Document:

EX-10.3

 Exhibit 10.3 

SES AI CORPORATION 
 2021
INCENTIVE AWARD PLAN 
 1. Establishment of the Plan; Effective Date; Duration. 

(a) Establishment of the Plan; Effective Date. Ivanhoe Capital Acquisition Corp., a Cayman Islands exempted company (which shall
migrate to and domesticate as a Delaware corporation and be renamed SES AI Corporation prior to the Closing) (the “Company”), hereby establishes this incentive compensation plan to be known as the “SES AI Corporation 2021
Incentive Award Plan,” as amended from time to time (the “Plan”). The Plan permits the grant of Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other
Stock-Based Awards, Other Cash-Based Awards, Dividend Equivalents, and Performance Compensation Awards. The Plan shall become effective on the Effective Date. The effectiveness of the Plan shall be subject to approval of the Plan by the stockholders
of the Company within twelve months following the date the Plan is first approved by the Board. The Plan shall remain in effect as provided in Section 1(b) of the Plan. Capitalized but undefined terms shall have the meaning set forth in
Section 3 of the Plan. 
 (b) Duration of the Plan. The Plan shall commence on the Effective Date and shall remain in
effect, subject to the right of the Board to amend or terminate the Plan at any time pursuant to Section 14. However, in no event may an Award be granted under the Plan on or after ten years from the Effective Date, provided,
however, in the case of an Award that is an Incentive Stock Option, no Incentive Stock Option shall be granted on or after ten years from the earlier of (i) the date the Plan is approved by the Board and (ii) date the
Company’s stockholders approve the Plan. 
 2. Purpose. The purpose of the Plan is to provide a means through which the
Company and its Affiliates may attract and retain key personnel and to provide a means whereby certain directors, officers, employees, consultants and advisors of the Company and its Affiliates can acquire and maintain an equity interest in the
Company, or be paid incentive compensation, which may be measured by reference to the value of Common Shares, thereby strengthening their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the
Company’s stockholders. 
 3. Definitions. Certain terms used herein have the definitions given to them in the first
instance in which they are used. In addition, for purposes of the Plan, the following terms are defined as set forth below: 
 (a)
“Affiliate” means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity
in which the Company has a significant interest. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any person or entity, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise. 

(b) “Applicable Law” means any applicable law, including without limitation: (a) provisions of the Code, the Securities
Act, the Exchange Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations, whether federal, state, local or foreign; and (c) rules of any securities exchange
or automated quotation system on which the Common Shares are listed, quoted or traded. 

  
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 (c) “Award” means, individually or collectively, any Incentive Stock
Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Stock-Based Awards, Other Cash-Based Awards, Dividend Equivalents, and/or Performance Compensation Award granted under the Plan. 

(d) “Award Agreement” means a written agreement between a Participant and the Company which sets out the terms of the
grant of an Award. 
 (e) “Board” means the Board of Directors of the Company. 

(f) “Business Combination Agreement” shall mean that certain Business Combination Agreement, by and among Ivanhoe
Capital Acquisition Corp., Wormhole Merger Sub Pte. Ltd. and SES Holdings Pte. Ltd, dated as of July 12, 2021 as amended from time to time 

(g) “Cause” means, in the case of a particular Award, unless the applicable Award Agreement states otherwise,
(i) the Company or an Affiliate having “cause” to terminate a Participant’s employment or service, as defined in any employment or consulting or similar agreement between the Participant and the Company or an Affiliate in effect
at the time of such termination, or (ii) in the absence of any such employment or consulting or similar agreement (or the absence of any definition of “Cause” contained therein), a Participant’s (A) conviction of, or the
entry of a plea of guilty or no contest to, a felony or any other crime that causes the Company or its Affiliates public disgrace or disrepute, or materially and adversely affects the Company’s or its Affiliates’ operations or financial
performance or the relationship the Company has with its customers; (B) gross negligence or willful misconduct with respect to the Company or any of its Affiliates, including, without limitation, fraud, embezzlement, theft or proven dishonesty
in the course of his employment or other service to the Company or an Affiliate; (C) alcohol abuse or use of controlled substances other than in accordance with a physician’s prescription; (D) refusal to perform any lawful, material
obligation or fulfill any duty (other than any duty or obligation of the type described in clause (F) below) to the Company or its Affiliates (other than due to a disability, as determined by the Committee), which refusal, if curable, is not
cured within 15 days after delivery of written notice thereof; (E) material breach of any agreement with or duty owed to the Company or any of its Affiliates, which breach, if curable, is not cured within 15 days after the delivery of written
notice thereof; (F) any breach of any obligation or duty to the Company or any of its Affiliates (whether arising by statute, common law or agreement) relating to confidentiality, noncompetition, nonsolicitation and/or proprietary rights or
(G) material violation or breach of the documented code of ethics, code of conduct or similar document of the Company or an Affiliate or fiduciary duties to the Company or an Affiliate. 

(h) “Change in Control” shall, in the case of a particular Award, unless the applicable Award Agreement states
otherwise or contains a different definition of “Change in Control,” be deemed to occur upon any of the following events: 

(i) any “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the
Company or any of its Affiliates, (B) any trustee or other fiduciary holding securities under any employee benefit plan of the Company or any of its Affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of
such securities, or (D) an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Common Shares) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, by way of merger, consolidation, recapitalization, reorganization or otherwise, of fifty percent (50%) or more of the total voting power of the then outstanding
voting securities of the Company; 
 (ii) the cessation of control (by virtue of their not constituting a majority of
directors) of the Board by the individuals (the “Continuing Directors”) who (x) were directors on the Effective Date or (y) become directors after Effective Date and whose election or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds of the directors then in office who were directors on the Effective Date or whose election or nomination for election was
previously so approved; 

  
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 (iii) the consummation of a merger or consolidation of the Company with any
other company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; 

(iv) the consummation of a plan of complete liquidation of the Company or the sale or disposition by the Company of all or
substantially all the Company’s assets; or 
 (v) any other event specified as a “Change in Control” in an
applicable Award Agreement. 
 Notwithstanding the foregoing, if a Change in Control constitutes a payment event with respect to any Award
(or any portion of an Award) that provides for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition of additional taxes under Section 409A of the Code, the transaction or
event described in subsection (i), (ii), (iii), (iv), or (v) with respect to such Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a
“change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). 

(i) “Claim” means any claim, liability or obligation of any nature, arising out of or relating to the Plan or an alleged
breach of the Plan or an Award Agreement. 
 (j) “Closing Restricted Shares” shall have the meaning set forth in the
Business Combination Agreement. 
 (k) “Code” means the Internal Revenue Code of 1986, as amended, and any successor
thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance. 

(l) “Committee” means a committee of at least two people as the Board may appoint to administer the Plan or, if no
such committee has been appointed by the Board, the Board. 
 (m) “Common Shares” means shares of the
Company’s Class A common stock, par value $0.0001 per share (and any stock or other securities into which such ordinary shares may be converted or into which they may be exchanged). 

(n) “Company” means Ivanhoe Capital Acquisition Corp., a Delaware corporation or its successor. 

