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant
to any such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority
which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved
from any liability for failure to issue and sell Common Stock upon exercise of such Awards unless and until such authority is obtained.

 

11. Use
of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant to Awards, or upon exercise thereof, shall constitute general
funds of the Company.

 

12. Miscellaneous.

 

12.1. Acceleration
of Exercisability and Vesting. The Committee shall have the power to accelerate the time at which an Award may first be exercised
or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award
stating the time at which it may first be exercised or the time during which it will vest.

 

12.2. Shareholder
Rights. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the holder of, or to have any of
the rights of a holder with respect to, any shares of Common Stock subject to such Award unless and until such Participant has satisfied
all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary or extraordinary,
whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the date such Common
Stock certificate is issued, except as provided in Section 13 hereof.

 

12.3. No
Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer
upon any Participant any right to continue to serve the Company or an Affiliate in any capacity or shall affect the right of the Company
or an Affiliate to terminate (a) the employment of an Employee with or without notice and with or without Cause or (b) the service of
a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which
the Company or the Affiliate is incorporated, as the case may be.

 

12.4. Transfer;
Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall be deemed to result from either
(a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another, or
(b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company or an employing Affiliate,
if the Employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the
leave of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent with
Section 409A of the Code if the applicable Award is subject thereto.

 

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12.5. Withholding
Obligations. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee, the Participant
may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under an Award
by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant by the
Company or an Affiliate) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold shares
of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common
Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount
of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of Common Stock. Any
payment of taxes by assigning or delivering shares of Common Stock to the Company may be subject to restrictions, including any restrictions
required by the U.S. Securities and Exchange Commission, accounting or other rules.

 

13. Adjustments
Upon Changes in Stock. In the event of changes in the outstanding Common Stock or in the capital structure of the Company by reason
of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as any recapitalization,
reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring after the Grant Date
of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and Stock Appreciation Rights, the
performance goals to which Awards are subject, and the maximum number of shares of Common Stock subject to all Awards stated in Section
4 will be equitably adjusted or substituted, as to the number, price or kind of a share or other consideration subject to such Awards
to the extent necessary to preserve the economic intent of such Award. In the case of adjustments made pursuant to this Section 13,
unless the Committee specifically determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee
shall, in the case of Incentive Stock Options, ensure that any adjustments under this Section 13 will not constitute a modification,
extension or renewal of the Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified
Stock Options, ensure that any adjustments under this Section 13 will not constitute a modification of such Non-qualified Stock
Options within the meaning of Section 409A of the Code. Any adjustments made under this Section 13 shall be made in a manner which
does not adversely affect the exemption provided pursuant to Rule 16b-3. The Company shall give each Participant notice of an adjustment
hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

 

14. Effect
of Change in Control.

 

14.1. Unless
otherwise provided in an Award Agreement, notwithstanding any provision of the Plan to the contrary:

 

(a)  In
the event of a Participant’s termination of Continuous Service without Cause or for Good Reason during the 12-month period following
a Change in Control, all outstanding Options and Stock Appreciation Rights shall become immediately exercisable with respect to 100% of
the shares subject to such Options or Stock Appreciation Rights, and the Restricted Period shall expire immediately with respect to 100%
of the outstanding shares of Restricted Stock or Restricted Stock Units as of the date of the Participant’s termination of Continuous
Service.

 

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(b)  With
respect to Awards subject to performance goals, in the event of a Change in Control, all incomplete performance periods in respect of
such Awards in effect on the date the Change in Control occurs shall end on the date of such change and the Committee shall (i) determine
the extent to which performance goals with respect to each such performance period have been met based upon such audited or unaudited
financial information then available as it deems relevant and (ii) cause to be paid to the applicable Participant partial or full Awards
with respect to performance goals for each such performance period based upon the Committee’s determination of the degree of attainment
of performance goals or, if not determinable, assuming that the applicable “target” levels of performance have been attained,
or on such other basis determined by the Committee.

 

To the extent practicable, any
actions taken by the Committee under the immediately preceding clauses (a) and (b) shall occur in a manner and at a time which allows
affected Participants the ability to participate in the Change in Control with respect to the shares of Common Stock subject to their
Awards.

 

14.2. In
addition, in the event of a Change in Control, the Committee may in its discretion and upon at least ten (10) days’ advance notice
to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the
value of such Awards based upon the price per share of Common Stock received or to be received by other shareholders of the Company in
the event. In the case of any Option with an Option Exercise Price (or SAR exercise price in the case of a Stock Appreciation Right) that
equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee may cancel the Option
or Stock Appreciation Right without the payment of consideration therefor.

 

14.3. The
obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation
or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the
assets and business of the Company and its Affiliates, taken as a whole.

 

15. Amendment
of the Plan and Awards.

 

15.1. Amendment
of Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided in Section
13 relating to adjustments upon changes in Common Stock and Section 15.3, no amendment shall be effective unless approved by
the shareholders of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time of such amendment,
the Board shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.

 

15.2. Shareholder
Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval.

 

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15.3. Contemplated
Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to
provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the provisions of the
Code and the regulations promulgated thereunder relating to Incentive Stock Options or to the nonqualified deferred compensation provisions
of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.

