Document:

EX-10.6

 Exhibit 10.6 

UDEMY, INC. 
 OUTSIDE
DIRECTOR COMPENSATION POLICY 
 Adopted and approved [_____], and effective as of the Effective Date 

Udemy, Inc. (the “Company”) believes that providing cash and equity compensation to members of its Board of Directors
(the “Board,” and members of the Board, the “Directors”) represents an effective tool to attract, retain, and reward Directors who are not employees of the Company (the “Outside
Directors”). This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s policy regarding cash compensation and grants of equity awards to its Outside Directors. Unless
otherwise defined herein, capitalized terms used in this Policy will have the meaning given such term in the Company’s 2021 Equity Incentive Plan, as amended from time to time (or if such plan no longer is in use at the time of the grant of an
equity award, the meaning given such term or any similar term in the equity plan then in place under which such equity award is granted) (such applicable plan, the “Plan”). Each Outside Director will be solely responsible for
any tax obligations incurred by such Outside Director as a result of the equity awards and cash and other compensation such Outside Director receives under this Policy. 

Subject to Section 9 of this Policy, this Policy will be effective as of the date of the first sale of Shares (or other common equity
securities of the Company) to the general public upon the closing of an underwritten public offering (1) pursuant to an effective registration statement filed pursuant to Section 12(b) of the U.S. Securities Exchange Act of 1934, as
amended, and (2) immediately after which such securities (i.e., the Shares or other common equity securities of the Company) are registered on a national securities exchange (as defined under then-applicable United States federal
securities laws and regulations) (such date, the “Effective Date”). 
 1. Cash Compensation. 

a. Annual Cash Retainers for Service as Outside Director. Each Outside Director will be paid a cash retainer of $35,000 per year. There
are no per-meeting attendance fees for attending Board meetings or meetings of any committee of the Board. 

b. Additional Annual Cash Retainers for Service as Lead Independent Director, Committee Chair, and Committee Member. As of the Effective
Date, each Outside Director who serves as the Lead Independent Director, or chair or a member of a committee of the Board will be eligible to earn additional annual fees as follows: 

 

					
	 Lead Independent Director:
	  	$	15,000	 
	 Audit Committee Chair:
	  	$	20,000	 
	 Member of Audit Committee:
	  	$	10,000	 
	 Compensation Committee Chair:
	  	$	14,000	 
	 Member of Compensation Committee:
	  	$	7,000	 
	 Nominating and Governance Committee Chair:
	  	$	8,000	 
	 Member of Nominating and Governance Committee:
	  	$	4,000	 

 For clarity, each Outside Director who serves as the chair of a committee will receive only the additional
annual fee as the chair of the committee and not the additional annual fee as a member of such committee while serving as such chair, provided that the Outside Director who serves as the Lead Independent Director will receive the annual fee as an
Outside Director and the additional annual fee as the Lead Independent Director. 
 c. Payments. Each annual cash retainer under this
Policy will be paid quarterly in arrears on a prorated basis to each Outside Director who has served in the relevant capacity at any point during the immediately preceding fiscal quarter of the Company (“Fiscal Quarter”), and
such payment will be made no later than 30 days following the end of such immediately preceding Fiscal Quarter. For purposes of clarity, an Outside Director who has served as an Outside Director, as a member of an applicable committee (or chair
thereof) during only a portion of the relevant Fiscal Quarter will receive a prorated payment of the quarterly payment of the applicable annual cash retainer(s), calculated based on the number of days during such Fiscal Quarter such Outside Director
has served in the relevant capacities. For purposes of clarity, an Outside Director who has served as an Outside Director, as a member of an applicable committee (or chair thereof), as applicable, from the Effective Date through the end of the
Fiscal Quarter containing the Effective Date (the “Initial Period”) will receive a prorated payment of the quarterly payment of the applicable annual cash retainer(s), calculated based on the number of days during the Initial
Period that such Outside Director has served in the relevant capacities. 
 2. Equity Compensation. Outside Directors
will be eligible to receive all types of Awards (except Incentive Stock Options) under the Plan, including discretionary Awards not covered under this Policy. All grants of Awards to Outside Directors pursuant to Section 2 of this Policy will
be automatic and nondiscretionary, except as otherwise provided herein, and will be made in accordance with the following provisions: 
 a.
No Discretion. No person will have any discretion to select which Outside Directors will be granted any Awards under this Policy or to determine the number of Shares to be covered by such Awards, except as provided in Sections 2(d) and 9
below. 
 b. Initial Awards. Each individual who first becomes an Outside Director following the Effective Date will be granted an
award of Restricted Stock Units (an “Initial Award”) covering a number of Shares having a Value (as defined below) of $360,000, with any resulting fraction rounded down to the nearest whole Share. The Initial Award will be
granted automatically on the first Trading Day on or after the date on which such individual first becomes an Outside Director (the first date as an Outside Director, the “Initial Start Date”), whether through election by the
Company’s stockholders or appointment by the Board to fill a vacancy. If an individual was a member of the Board and also an employee, becoming an Outside Director due to termination of employment will not entitle the Outside Director to an
Initial Award. Each Initial Award will be scheduled to vest as follows: One third (1/3rd) of the Shares subject to the Initial Award will be scheduled to vest each year following the grant date on the same day of the month as the grant date (or, if
there is no corresponding day in a particular month, then the last day of that month), in each case subject to the Outside Director continuing to be an Outside Director through the applicable vesting date. 