(o) “Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may
be specified in such authorization. 
 (p) “Dividend Equivalent” means a right awarded under Section 11 to
receive the equivalent value (in cash or Common Shares) of ordinary dividends that would otherwise be paid on the Common Shares subject to an Award that is a full-value award but that have not been issued or delivered. 

  
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 (q) “Effective Date” shall mean the date on
which the transactions contemplated by the Business Combination Agreement are consummated, provided that the Board has adopted the Plan prior to or on such date, subject to approval of the Plan by the Company’s stockholders. 

(r) “Eligible Director” means a person who is a “non-employee
director” within the meaning of Rule 16b-3 under the Exchange Act. 
 (s) “Eligible
Person” with respect to an Award denominated in Common Shares, means any (i) individual employed by the Company or an Affiliate; (ii) director of the Company or an Affiliate; (iii) consultant or advisor to the Company or
an Affiliate; provided that if the Securities Act applies such persons must be eligible to be offered securities registrable on Form S-8 under the Securities Act; or (iv) prospective employees,
directors, officers, consultants or advisors who have accepted offers of employment or consultancy from the Company or its Affiliates (and would satisfy the provisions of clauses (i) through (iii) above once he begins employment with or
begins providing services to the Company or its Affiliates, provided that the Date of Grant of any Award to such individual shall not be prior to the date he begins employment with or begins providing services to the Company or its Affiliates). 

(t) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as it may be amended from time to time,
including the rules and regulations promulgated thereunder and successor provisions and rules and regulations thereto. 
 (u)
“Exercise Price” has the meaning given such term in Section 7(b) of the Plan. 
 (v) “Fair Market
Value” means, as of any date, the value of Common Shares determined as follows: 
 (i) If the Common Shares are
listed on any established stock exchange or a national market system, the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The
Wall Street Journal or such other source as the Committee deems reliable; 
 (ii) If the Common Shares are regularly
quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Common Share will be the mean between the high bid and low asked prices for the Common Shares on the day of determination, as reported in The
Wall Street Journal or such other source as the Committee deems reliable; or 
 (iii) In the absence of an established
market for the Common Shares, the Fair Market Value will be determined in good faith by the Committee (acting on the advice of an Independent Third Party, should the Committee elect in its sole discretion to utilize an Independent Third Party for
this purpose). 
 (iv) Notwithstanding the foregoing, the determination of Fair Market Value in all cases shall be in
accordance with the requirements set forth under Section 409A of the Code to the extent necessary for an Award to comply with, or be exempt from, Section 409A of the Code. 

(w) “Immediate Family Members” shall have the meaning set forth in Section 15(b)(ii). 

(x) “Incentive Stock Option” means an Option that is designated by the Committee as an incentive stock option as
described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan for incentive stock options. 
 (y)
“Indemnifiable Person” shall have the meaning set forth in Section 4(e) of the Plan. 

  
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 (z) “Independent Third Party” means an individual or entity
independent of the Company having experience in providing investment banking or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property for purposes of the Plan. The Committee may utilize
one or more Independent Third Parties. 
 (aa) “Mature Shares” means Common Shares owned by a
Participant that are not subject to any pledge or security interest and that have been either previously acquired by the Participant on the open market or meet such other requirements, if any, as the Committee may determine are necessary in order to
avoid an accounting earnings charge on account of the use of such shares to pay the Exercise Price or satisfy a tax or deduction obligation of the Participant. 

(bb) “Nonqualified Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.

 (cc) “Option” means an Award granted under Section 7 of the Plan. 

(dd) “Option Period” has the meaning given such term in Section 7(c) of the Plan. 

(ee) “Other Cash-Based Award” means a cash Award granted to a Participant under Section 10 of the Plan, including
cash awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan. 
 (ff) “Other
Stock-Based Award” means an equity-based or equity-related Award, other than an Option, SAR, Restricted Stock, Restricted Stock Unit or Dividend Equivalent, granted in accordance with the terms and conditions set forth under
Section 10 of the Plan 
 (gg) “Participant” means an Eligible Person who has been selected by the
Committee to participate in the Plan and to receive an Award pursuant to Section 6 of the Plan. 
 (hh) “Performance
Compensation Award” shall mean any Award designated by the Committee as a Performance Compensation Award pursuant to Section 12 of the Plan. 

(ii) “Performance Criteria” shall mean the criterion or criteria that the Committee shall select for purposes of
establishing the Performance Goal(s) for a Performance Period with respect to any Performance Compensation Award under the Plan pursuant to Section 12 of the Plan. 

(jj) “Performance Formula” shall mean, for a Performance Period, the one or more formulae applied against the relevant
Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the applicable Performance
Period. 
 (kk) “Performance Goals” shall mean, for a Performance Period, the one or more goals established by the
Committee for the Performance Period based upon the Performance Criteria pursuant to Section 12 of the Plan. 
 (ll)
“Performance Period” shall mean the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s
right to, and the payment of, a Performance Compensation Award. 
 (mm) “Permitted Transferee” shall have the
meaning set forth in Section 15(b)(ii) of the Plan. 
 (nn) “Person” means any individual, entity or group
within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act. 

  
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 (oo) “Plan” means this SES AI Corporation 2021 Incentive Award Plan,
as amended from time to time. 
 (pp) “Prior Plan”: means the SES Holdings Pte. Ltd. 2021 Share Incentive Plan,
adopted on March 31, 2021, which replaced the SES Holdings Pte. Ltd. 2018 Share Incentive Plan, which was established and adopted on November 7, 2018.. 

(qq) “Restricted Period” means the period of time determined by the Committee during which an Award is subject to
restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned. 

(rr) “Restricted Stock Unit” means an unfunded and unsecured promise to deliver Common Shares, cash, other
securities or other property, subject to certain performance or time-based restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time),
granted under Section 9 of the Plan. 
 (ss) “Restricted Stock” means Common Shares, subject to certain
specified performance or time-based restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the
Plan. 
 (tt) “SAR Period” has the meaning given such term in Section 8(c) of the Plan. 

(uu) “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the
Plan to any section of the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, rules, regulations or guidance. 

(vv) “Stock Appreciation Right” or “SAR” means an Award granted under
Section 8 of the Plan. 
 (ww) “Strike Price” means, except as otherwise provided by the Committee in the case
of Substitute Awards, (i) in the case of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a SAR granted independent of an Option, the Fair Market Value on the Date of Grant. 

(xx) “Subsidiary” means, with respect to any specified Person: 

(i) any corporation, association or other business entity of which more than 50% of the total voting power of shares (without
regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or
more of the other Subsidiaries of that Person (or a combination thereof); and 
 (ii) any partnership (or any comparable
foreign entity (A) the sole general partner (or functional equivalent thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents thereof) of
which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 (yy) “Substitute
Award” has the meaning given such term in Section 5(e). 

  
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 4. Administration. 