 

15.4. No
Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be materially impaired by any amendment
of the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

15.5. Amendment
of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more Awards; provided, however,
that the Committee may not affect any amendment which would otherwise constitute a material impairment of the rights under any Award unless
(a) the Company requests the consent of the Participant and (b) the Participant consents in writing.

 

16. General
Provisions.

 

16.1. Forfeiture
Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to
an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable
vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality,
or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a termination of
the Participant’s Continuous Service for Cause, or other conduct by the Participant that is detrimental to the business or reputation
of the Company and/or its Affiliates.

 

16.2. Clawback.
Notwithstanding any other provisions in this Plan, the Company may cancel any Award, require reimbursement of any Award by a Participant,
and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with any Company policies
that may be adopted and/or modified from time to time (“Clawback Policy”). In addition, a Participant may be required
to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement, in accordance with
the Clawback Policy. By accepting an Award, the Participant is agreeing to be bound by the Clawback Policy, as in effect or as may be
adopted and/or modified from time to time by the Company in its discretion (including, without limitation, to comply with Applicable Laws).

 

16.3. Other
Compensation Arrangements. Nothing contained in this Plan shall prevent the Company or its Affiliates from adopting other or additional
compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally
applicable or applicable only in specific cases.

 

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16.4. Discretionary
Nature of Plan. The benefits and rights provided under the Plan are wholly discretionary and, although provided by the Company, do
not constitute regular or periodic payments. Unless otherwise required by Applicable Laws, the benefits and rights provided under the
Plan are not to be considered part of a Participant’s salary or compensation or for purposes of calculating any severance, resignation,
redundancy or other end of service payments, vacation, bonuses, long-term service awards, indemnification, pension or retirement benefits,
or any other payments, benefits or rights of any kind. By acceptance of an Award, a Participant waives any and all rights to compensation
or damages as a result of the termination of employment with the Company or any Affiliate for any reason whatsoever insofar as those rights
result or may result from this Plan or any Award.

 

16.5. Sub-Plans.
The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying securities, tax or other laws of various
jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions
as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply
only to the Participants in the jurisdiction for which the sub-plan was designed.

 

16.6. Deferral
of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity to elect
to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election
would entitle the Participant to payment or receipt of shares of Common Stock or other consideration under an Award. The Committee may
establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings,
if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Committee
deems advisable for the administration of any such deferral program.

 

16.7. Unfunded
Plan. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any special or separate
fund or to segregate any assets to assure the performance of its obligations under the Plan.

 

16.8. Recapitalizations.
Each Award Agreement shall contain provisions required to reflect the provisions of Section 13.

 

16.9. Delivery.
Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts due within a reasonable period
of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan, 30 days
shall be considered a reasonable period of time.

 

16.10. No
Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall determine
whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common Stock or
whether any fractional shares should be rounded, forfeited or otherwise eliminated.

 

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16.11. Other
Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this Plan, including,
without limitation, restrictions upon the exercise of Awards, as the Committee may deem advisable.

 

16.12. Section
409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum
extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the Plan that
are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation
unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated
taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be
provided pursuant to the Plan during the six (6) month period immediately following the Participant’s termination of Continuous
Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s separation from service
(or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation
to take any action to prevent the assessment of any additional tax or penalty on any Participant under Section 409A of the Code and neither
the Company nor the Committee will have any liability to any Participant for such tax or penalty.

 

16.13. Disqualifying
Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of the Code) of all or any portion
of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the Grant Date of such Incentive Stock
Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive Stock Option (a “Disqualifying
Disposition”) shall be required to immediately advise the Company in writing as to the occurrence of the sale and the price
realized upon the sale of such shares of Common Stock.

 

16.14. Section
16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements
of Rule 16b-3 so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the
Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of
any provision of the Plan would conflict with the intent expressed in this Section 16.14, such provision to the extent possible
shall be interpreted and/or deemed amended so as to avoid such conflict.

 

16.15. Beneficiary
Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right under the
Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations by the same Participant,
shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant in writing and received
by the Company during the Participant’s lifetime.

 

16.16. Expenses.
The costs of administering the Plan shall be paid by the Company.

 

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16.17. Severability.
If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether in whole or in part,
such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and
the remaining provisions shall not be affected thereby.

 

16.18. Plan
Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction of
the provisions hereof.

 

16.19. Non-Uniform
Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons
who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee shall be entitled
to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements.

 

17. Effective
Date of Plan. The Plan shall become effective as of the Effective Date, but no Award shall be exercised (or, in the case of a stock
Award, shall be granted) unless and until the Plan has been approved by the shareholders of the Company, which approval shall be within
twelve (12) months before or after the date the Plan is adopted by the Board.

 

18. Termination
or Suspension of the Plan. Unless otherwise extended by the Board, the Plan shall terminate automatically on the date that is ten
(10) years after the Plan’s adoption by the Board. No Award shall be granted pursuant to the Plan after such date, but Awards theretofore
granted may extend beyond that date. The Board may suspend or terminate the Plan at any earlier date pursuant to Section 15.1 hereof.
No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

 

19. Choice
of Law. The law of the State of Delaware shall govern all questions concerning the construction, validity and interpretation of this
Plan, without regard to such state’s conflict of law rules.

 

As adopted by the Board of Directors
of FOXO Technologies Inc. on February 24, 2022.

 

 

24

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