  
 2 

 c. Annual Award. On the first Trading Day immediately following each Annual Meeting
of the Company’s stockholders (an “Annual Meeting”) that occurs after the Effective Date, each Outside Director automatically will be granted an award of Restricted Stock Units (an “Annual Award”)
covering a number of Shares having a Value of $180,000; provided that the first Annual Award granted to an individual who first becomes an Outside Director following the Effective Date will have a Value equal to the product of (A) $180,000
multiplied by (B) a fraction, (i) the numerator of which is the number of fully completed days between the applicable Initial Start Date and the date of the first Annual Meeting to occur after such individual first becomes an Outside
Director, and (ii) the denominator of which is 365; and provided further that any resulting fraction shall be rounded down to the nearest whole Share. Each Annual Award will be scheduled to vest in full on the earlier of (i) the one-year anniversary of the grant date or (ii) the date of the next Annual Meeting following the grant date, in each case subject to the Outside Director continuing to be an Outside Director through the
applicable vesting date. 
 d. Additional Terms of Initial Awards and Annual Awards. Each Initial Award and Annual Award will be
granted under and subject to the terms and conditions of the Plan and the applicable form of Award Agreement previously approved by the Board or its Compensation Committee, as applicable, for use thereunder. For purposes of this Policy,
“Value” means the grant date fair value as determined in accordance with U.S. generally accepted accounting principles, or such other methodology the Board or any committee of the Board designed by the Board with appropriate
authority (the “Designated Committee”), as applicable, may determine prior to the grant of the applicable Award becoming effective. The Board or the Designated Committee, as applicable and in its discretion, may change and
otherwise revise the terms of Initial Awards and Annual Awards granted under this Policy, including, without limitation, the number of Shares subject thereto and type of Award. 

3. Other Compensation and Benefits. Outside Directors also may be eligible to receive other compensation and benefits, as
may be determined by the Board or its Designated Committee, as applicable, from time to time. 
 4. Change in Control.
In the event of a Change in Control, each Outside Director will fully vest in his or her outstanding Company equity awards as of immediately prior to a Change in Control, including any Initial Awards and Annual Awards, provided that the Outside
Director continues to be an Outside Director through the date of the Change in Control. 
 5. Annual Compensation Limit. No
Outside Director may be granted Awards with Values, and be provided cash retainers or fees, with amounts that, in any Fiscal Year, in the aggregate, exceed $750,000, provided that, in the Fiscal Year containing an Outside Director’s Initial
Start Date, such limit will be increased to $1,500,000. Any Awards or other compensation provided to an individual (a) for his or her services as an Employee, or for his or her services as a Consultant other than as an Outside Director, or
(b) prior to the Effective Date, will be excluded for purposes of the foregoing limit. 
 6. Travel Expenses. Each
Outside Director’s reasonable, customary, and properly documented out-of-pocket travel expenses to meetings of the Board and any of its committees, as applicable,
will be reimbursed by the Company. 

  
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 7. Code Section 409A. In no event will cash compensation or
expense reimbursement payments under this Policy be paid after the later of (a) the fifteenth (15th) day of the third (3rd) month
following the end of the Company’s taxable year in which the compensation is earned or expenses are incurred, as applicable, or (b) the fifteenth (15th) day of the third (3rd) month following the end of the calendar year in which the compensation is earned or expenses are incurred, as applicable, in compliance with the “short-term deferral” exception under Code
Section 409A. It is the intent of this Policy that this Policy and all payments hereunder be exempt or excepted from or otherwise comply with the requirements of Code Section 409A so that none of the compensation to be provided hereunder
will be subject to the additional tax imposed under Code Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or comply. In no event will the Company Group have any responsibility, liability, or
obligation to reimburse, indemnify, or hold harmless an Outside Director or any other person for any taxes imposed, or other costs incurred, as a result of Code Section 409A. 