(a) The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule
16b-3 promulgated under the Exchange Act and Applicable Law (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time he takes any action
with respect to an Award under the Plan, be an Eligible Director. However, the fact that a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under
the Plan. 
 (b) Subject to the provisions of the Plan and Applicable Law, the Committee shall have the sole and plenary authority, in
addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of
Common Shares to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and
under what circumstances Awards may be settled or exercised in cash, Common Shares, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled,
forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Common Shares, other securities, other Awards or other property and other amounts payable with respect to an Award shall be
deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement
relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan; (ix) accelerate
the vesting or exercisability of, payment for or lapse of restrictions on, Awards; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan, in each case,
to the extent consistent with the terms of the Plan. 
 (c) The Committee may delegate to one or more officers of the Company or any
Affiliate the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee herein, and that may be so delegated as a matter of law, except
for grants of Awards to persons subject to Section 16 of the Exchange Act. 
 (d) Unless otherwise expressly provided in the Plan, all
designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at
any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company. 

(e) No member of the Board, the Committee, delegate of the Committee or any employee or agent of the Company (each such person, an
“Indemnifiable Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder. Each Indemnifiable Person shall be indemnified and held
harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to
which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and against and from any and all amounts paid by such
Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, provided that the
Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of
the Company’s choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such
Indemnifiable Person determines that the acts or omissions of such 

  
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Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s bad faith, fraud or willful criminal act or omission or that such right of
indemnification is otherwise prohibited by law or by the Company’s Articles of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Indemnifiable Persons may
be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless. 

(f) Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time,
grant Awards and administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority granted to the Committee under the Plan. 

5. Grant of Awards; Shares Subject to the Plan; Limitations. 

(a) The Committee may, from time to time, grant Awards to one or more Eligible Persons. 

(b) Subject to adjustment as provided in Section 13 of the Plan, the maximum number of Common Shares that may be delivered in
satisfaction of Awards under the Plan as of the Effective Date is (i) 36,862,002 shares, plus (ii) the number of Common Shares underlying awards under the Prior Plan that on or after the Effective Date expire or become unexercisable, or
are forfeited, cancelled, settled in cash or otherwise terminated, in each case, without delivery of shares therefor (in the case of this subclause (ii), not to exceed 20,748,976 shares of Stock in the aggregate), plus (iii) any Closing
Restricted Shares, as applicable, which are forfeited by reason of a termination of service or employment following the Effective Date (in the case of this subclause (iii), not to exceed 2,308,969 shares of Stock in the aggregate). In addition,
subject to adjustment as provided in Section 13, such maximum number of Common Shares will automatically increase on January 1st of each year for a period of ten years commencing on January 1, 2022 and ending on (and including)
January 1, 2031, in an amount equal to two (2)%) of the total number of shares of Stock outstanding on December 31st of the preceding year; provided, however that the Board may act prior to January 1st of a given year to provide that the
increase for such year will be a lesser number of Common Shares. The maximum number of Common Shares that may be granted under the Plan during any single fiscal year to any Participant who is a non-employee
director, when taken together with any cash fees paid to such non-employee director during such year in respect of his service as a non-employee director (including
service as a member or chair of any committee of the Board), shall not exceed $750,000 in total value (calculating the value of any such Awards based on the Fair Market Value on the Date of Grant of such Awards for financial reporting purposes);
provided that the non-employee directors who are considered independent (under the rules of The New York Stock Exchange or other securities exchange on which the Common Shares are traded) may make
exceptions to this limit (up to $1,500,000) for a non-executive chair of the Board, if any, in which case the non-employee director receiving such additional
compensation may not participate in the decision to award such compensation. 
 (c) In the event that (i) any Option or other Award
granted hereunder is exercised through the tendering of Common Shares (either actually or by attestation) or by the withholding of Common Shares by the Company, or (ii) tax or deduction liabilities arising from such Option or other Award are
satisfied by the tendering of Common Shares (either actually or by attestation) or by the withholding of Common Shares by the Company, then in each such case the Common Shares so tendered or withheld shall be added to the Common Shares available for
grant under the Plan on a one-for-one basis. Common Shares underlying Awards under the Plan that are forfeited, canceled, expire unexercised, or are settled in cash
shall also be available again for issuance as Awards under the Plan. 
 (d) Common Shares delivered by the Company in settlement of Awards
may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing. 

  
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 (e) Awards may, in the sole discretion of the Committee, be granted under the Plan in
assumption of, or in substitution for, outstanding awards previously granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”). The number of Common Shares underlying any Substitute Awards
shall not be counted against the aggregate number of Common Shares available for Awards under the Plan. 
 6. Eligibility.
Participation shall be limited to Eligible Persons who have entered into an Award Agreement or who have received written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in
the Plan. 
 7. Options. 

(a) Generally. Each Option granted under the Plan shall be evidenced by an Award Agreement (whether in paper or electronic
medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Option 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. All Options granted under the Plan shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is
intended to be an Incentive Stock Option. Subject to Section 13, the maximum aggregate number of Common Shares that may be issued through the exercise of Incentive Stock Options granted under the Plan is 36,862,002 Common Shares, which, for the
avoidance of doubt, such share limit shall not be subject to the annual adjustment provided in Section 5(b)(i). Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Affiliates, and no
Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of
the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code; provided that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of
a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject
to and comply with such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of
such nonqualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan. 

(b) Exercise Price. Except with respect to Substitute Awards, the exercise price (“Exercise Price”) per Common
Share for each Option shall not be less than 100% of the Fair Market Value of such share determined as of the Date of Grant; provided, however, that in the case of an Incentive Stock Option granted to an employee who, at the time of
the grant of such Option, owns shares representing more than 10% of the total combined voting power of all classes of shares of the Company or any related corporation (as determined in accordance with Treasury Regulation Section 1.422-2(f)), the Exercise Price per share shall not be less than 110% of the Fair Market Value per share on the Date of Grant and provided further, that, notwithstanding any provision herein to
the contrary, the Exercise Price shall not be less than the par value per Common Share. 
 (c) Vesting and Expiration. Options
shall vest and become exercisable in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option Period”);
provided, however, that the Option Period shall not exceed five years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns shares representing more than 10% of the total
combined voting power of all classes of shares of the Company or any related corporation (as determined in accordance with 

  
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Treasury Regulation Section 1.422-2(f)); provided, further, that notwithstanding any vesting dates set by the Committee, the Committee
may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of such Option other than with respect to exercisability. If the Option would expire at a time when the exercise
of the Option would violate applicable securities laws, the expiration date applicable to the Option will be automatically extended to a date that is 30 calendar days following the date such exercise would no longer violate applicable
securities laws (so long as such extension shall not violate Section 409A of the Code); provided, that in no event shall such expiration date be extended beyond the expiration of the Option Period. 