8. Stockholder Approval. The initial adoption of this Policy will be subject to approval by the Company’s stockholders
prior to the Effective Date. Unless otherwise required by applicable law, following such approval, the Policy will not be subject to approval by the Company’s stockholders, including, for the avoidance of doubt, as a result of or in connection
with an action taken with respect to this Policy as contemplated in Section 9. 
 9. Revisions. The Board may amend,
alter, suspend, or terminate this Policy at any time and for any reason. No amendment, alteration, suspension, or termination of this Policy will materially impair the rights of an Outside Director with respect to compensation that already has been
paid or awarded, unless otherwise mutually agreed in writing between the Outside Director and the Company. Termination of this Policy will not affect the Board’s or the Designated Committee’s ability to exercise the powers granted to it
with respect to Awards granted pursuant to this Policy prior to the date of such termination, including without limitation such applicable powers set forth in the Plan. 

*        *        * 

  
 4Exhibit 10.1

 

ANDOVER NATIONAL
CORPORATION

 

Performance Restricted
Stock Unit Award Grant Notice

 

Performance Restricted
Stock Unit Award Grant under the Company’s

2019 Equity Incentive
Plan

 

WHEREAS,
pursuant to the provisions of the 2019 Equity Incentive Plan (the “Plan”) in exchange for the Participant’s
acknowledgement that ________ unvested restricted stock units granted on _______, 20__ (the “Void RSUs”) are cancelled,
null and void and of no further force and effect, the Company desires to grant to the Participant this performance restricted stock unit
award under and for the purposes set forth in the Plan.

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties
hereto agree as follows:

 

	A.	Grant of Performance Restricted Stock Unit Award

 

	1.	Name and Address of Participant:	 	 
	 	 	 	 
	 	 	 	 
	2.	Date of Grant of Performance Restricted Stock Unit Award:	 	 
	 	 	 	 
	3.	Maximum Number of Shares underlying Performance Restricted Stock Unit Award:	 	 
	 	 	 	 
	4.	Vesting of Award:	 	 

 

This
Award has two vesting components, both of which must be achieved to vest in any portion of this Award. No performance restricted stock
units (“PSUs”) will vest unless and until both the Time-Based Vesting Requirement (as defined below) and the Performance-Based
Vesting Requirement (as defined below) are satisfied. Each installment of PSUs that vest is a separate payment for purposes of Treasury
Regulation Section 1.409A-2(b)(2).

 

		(i)	Time-Based
                                            Vesting Requirement: Provided that the Participant is providing services to the Company
                                            or an Affiliate on each of the following dates, the PSUs will satisfy the Time-Based Vesting
                                            Requirement:
	 	 	 
	 	 	 

 

		(ii)	Performance-Based
                                            Vesting Requirement: The PSUs will satisfy the Performance-Based Vesting Requirement
                                            only if (i) a Liquidity Event occurs on or prior to the Expiration Date and (ii) the Participant
                                            is providing services to the Company or an Affiliate on the date of the Liquidity Event.

 

     

     

    

 

On
the date the Performance-Based Vesting Requirement is satisfied, the Participant will become vested in the number of PSUs that have satisfied
the Time-Based Vesting Requirement, if any. If the Performance-Based Vesting Requirement is not satisfied, all PSUs will expire, unvested
(regardless of the Participant’s satisfaction of the Time-Based Vesting Requirement), on the earlier of (x) the date of Termination
and (y) the Expiration Date. In addition, in the event that the Liquidity Event that occurs is a Change of Control (as defined in the
Plan (as in effect on the Grant Date), but only if that transaction is also a change in ownership of the Company or a substantial portion
of the Company’s assets, per Treasury Regulation Section 1.409A 3(i)(5)(v) and (vii)), then if and to the extent that the successor
company does not convert, assume, substitute for or replace the Award, the Time-Based Vesting of the PSUs shall be accelerated and the
PSUs shall be fully vested effective as of the Change of Control.

 

If
a Liquidity Event does not occur prior to ten years after the Grant Date, (the “Expiration Date”), this Award shall be forfeited
in full and no shares of Common Stock shall be issued hereunder.