(d) Method of Exercise and Form of Payment. No Common Shares shall be delivered pursuant to any exercise of an Option
until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any taxes required to be withheld or paid upon exercise of such Option. Options that have become
exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Option, accompanied by payment of the Exercise Price. The Exercise Price shall be payable (i) in cash,
check, cash equivalent and/or Common Shares valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of Common
Shares in lieu of actual delivery of such shares to the Company); provided that such Common Shares are not subject to any pledge or other security interest and are Mature Shares; and (ii) by such other method as the Committee may permit in
accordance with Applicable Law, in its sole discretion, including without limitation: (A) in other property having a Fair Market Value on the date of exercise equal to the Exercise Price, (B) if there is a public market for the Common
Shares at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the Common Shares otherwise deliverable upon the exercise of the
Option and to deliver promptly to the Company an amount equal to the Exercise Price, or (C) by a “net exercise” method whereby the Company withholds from the delivery of the Common Shares for which the Option was exercised that number
of Common Shares having a Fair Market Value equal to the aggregate Exercise Price for the Common Shares for which the Option was exercised. No fractional Common Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee
shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional Common Shares, or whether such fractional Common Shares or any rights thereto shall be canceled, terminated or otherwise
eliminated. 
 (e) Notification upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an
Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Common Shares acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying
disposition is any disposition (including, without limitation, any sale) of such Common Shares before the later of (i) two years after the Date of Grant of the Incentive Stock Option or (ii) one year after the date of exercise of the Incentive
Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession of any Common Shares acquired pursuant to the exercise of an Incentive Stock Option as agent for the
applicable Participant until the end of the period described in the preceding sentence. 
 (f) Compliance With Laws, etc.
Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable; any
other Applicable Law; the applicable rules and regulations of the Securities and Exchange Commission; or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are
listed or traded. 

  
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 8. Stock Appreciation Rights. 

(a) Generally. Each SAR granted under the Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium
(including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each SAR 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. Any Option granted under the Plan may include tandem SARs. The Committee also may award SARs to Eligible Persons independent of any Option. 

(b) Strike Price. The Strike Price per Common Share for each SAR shall not be less than 100% of the Fair Market Value of such
share determined as of the Date of Grant. 
 (c) Vesting and Expiration. A SAR granted in connection with an Option shall
become exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable and shall expire in such manner and on such
date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “SAR Period”); provided, however, that notwithstanding any vesting dates
set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to exercisability. If the SAR would expire at
a time when the exercise of the SAR would violate applicable securities laws, the expiration date applicable to the SAR will be automatically extended to a date that is 30 calendar days following the date such exercise would no longer violate
applicable securities laws (so long as such extension shall not violate Section 409A of the Code); provided, that in no event shall such expiration date be extended beyond the expiration of the SAR Period. 

(d) Method of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice of
exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded. 

(e) Payment. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares
subject to the SAR that are being exercised, multiplied by the excess, if any, of the Fair Market Value of one Common Share on the exercise date over the Strike Price, less an amount equal to any taxes required to be withheld or paid. The Company
shall pay such amount in cash, in Common Shares having a Fair Market Value equal to such amount, or any combination thereof, as determined by the Committee. No fractional Common Shares shall be issued or delivered pursuant to the Plan or any Award,
and the Committee shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional Common Shares, or whether such fractional Common Shares or any rights thereto shall be canceled, terminated or
otherwise eliminated. 
 9. Restricted Stock and Restricted Stock Units. 

(a) Generally. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement (whether in
paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each such grant shall be subject to the conditions set forth in this Section 9 and to such
other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 
 (b) Restricted Accounts;
Escrow or Similar Arrangement. Upon the grant of Restricted Stock, a book entry in a restricted account shall be established in the Participant’s name at the Company’s transfer agent and, if the Committee determines that the
Restricted Stock shall be held by the Company or in escrow rather than held in such restricted account pending the release of the applicable restrictions, the Committee 

  
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may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power
(endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank stock power within the
amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in this Section 9 and the applicable Award Agreement, the Participant generally shall have the rights and privileges of a
stockholder as to such Restricted Stock, including, without limitation, the right to vote such Restricted Stock and the right to receive dividends, if applicable. To the extent shares of Restricted Stock are forfeited, any share certificates issued
to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the Company. 

(c) Vesting. Unless otherwise provided by the Committee in an Award Agreement the unvested portion of Restricted Stock and
Restricted Stock Units shall terminate and be forfeited upon termination of employment or service of the Participant granted the applicable Award. 

(d) Delivery of Restricted Stock and Settlement of Restricted Stock Units. 

(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in
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 beneficiary, without charge, the share certificate evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest full share)
or shall register such shares in the Participants name without any such restrictions. Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed to the
Participant in cash or, at the sole discretion of the Committee, in Common Shares having a Fair Market Value equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall
have no right to such dividends (except as otherwise set forth by the Committee in the applicable Award Agreement). 
 (ii)
Unless otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge,
one Common Share for each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect to (A) pay cash or part cash and part Common Share in lieu of delivering only Common Shares
in respect of such Restricted Stock Units or (B) defer the delivery of Common Shares (or cash or part Common Shares and part cash, as the case may be) beyond the expiration of the Restricted Period if such delivery would result in a violation
of Applicable Law until such time as is no longer the case. If a cash payment is made in lieu of delivering Common Shares, the amount of such payment shall be equal to the Fair Market Value of the Common Shares as of the date on which the Restricted
Period lapsed with respect to such Restricted Stock Units, less an amount equal to any taxes required to be withheld or paid. 
 10.
Other Stock-Based Awards and Other Cash-Based Awards.. 
 (a) Other Stock-Based Awards. The Committee may
grant types of equity-based or equity-related Awards not otherwise described by the terms of the Plan (including the grant or offer for sale of unrestricted Common Shares), in such amounts and subject to such
terms and conditions, as the Committee shall determine. Such Other Stock-Based Awards may involve the transfer of actual Common Shares to Participants, or payment in cash or otherwise of amounts based on the value of Common Shares. The terms and
conditions of such Awards shall be consistent with the Plan and set forth in the Award Agreement and need not be uniform among all such Awards or all Participants receiving such Awards. 

  
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 (b) Other Cash-Based Awards. The Committee may grant a Participant a cash
Award not otherwise described by the terms of the Plan, including cash awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan. 

(c) Value of Awards. Each Other Stock-Based Award shall be expressed in terms of Common Shares or units based on Common Shares,
as determined by the Committee, and each Other Cash-Based Awards shall be shall be expressed in terms of cash, as determined by the Committee. The Committee may establish Performance Goals in its discretion pursuant to Section 12, and any such
Performance Goals shall be set forth in the applicable Award Agreement. If the Committee exercises its discretion to establish Performance Goals, the number and/or value of Other Stock-Based Awards or Other Cash-Based Awards that will be paid out to
the Participant will depend on the extent to which such Performance Goals are met. 
 (d) Payment of Awards. Payment, if any,
with respect to an Other Stock-Based Award or Other Cash-Based Award shall be made in accordance with the terms of the Award, as set forth in the Award Agreement, in cash, Common Shares or a combination of cash and Common Shares, as the Committee
determines. 
 (e) Vesting. The Committee shall determine the extent to which the Participant shall have the right to receive
Other Stock-Based Awards or Other Cash-Based Awards following the Participant’s termination of employment or service (including by reason of such Participant’s death, disability (as determined by the Committee), or termination without
Cause). Such provisions shall be determined in the sole discretion of the Committee and will be included in the applicable Award Agreement but need not be uniform among all Other Stock-Based Awards or Other Cash-Based Awards issued pursuant to the
Plan and may reflect distinctions based on the reasons for the termination of employment or service. 
 11. Dividend
Equivalents. No adjustment shall be made in the Common Shares issuable or taken into account under Awards on account of cash dividends that may be paid or other rights that may be issued to the holders of Common Shares prior to issuance of
such Common Shares under such Award. The Committee may grant Dividend Equivalents based on the dividends declared on Common Shares that are subject to any Award (other than an Option or Stock Appreciation Right). Any Award of Dividend Equivalents
may be credited as of the dividend payment dates, during the period between the Date of Grant of the Award and the date the Award becomes payable or terminates or expires, as determined by the Committee; however, Dividend Equivalents shall not be
payable unless and until the Award becomes payable, and shall be subject to forfeiture to the same extent as the underlying Award. Dividend Equivalents may be subject to any additional limitations and/or restrictions determined by the Committee.
Dividend Equivalents shall be payable in cash, Common Shares or converted to full-value Awards, calculated based on such formula, as may be determined by the Committee. 

12. Performance Compensation Awards. 

(a) Generally. The Committee shall have the authority, at the time of grant of any Award described in Sections 7 through 10
of the Plan, to designate such Award as a Performance Compensation Award. The Committee shall have the authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award. Unless otherwise
determined by the Committee, all Performance Compensation Awards shall be evidenced by an Award Agreement. 
 (b) Discretion of
Committee with Respect to Performance Compensation Awards. The Committee shall have the discretion to establish the terms, conditions and restrictions of any Performance Compensation Award. With regard to a particular Performance
Period, the Committee shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the
kind(s) and/or level(s) of the Performance Goals(s) that is (are) to apply and the Performance Formula. 

  
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 (c) Performance Criteria. The Committee may establish Performance Criteria
that will be used to establish the Performance Goal(s) for Performance Compensation Awards which may be based on the attainment of specific levels of performance of the Company (and/or one or more Affiliates, divisions, business segments or
operational units, or any combination of the foregoing) and may include, without limitation, any of the following: (i) net earnings or net income (before or after taxes); (ii) basic or diluted earnings per share (before or after taxes); (iii)
revenue or revenue growth (measured on a net or gross basis); (iv) gross profit or gross profit growth; (v) operating profit (before or after taxes); (vi) return measures (including, but not limited to, return on assets, capital, invested
capital, equity, or sales); (vii) cash flow (including, but not limited to, operating cash flow, free cash flow, net cash provided by operations and cash flow return on capital); (viii) financing and other capital raising transactions (including,
but not limited to, sales of the Company’s equity or debt securities); (ix) earnings before or after taxes, interest, depreciation and/or amortization; (x) gross or operating margins; (xi) productivity ratios; (xii) share price
(including, but not limited to, growth measures and total stockholder return); (xiii) expense targets; (xiv) margins; (xv) productivity and operating efficiencies; (xvi) customer satisfaction; (xvii) customer growth;
(xviii) working capital targets; (xix) measures of economic value added; (xx) inventory control; (xxi) enterprise value; (xxii) sales; (xxiii) debt levels and net debt; (xxiv) combined ratio; (xxv) timely launch of
new facilities; (xxvi) client retention; (xxvii) employee retention; (xxviii) timely completion of new product rollouts; (xxix) cost targets; (xxx) reductions and savings; (xxxi) productivity and efficiencies;
(xxxii) strategic partnerships or transactions; (xxxiii) personal targets, goals or completion of projects; and (xxxiv) such other criteria as established by the Committee in its discretion from time to time. Any one or more of the
Performance Criteria may be used on an absolute or relative basis to measure the performance of the Company and/or one or more Affiliates as a whole or any business unit(s) of the Company and/or one or more Affiliates or any combination thereof, as
the Committee may deem appropriate, or any of the above Performance Criteria may be compared to the performance of a selected group of comparable or peer companies, or a published or special index that the Committee, in its sole discretion, deems
appropriate, or as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this
paragraph. Any Performance Criteria that are financial metrics, may be determined in accordance with United States Generally Accepted Accounting Principles (“GAAP”) or may be adjusted when established to include or exclude any items
otherwise includable or excludable under GAAP. 
 (d) Modification of Performance Goal(s). The Committee is authorized
at any time to adjust or modify the calculation of a Performance Goal for such Performance Period, based on and in order to appropriately reflect any specified circumstance or event that occurs during a Performance Period, including but not limited
to the following: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any
reorganization and restructuring programs; (v) unusual and/or infrequently occurring items as described in Accounting Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management’s discussion and
analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year; (vi) acquisitions or divestitures; (vii) discontinued operations; (viii) any other
specific unusual or infrequently occurring or non-recurring events, or objectively determinable category thereof; (ix) foreign exchange gains and losses; and (x) a change in the Company’s fiscal
year. 

  
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 (e) Terms and Condition to Receipt of Payment. Unless otherwise provided in
the applicable Award Agreement, a Participant must be employed by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period. Unless otherwise determined
by the Committee, a Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that: (i) the Performance Goals for such period are achieved; and (ii) all or some of the portion of
such Participant’s Performance Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goals. Following the completion of a Performance Period, the Committee
shall determine whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate the amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The
Committee shall then determine the amount of each Participant’s Performance Compensation Award actually payable for the Performance Period. 

13. Changes in Capital Structure and Similar Events. In the event of (a) any dividend (other than ordinary cash dividends)
or other distribution (whether in the form of cash, Common Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation,
spin-off, split-up, split-off, combination, repurchase or exchange of Common Shares or other securities of the Company, issuance
of warrants or other rights to acquire Common Shares or other securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control) that affects the Common Shares, or (b) unusual or
infrequently occurring events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other
requirements of any governmental body or securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate,
then the Committee shall make any such adjustments in such manner as it may deem equitable, subject to the requirements of Code Sections 409A, 421, and 422, if applicable, including without limitation any or all of the following: 

(a) adjusting any or all of (i) the number of Common Shares or other securities of the Company (or number and kind of other securities or
other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under Section 5 of the Plan) and (ii) the
terms of any outstanding Award, including, without limitation, (A) the number of Common Shares or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding
Awards relate, (B) the Exercise Price or Strike Price with respect to any Award or (C) any applicable performance measures (including, without limitation, Performance Criteria and Performance Goals); 

(b) providing for a substitution or assumption of Awards in a manner that substantially preserves the applicable terms of such Awards; 

(c) accelerating the exercisability or vesting of, lapse of restrictions on, or termination of, Awards or providing for a period of time for
exercise prior to the occurrence of such event; 
 (d) modifying the terms of Awards to add events, conditions or circumstances (including
termination of employment within a specified period after a Change in Control) upon which the exercisability or vesting of or lapse of restrictions thereon will accelerate; 

(e) deeming any performance measures (including, without limitation, Performance Criteria and Performance Goals) satisfied at target, maximum
or actual performance through closing or such other level determined by the Committee in its sole discretion, or providing for the performance measures to continue (as is or as adjusted by the Committee) after closing; 

  
 15 

 (f) providing that for a period prior to the Change in Control determined by the Committee
in its sole discretion, any Options or SARs that would not otherwise become exercisable prior to the Change in Control will be exercisable as to all Common Shares subject thereto (but any such exercise will be contingent upon and subject to the
occurrence of the Change in Control and if the Change in Control does not take place after giving such notice for any reason whatsoever, the exercise will be null and void) and that any Options or SARs not exercised prior to the consummation of the
Change in Control will terminate and be of no further force and effect as of the consummation of the Change in Control; and 
 (g) canceling
any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Common Shares, other securities or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which if
applicable may be based upon the price per Common Share received or to be received by other stockholders of the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to
the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the Common Shares subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood
that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a Common Share subject thereto may be canceled and terminated without any payment or consideration
therefor); provided, however, that in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Accounting Standards Codification Topic 718), the Committee shall make an equitable
or proportionate adjustment to outstanding Awards to reflect such equity restructuring. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be final, conclusive and binding for all
purposes. 
 14. Amendments and Termination. 