 

“Liquidity
Event” means the earlier to occur of (a) a Change of Control (as defined in the Plan as in effect on the Grant Date) or (b)
the effective date of the listing of a class of the Company’s equity securities on a national securities exchange.

 	B.	Void Restricted Stock Units

 

In exchange for
the restricted stock unit award granted under Section A above, the Participant hereby acknowledges that the Void RSUs are cancelled,
null and void, and of no further force and effect, and gives up his/her entire interest in and any right to the Void RSUs, including
any agreements, or other documentation evidencing such Void RSUs.

 

The Company and
the Participant acknowledge receipt of this Performance Restricted Stock Unit Award Grant Notice and agree to the terms of the Performance
Restricted Stock Unit Agreement attached hereto and incorporated by reference herein, the Company’s 2019 Equity Incentive Plan
and the terms of this Performance Restricted Stock Unit Award as set forth above.

 

	 	ANDOVER NATIONAL CORPORATION
	 	 
	 	By:	              
	 	Name:
	 	Title:
	 	 
	 	 
	 	Participant

 

     

     

    

 

ANDOVER NATIONAL
CORPORATION

 

PERFORMANCE RESTRICTED
STOCK UNIT AGREEMENT

 

INCORPORATED
TERMS AND CONDITIONS

 

AGREEMENT
made as of the date of grant set forth in the Performance Restricted Stock Unit Award Grant Notice between Andover National Corporation
(the “Company”), a Delaware corporation, and the individual whose name appears on the Performance Restricted Stock Unit Award
Grant Notice (the “Participant”).

 

WHEREAS,
the Company has adopted the 2019 Equity Incentive Plan (the “Plan”), to promote the interests of the Company by providing
an incentive for Employees, directors and Consultants of the Company and its Affiliates;

 

WHEREAS,
pursuant to the provisions of the Plan, the Company desires to grant to the Participant performance restricted stock units (“PSUs”)
related to the Company’s Class A common stock, $.001 par value per share (“Common Stock”), in accordance with the provisions
of the Plan, all on the terms and conditions hereinafter set forth; and

 

WHEREAS,
the Company and the Participant understand and agree that any terms used and not defined herein have the meanings ascribed to such terms
in the Plan.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.            
Grant of Award. The Company hereby grants to the Participant an award for the number of PSUs set forth in the Performance
Restricted Stock Unit Award Grant Notice (the “Award”). Each PSU represents a contingent entitlement of the Participant to
receive one share of Common Stock, on the terms and conditions and subject to all the limitations set forth herein and in the Plan, which
is incorporated herein by reference. The Participant acknowledges receipt of a copy of the Plan.

 

2.            
Vesting of Award.

 

(a)              
Subject to the terms and conditions set forth in this Agreement and the Plan, the Award granted hereby shall vest as set forth
in the Performance Restricted Stock Unit Award Grant Notice and is subject to the other terms and conditions of this Agreement and the
Plan. On each vesting date set forth in the Performance Restricted Stock Unit Award Grant Notice, the Participant shall be entitled to
receive such number of shares of Common Stock equivalent to the number of PSUs as set forth in the Performance Restricted Stock Unit
Award Grant Notice provided that the Participant is providing service to the Company or an Affiliate on such vesting date. Such shares
of Common Stock shall thereafter be delivered by the Company to the Participant within ten days of the applicable vesting date and in
accordance with this Agreement and the Plan.

 

     

     

    

 

(b)              
 Except as otherwise set forth in this Agreement, if the Participant ceases to be providing services for any reason by the Company
or by an Affiliate (the “Termination”) prior to a vesting date set forth in the Performance Restricted Stock Unit Award Grant
Notice, then as of the date on which the Participant’s employment or service terminates, all unvested PSUs shall immediately be
forfeited to the Company and this Agreement shall terminate and be of no further force or effect.

 

3.            
Prohibitions on Transfer and Sale. This Award (including any additional PSUs received by the Participant as a result of
stock dividends, stock splits or any other similar transaction affecting the Company’s securities without receipt of consideration)
shall not be transferable by the Participant otherwise than (i) by will or by the laws of descent and distribution, or (ii) pursuant
to a qualified domestic relations order as defined by the Internal Revenue Code or Title I of the Employee Retirement Income Security
Act or the rules thereunder. Except as provided in the previous sentence, the shares of Common Stock to be issued pursuant to this Agreement
shall be issued, during the Participant’s lifetime, only to the Participant (or, in the event of legal incapacity or incompetence,
to the Participant’s guardian or representative). This Award shall not be assigned, pledged or hypothecated in any way (whether
by operation of law or otherwise) and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment,
pledge, hypothecation or other disposition of this Award or of any rights granted hereunder contrary to the provisions of this Section
3, or the levy of any attachment or similar process upon this Award shall be null and void.

 

4.             Adjustments.
The Plan contains provisions covering the treatment of PSUs and shares of Common Stock in a number of contingencies such as stock splits.
Provisions in the Plan for adjustment with respect to this Award and the related provisions with respect to successors to the business
of the Company are hereby made applicable hereunder and are incorporated herein by reference.

 

5.            
Securities Law Compliance. The Participant specifically acknowledges and agrees that any sales of shares of Common Stock
shall be made in accordance with the requirements of the Securities Act of 1933, as amended. The Company currently has an effective registration
statement on file with the Securities and Exchange Commission with respect to the Common Stock to be granted hereunder. The Company intends
to maintain this registration statement but has no obligation to do so. If the registration statement ceases to be effective for any
reason, Participant will not be able to transfer or sell any of the shares of Common Stock issued to the Participant pursuant to this
Agreement unless exemptions from registration or filings under applicable securities laws are available. Furthermore, despite registration,
applicable securities laws may restrict the ability of the Participant to sell his or her Common Stock, including due to the Participant’s
affiliation with the Company. The Company shall not be obligated to either issue the Common Stock or permit the resale of any shares
of Common Stock if such issuance or resale would violate any applicable securities law, rule or regulation.

 

6.            
Rights as a Stockholder. The Participant shall have no rights as a stockholder, including voting and dividend rights, with
respect to the PSUs subject to this Agreement.

 

7.             Incorporation
of the Plan. The Participant specifically understands and agrees that the PSUs and the shares of Common Stock to be issued under
the Plan will be issued to the Participant pursuant to the Plan, a copy of which Plan the Participant acknowledges he or she has
read and understands and by which Plan he or she agrees to be bound. The provisions of the Plan are incorporated herein by
reference.

 

    2

     

    

 

8.            
Tax Liability of the Participant and Payment of Taxes. The Participant acknowledges and agrees that any income or other
taxes due from the Participant with respect to this Award or the shares of Common Stock to be issued pursuant to this Agreement or otherwise
sold shall be the Participant’s responsibility. Without limiting the foregoing, the Participant agrees that if under applicable
law the Participant will owe taxes at each vesting date on the portion of the Award then vested the Company shall be entitled to immediate
payment from the Participant of the amount of any tax or other amounts required to be withheld by the Company by applicable law or regulation.
Any taxes or other amounts due shall be paid, at the option of the Administrator as follows:

 

(a)              
through reducing the number of shares of Common Stock entitled to be issued to the Participant on the applicable vesting date
in an amount equal to the statutory minimum of the Participant’s total tax and other withholding obligations due and payable by
the Company. Fractional shares will not be retained to satisfy any portion of the Company’s withholding obligation. Accordingly,
the Participant agrees that in the event that the amount of withholding required would result in a fraction of a share being owed, that
amount will be satisfied by withholding the fractional amount from the Participant’s paycheck;

 

(b)              
requiring the Participant to deposit with the Company an amount of cash equal to the amount determined by the Company to be required
to be withheld with respect to the statutory minimum amount of the Participant’s total tax and other withholding obligations due
and payable by the Company or otherwise withholding from the Participant’s paycheck an amount equal to such amounts due and payable
by the Company; or

 

(c)              
if the Company believes that the sale of shares can be made in compliance with applicable securities laws, authorizing, at a time
when the Participant is not in possession of material nonpublic information, the sale by the Participant on the applicable vesting date
of such number of shares of Common Stock as the Company instructs a registered broker to sell to satisfy the Company’s withholding
obligation, after deduction of the broker’s commission, and the broker shall be required to remit to the Company the cash necessary
in order for the Company to satisfy its withholding obligation. To the extent the proceeds of such sale exceed the Company’s withholding
obligation the Company agrees to pay such excess cash to the Participant as soon as practicable. In addition, if such sale is not sufficient
to pay the Company’s withholding obligation the Participant agrees to pay to the Company as soon as practicable, including through
additional payroll withholding, the amount of any withholding obligation that is not satisfied by the sale of shares of Common Stock.
The Participant agrees to hold the Company and the broker harmless from all costs, damages or expenses relating to any such sale. The
Participant acknowledges that the Company and the broker are under no obligation to arrange for such sale at any particular price. In
connection with such sale of shares of Common Stock, the Participant shall execute any such documents requested by the broker in order
to effectuate the sale of shares of Common Stock and payment of the withholding obligation to the Company. The Participant acknowledges
that this paragraph is intended to comply with Section 10b5-1(c)(1)(i)(B) under the Exchange Act.