(a) Amendment and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any
portion thereof at any time; provided that no such amendment, alteration, suspension, discontinuation or termination shall be made without stockholder approval if such approval is necessary to comply with any tax or regulatory requirement
applicable to the Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation system on which the Common Shares may be listed or quoted); provided,
further, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that
extent be effective without the consent of the affected Participant, holder or beneficiary. 
 (b) Amendment of Award Agreements;
Repricing. The Committee may, to the extent consistent with the terms of any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore
granted or the associated Award Agreement, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of
any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, unless the Committee determines, in its sole discretion, that the amendment is necessary for the
Award to comply with Code Section 409A. In addition, the Committee shall, without the approval of the stockholders of the Company, have the authority to reduce the exercise price per share of outstanding Options or Stock Appreciation Rights or
cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price per share that is less than the exercise price per share of the original Options or Stock
Appreciation Rights. 

  
 16 

 15. General. 

(a) Award Agreements. Each Award under the Plan shall be evidenced by an Award Agreement, which shall be delivered to the
Participant (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)) and shall specify the terms and conditions of the Award and any rules
applicable thereto, including, without limitation, the effect on such Award of the death, disability or termination of employment or service of a Participant, or of such other events as may be determined by the Committee. 

(b) Nontransferability. 

(i) Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under
Applicable Law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and
distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 (ii) Notwithstanding the
foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award
Agreement to preserve the purposes of the Plan, to: (A) any person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act
(collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of the Participant and his Immediate Family Members; (C) a partnership or limited liability company whose only partners or stockholders are the
Participant and his Immediate Family Members; or (D) any other transferee as may be approved either (I) by the Board or the Committee in its sole discretion, or (II) as provided in the applicable Award Agreement (each transferee
described in clauses (A), (B), (C) and (D) above is hereinafter referred to as, a “Permitted Transferee”); provided that the Participant gives the Committee advance written notice describing the terms and conditions
of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

(iii) The terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted
Transferee and any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than
by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the Common Shares to be
acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be required
to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of the termination of the
Participant’s employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option
shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement. 

  
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 (c) Tax Withholding and Deductions. 

(i) A Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the
right and is hereby authorized to deduct and withhold, from any cash, Common Shares, other securities or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the amount (in cash, Common Shares,
other securities or other property) of any required taxes (up to the maximum statutory rate under Applicable Law as in effect from time to time as determined by the Committee) and deduction in respect of an Award, its grant, vesting or exercise, or
any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such taxes. 

(ii) Without limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant
to satisfy, in whole or in part, the foregoing tax and deduction liability by (A) the delivery of Common Shares (which are not subject to any pledge or other security interest and are Mature Shares, except as otherwise determined by the
Committee) owned by the Participant having a Fair Market Value equal to such liability or (B) having the Company withhold from the number of Common Shares otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a
number of shares with a Fair Market Value equal to such liability. 
 (d) No Claim to Awards; No Rights to Continued Employment;
Waiver. No employee of the Company or an Affiliate, or other person, shall have any Claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. A
Participant’s sole remedy for any Claim related to the Plan or any Award shall be against the Company, and no Participant shall have any Claim or right of any nature against any Subsidiary or Affiliate of the Company or any stockholder or
existing or former director, officer or employee of the Company or any Subsidiary of the Company. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the
Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan
nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service on the
Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any Claim under the Plan, unless otherwise expressly provided in the Plan or any
Award Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any Claim to continued exercise or vesting of an Award or to damages or severance entitlement related to
non-continuation of the Award beyond the period provided under the Plan or any Award Agreement, notwithstanding any provision to the contrary in any written employment contract or other agreement between the
Company and its Affiliates and the Participant, whether any such agreement is executed before, on or after the Date of Grant. 
 (e)
International Participants. With respect to Participants who reside or work outside of the United States of America, the Committee may in its sole discretion amend the terms of the Plan or outstanding Awards with respect to such
Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other and, in furtherance of such purposes the Administrator may make such modifications, amendments, procedures, sub-plans and the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees. 

  
 18 

 (f) Designation and Change of Beneficiary. Each Participant may file with the
Committee a written designation of one or more persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his death. A Participant may, from time to time, revoke or
change his beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no
designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed
by a Participant, the beneficiary shall be deemed to be his spouse or, if the Participant is unmarried at the time of death, his estate. 

(g) Termination of Employment/Service. Unless determined otherwise by the Committee at any time following such event and subject
to Section 15(r) of the Plan: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment or service with the Company to employment or service with an Affiliate (or
vice-versa) shall be considered a termination of employment or service with the Company or an Affiliate; and (ii) if a Participant’s employment with the Company and its Affiliates terminates, but such Participant continues to provide
services to the Company and its Affiliates in a non-employee capacity (or vice-versa), such change in status shall not be considered a termination of employment with the Company or an Affiliate. 

(h) No Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no person shall be
entitled to the privileges of ownership in respect of Common Shares or other securities that are subject to Awards hereunder until such shares have been issued or delivered to that person. 

(i) Government and Other Regulations. 

(i) The obligation of the Company to settle Awards in Common Shares or other consideration shall be subject to all Applicable
Laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be
prohibited from offering to sell or selling, any Common Shares or other securities pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless
the Company has received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been
fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the Common Shares or other securities to be offered or sold under the Plan. The Committee shall have the authority to provide that all
certificates for Common Shares or other securities of the Company or any Affiliate delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award
Agreement, the federal securities laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system upon which such
shares or other securities are then listed or quoted and any other applicable federal, state, local or non-U.S. laws, and, without limiting the generality of Section 9 of the Plan, the Committee may cause
a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any
Award granted under the Plan that it in its sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 

  
 19 

 (ii) The Committee may cancel an Award or any portion thereof if the
Committee determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of Common Shares from the public markets, the Company’s issuance
of Common Shares or other securities to the Participant, the Participant’s acquisition of Common Shares or other securities from the Company and/or the Participant’s sale of Common Shares to the public markets, illegal, impracticable or
inadvisable. If the Committee determines to cancel all or any portion of an Award denominated in Common Shares in accordance with the foregoing, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair
Market Value of the Common Shares subject to such Award or portion thereof that is canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate
Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of Common Shares (in the case of any other Award). Such amount shall be delivered to the Participant as soon as
practicable following the cancellation of such Award or portion thereof. 
 (j) Payments to Persons Other Than Participants.
If the Committee shall find that any person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior
Claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by
the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 

(k) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders
of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options or other
equity-based awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 

(l) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of
any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of
satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records
or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as
they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees or service providers under general law. 

(m) Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing
to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of the Company and its Affiliates and/or any other information furnished in
connection with the Plan by any agent of or service provider to the Company or the Committee or the Board, other than himself. 
 (n)
Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise
specifically provided in such other plan. 

  
 20 

 (o) Governing Law. The Plan shall be governed by and construed in accordance
with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof. 

(p) Severability. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the
Applicable Laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction,
person or entity or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
 (q) Obligations
Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or upon any
successor corporation or organization succeeding to substantially all of the assets and business of the Company. 
 (r) Code
Section 409A. 
 (i) Notwithstanding any provision of the Plan to the contrary, all
Awards made under the Plan are intended to be exempt from or, in the alternative, comply with Code Section 409A and the authoritative guidance thereunder, including the exceptions for stock rights and short-term deferrals. The Plan shall be
construed and interpreted in accordance with such intent. Each payment under an Award shall be treated as a separate payment for purposes of Code Section 409A. 

(ii) If a Participant is a “specified employee” (as such term is defined for purposes of Code Section 409A) at
the time of his termination of service, no amount that is nonqualified deferred compensation subject to Code Section 409A and that becomes payable by reason of such termination of service shall be paid to the Participant (or in the event of the
Participant’s death, the Participant’s representative or estate) before the earlier of (x) the first business day after the date that is six months following the date of the Participant’s termination of service, and
(y) within 30 days following the date of the Participant’s death. For purposes of Code Section 409A, a termination of service shall be deemed to occur only if it is a “separation from service” within the meaning of Code
Section 409A, and references in the Plan and any Award Agreement to “termination of service” or similar terms shall mean a “separation from service.” If any Award is or becomes subject to Code Section 409A, unless the
applicable Award Agreement provides otherwise, such Award shall be payable upon the Participant’s “separation from service” within the meaning of Code Section 409A. If any Award is or becomes subject to Code Section 409A and
if payment of such Award would be accelerated or otherwise triggered under a Change in Control, then the definition of Change in Control shall be deemed modified, only to the extent necessary to avoid the imposition of any additional tax under Code
Section 409A, to mean a “change in control event” as such term is defined for purposes of Code Section 409A. 

(iii) Any adjustments made pursuant to Section 13 to Awards that are subject to Code Section 409A shall be made in
compliance with the requirements of Code Section 409A, and any adjustments made pursuant to Section 13 to Awards that are not subject to Code Section 409A shall be made in such a manner as to ensure that after such adjustment, the
Awards either (x) continue not to be subject to Code Section 409A or (y) comply with the requirements of Code Section 409A. 

(s) Expenses; Gender; Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its
Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan,
rather than such titles or headings shall control. 

  
 21 

 (t) Other Agreements. Notwithstanding the above, the Committee may require, as
a condition to the grant of and/or the receipt of Common Shares or other securities under an Award, that the Participant execute lock-up, stockholder or other agreements, as it may determine in its sole and
absolute discretion. 
 (u) Payments. Participants shall be required to pay, to the extent required by Applicable Law,
any amounts required to receive Common Shares or other securities under any Award made under the Plan. 
 (v) Erroneously Awarded
Compensation. All Awards shall be subject (including on a retroactive basis) to (i) any clawback, forfeiture or similar incentive compensation recoupment policy established from time to time by the Company, including, without
limitation, any such policy established to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act, (ii) Applicable Law (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act), and/or (iii) the rules and regulations of the applicable securities exchange or inter-dealer quotation system on which the Common Shares or other securities are listed or quoted, and
such requirements shall be deemed incorporated by reference into all outstanding Award Agreements. 

  
 22EX-10.4

 Exhibit 10.4 

SES HOLDINGS PTE. LTD. 

2021 Share Incentive Plan 

1. Purpose and Background. 

1.1 Purpose. The purpose of this plan (the “Plan”) is to secure for SES Holdings Pte. Ltd., a Singapore company (the
“Company”) and its shareholders the benefits arising from share ownership by employees, officers and directors of, and consultants or advisors to, the Company and its holding and subsidiary corporations who are expected to contribute to
the Company’s future growth and success. Under the Plan recipients may be awarded both (i) Options (as defined in Section 2.1) to purchase ordinary shares in the capital of the Company (“Shares”) and (ii) Shares
(“Restricted Share Awards”). Except where the context otherwise requires, the term “Company” shall include any holding corporation and all present and future subsidiaries of the Company as defined in Section 5 of the
Companies Act (Cap. 50) of Singapore, as amended or replaced from time to time (the “Act”). Those provisions of the Plan which make express reference to Section 422 of the Internal Revenue Code of 1986 (the “Code”) shall
apply only to Incentive Stock Options (as that term is defined below). 
 1.2 Background. On 7 November 2018, the Company,
SolidEnergy Systems Corp. (the “US Company”) and SES Holdings Merger Sub, Inc. entered into an agreement and plan of merger (the “Merger Agreement”), pursuant to which SES Holdings Merger Sub, Inc. will be merged with and into
the US Company, with the US Company surviving the merger as a wholly owned subsidiary of the Company in accordance with the terms and conditions contained therein (the “Merger”). As set out in the Merger Agreement, each option (each, an
“Outstanding US Option”) to acquire shares of US Company’s common stock, par value US$0.000001 per share (“Common Stock”) that is outstanding under the US Company’s 2013 Stock Incentive Plan (the “US Plan”)
immediately prior to the Effective Time, whether or not vested or exercisable, shall be, by virtue of the Merger and without any action on the part of the holder thereof, or any other person, assumed by the Company and shall be converted into an
Option (as the term is defined below). Each Outstanding US Option so assumed and converted shall continue to have, and shall be subject to, the same terms and conditions as applied to such option immediately prior to the Effective Time, provided
that, as of the Effective Time, each such Outstanding US Option so assumed and converted shall be an option to acquire that number of whole Shares equal to the number of shares of Common Stock subject to such Outstanding US Option at the same
exercise price per share. For the avoidance of doubt, each Outstanding US Option shall be subject to, and exercised in accordance with the terms and conditions of the US Plan save that references to the references to shares of Common Stock shall
refer to the Shares instead. For the purposes of this Section 1.2, “Effective Time” means the time at which the Merger becomes effective in accordance with the Merger Agreement. 

 2. Types of Awards and Administration. 

2.1 Options. Options granted pursuant to the Plan (“Options”) shall be authorized by action of the Board of Directors of the Company
(the “Board” or “Board of Directors”) and may be either incentive stock options (“Incentive Stock Options”) meeting the requirements of Section 422 of the Internal Revenue Code of 1986 (the “Code”) or non-statutory Options which are not intended to meet the requirements of Section 422. All Options when granted are intended to be non-statutory Options, unless the
applicable Option Agreement (as defined in Section 5.1) explicitly states that the Option is intended to be an Incentive Stock Option. The vesting of Options may be conditioned upon the completion of a specified period of employment with the
Company and/or such other conditions or events as the Board may determine. The Board may also provide that Options are immediately exercisable subject to certain repurchase rights in the Company dependent upon the continued employment of the
optionee and/or such other conditions or events as the Board may determine. 
 2.1.1 Incentive Stock Options. Incentive Stock
Options may only be granted to employees of the Company. For so long as the Code shall so provide, Options granted to any employee under the Plan (and any other incentive share option plans of the Company) which are intended to constitute Incentive
Stock Options shall not constitute Incentive Stock Options to the extent that such Options, in the aggregate, become exercisable for the first time in any one calendar year for Shares with an aggregate fair market value (determined as of the
respective date or dates of grant) of more than US$100,000. If an Option is intended to be an Incentive Stock Option, and if for any reason such Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of
such nonqualification, such Option (or portion thereof) shall be regarded as a non-statutory Option appropriately granted under the Plan provided that such Option (or portion thereof) otherwise meets the
Plan’s requirements relating to non-statutory Options. 
 2.2 Restricted Share Awards.
The Board in its discretion may grant Restricted Share Awards, entitling the recipient to acquire, for a purchase price determined by the Board, Shares subject to such restrictions and conditions as the Board may determine at the time of grant
(“Restricted Shares”), including continued employment and/or achievement of pre- established performance goals and objectives. 