 

    3

     

    

 

The
Company shall not deliver any shares of Common Stock to the Participant until it is satisfied that all required withholdings have been
made.

 

9.            
Participant Acknowledgements and Authorizations.

 

The Participant
acknowledges the following:

 

(a)              
The Company is not by the Plan or this Award obligated to continue the Participant as an employee, director or Consultant of the
Company or an Affiliate.

 

(b)              
The Plan is discretionary in nature and may be suspended or terminated by the Company at any time.

 

(c)              
The grant of this Award is considered a one-time benefit and does not create a contractual or other right to receive any other
award under the Plan, benefits in lieu of awards or any other benefits in the future.

 

(d)              
The Plan is a voluntary program of the Company and future awards, if any, will be at the sole discretion of the Company, including,
but not limited to, the timing of any grant, the amount of any award, vesting provisions and the purchase price, if any.

 

(e)              
The value of this Award is an extraordinary item of compensation outside of the scope of the Participant’s employment or
consulting contract, if any. As such the Award is not part of normal or expected compensation for purposes of calculating any severance,
resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. The
future value of the shares of Common Stock is unknown and cannot be predicted with certainty.

 

(f)               
The Participant (i) authorizes the Company and each Affiliate and any agent of the Company or any Affiliate administering the
Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the Company
or any such Affiliate shall request in order to facilitate the grant of the Award and the administration of the Plan; and (ii) authorizes
the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth in this Agreement.

 

10.          
Notices. Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier
service, facsimile, registered or certified mail, return receipt requested, addressed as follows:

 

If to the Company:

 

Andover National Corporation

333 Avenue of the Americas, Suite 2000

Miami, FL 33131

Attn: Chief Financial Officer

 

If
to the Participant at the address set forth on the Performance Restricted Stock Unit Award Grant Notice or to such other address or
addresses of which notice in the same manner has previously been given. Any such notice shall be deemed to have been given on the
earliest of receipt, one business day following delivery by the sender to a recognized courier service, or three business days
following mailing by registered or certified mail.

 

    4

     

    

 

11.           Assignment
and Successors.

 

(a)              
This Agreement is personal to the Participant and without the prior written consent of the Company shall not be assignable by
the Participant otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable
by the Participant’s legal representatives.

 

(b)              
This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

12.          
Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without
giving effect to the conflict of law principles thereof. For the purpose of litigating any dispute that arises under this Agreement,
whether at law or in equity, the parties hereby consent to exclusive jurisdiction in the State of New York and agree that such litigation
will be conducted in the state courts of New York or the federal courts of the United States for the District of New York.

 

13.           Severability.
If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, then such provision or
provisions shall be modified to the extent necessary to make such provision valid and enforceable, and to the extent that this is impossible,
then such provision shall be deemed to be excised from this Agreement, and the validity, legality and enforceability of the rest of this
Agreement shall not be affected thereby.

 

14.           Entire Agreement. This Agreement, together with the Plan, constitutes the entire agreement and understanding between the
parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating
to the subject matter hereof. No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement
shall affect or be used to interpret, change or restrict the express terms and provisions of this Agreement provided, however, in any
event, this Agreement shall be subject to and governed by the Plan.

 

15.           Modifications and Amendments; Waivers and Consents. The terms and provisions of this Agreement may be modified or amended
as provided in the Plan. Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the
departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No
such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of
this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose
for which it was given, and shall not constitute a continuing waiver or consent.

 

16.           Section
409A. The Award of PSUs evidenced by this Agreement is intended to be exempt from the nonqualified deferred compensation rules
of Section 409A of the Code as a “short term deferral” (as that term is used in the final regulations and other guidance
issued under Section 409A of the Code, including Treasury Regulation Section 1.409A-1(b)(4)(i)), and shall be construed accordingly.
Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement
comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties,
interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the
Code.

 

    5

     

    

 

17.          
Data Privacy. By entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any
agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or
any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of
options and the administration of the Plan; (ii) to the extent permitted by applicable law waives any data privacy rights he or she may
have with respect to such information, and (iii) authorizes the Company and each Affiliate to store and transmit such information in
electronic form for the purposes set forth in this Agreement.

 

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