2.3 Date of Grant. The date on which Options and Restricted Share Awards shall be deemed granted under the Plan shall be the date
on which the Board approved the grant or the date specified as the date of grant in the Option Agreement (as that term is defined below) or the Restricted Share Agreement (as that term is defined below) as the case may be. 

2.4 Administration. The Plan shall be administered by the Board, whose construction and interpretation of the terms and
provisions of the Plan shall be final and conclusive. Subject to prior approval of the Company being obtained in general meeting in accordance with the Act, the Board may in its sole discretion authorize issuance of Restricted Shares, the grant of
Options and the issuance of shares upon exercise of such Options as provided in the Plan. The Board shall have authority, subject to the express provisions of the Plan, to construe Restricted Share Agreements, Option Agreements and the Plan, to
prescribe, amend and rescind rules and regulations relating to the Plan, to determine the terms and provisions of Restricted Share Agreements and Option Agreements, and to make all other determinations in the judgment of the Board necessary or
desirable for the administration of the Plan. The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Restricted Share Agreement or Option Agreement in the manner and to the extent it shall deem
expedient to carry the Plan into effect and it shall be the sole and final judge 

  
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of such expediency. No director or person acting pursuant to authority delegated by the Board shall be liable for any action or determination under the Plan made in good faith. The Board may, to
the full extent permitted by or consistent with applicable laws or regulations, delegate any or all of its powers under the Plan to a committee (the “Committee”) appointed by the Board, and if the Committee is so appointed, to the extent
of such delegation, all references to the Board in the Plan shall mean and relate to such Committee, other than references to the Board in this sentence and in Section 19 (as to amendment or termination of the Plan). 

3. Eligibility. 
 Options
may be granted, and Restricted Shares may be issued, to persons who are, at the time of such grant or issuance, employees, officers or directors of, or consultants or advisors to, the Company; provided, that the class of persons to whom
Incentive Stock Options may be granted shall be limited to employees of the Company. 
 3.1 10% Shareholder. If any employee to
whom an Incentive Stock Option is to be granted is, at the time of the grant of such Option, the owner of shares possessing more than 10% of the total combined voting power of all classes of shares of the Company (after taking into account the
attribution of share ownership rules of Section 424(d) of the Code) (a “Greater Than 10% Shareholder”), any Incentive Stock Option granted to such individual must: (i) have an exercise price per share of not less than 110% of the fair
market value of one Share at the time of grant; and (ii) expire by its terms not more than five (5) years from the date of grant. 

4. Shares Subject to Plan. 

Subject to adjustment as provided in Section 14.2 below, the maximum number of Shares which may be issued under the Plan is
4,208,961Shares. If an Option shall expire or terminate for any reason without having been exercised in full, the unpurchased Shares subject to such Option shall again be available for subsequent Option grants or Restricted Share Awards under the
Plan. If Restricted Shares shall be forfeited to, or otherwise repurchased by, the Company pursuant to a Restricted Share Agreement, such repurchased Shares shall again be available for subsequent Option grants or Restricted Share Awards under the
Plan. If Shares issued upon exercise of an Option are tendered to the Company in payment of the exercise price of an Option, such tendered Shares shall again be available for subsequent Option grants or Restricted Share Awards under the Plan. 

5. Forms of Restricted Share Agreements and Option Agreements. 

5.1 Option Agreement. Each recipient of an Option shall execute an option agreement (“Option Agreement”) in such form not
inconsistent with the Plan as may be approved by the Board of Directors. Such Option Agreements may differ among recipients. 
 5.2
Restricted Share Agreement. Each recipient of a grant of Restricted Shares shall execute an agreement (“Restricted Share Agreement”) in such form not inconsistent with the Plan as may be approved by the Board of Directors. Such
Restricted Share Agreements may differ among recipients. 

  
 -3- 

 5.3 “Lock-Up” Agreement.
Unless the Board specifies otherwise, each Restricted Share Agreement and Option Agreement shall provide that upon the request of the Company or the managing underwriter(s) of any offering of securities of the Company that is the subject of a
registration statement filed under the United States Securities Act of 1933, as amended from time to time (the “US Securities Act”), the holder of any Option or the purchaser of any Restricted Shares shall, in connection therewith, agree
in writing (in such form as the Company or such managing underwriter(s) shall request) to the general effect that for a period of time (not to exceed 180 days, plus such additional number of days (not to exceed 35) as may reasonably be requested to
enable the underwriter(s) of such offering to comply with Rule 2711(f) of the Financial Industry Regulatory Authority or any amendment or successor thereto) from the effective date of the registration statement under the US Securities Act for such
offering, the holder or purchaser will not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Shares of the Company owned or controlled by him or her. 

6. Purchase Price. 

6.1 General. The purchase price per Restricted Share and per share deliverable upon the exercise of an Option shall be determined
by the Board, provided, however, that in the case of any Option, the exercise price shall not be less than 100% of the fair market value of such Share, as determined by the Board, at the time of grant of such Option, or less than 110% of such fair
market value in the case of any Incentive Stock Option granted to a Greater Than 10% Shareholder. 
 6.2 Payment of Purchase Price.
Option Agreements may provide for the payment of the exercise price by delivery of cash or a check to the order of the Company in an amount equal to the exercise price of such Options, or, to the extent provided in the applicable Option
Agreement, by one of the following methods: 
 (i) with the consent of the Board, by delivery to the Company of Shares; such
surrendered shares shall have a fair market value equal in amount to the exercise price of the Options being exercised, 

(ii) with the consent of the Board, a personal recourse note issued by the optionee to the Company in a principal amount equal
to such aggregate exercise price and with such other terms, including interest rate and maturity, as the Company may determine in its discretion, 

(iii) with the consent of the Board, if the class of Shares is registered under the Securities Exchange Act of 1934 at such
time, subject to rules as may be established by the Board, by delivery to the Company of a properly executed exercise notice along with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to
the Company for the purchase price, 
 (iv) with the consent of the Board, by reducing the number of Option Shares otherwise
issuable to the optionee upon exercise of the Option by a number of Shares having a fair market value equal to such aggregate exercise price, or 

  
 -4- 

 (v) with the consent of the Board, by any combination of such methods of
payment. 
 The fair market value of any Shares or other non-cash consideration which may be
delivered upon exercise of an Option shall be determined by the Board of Directors. Restricted Share Agreements may provide for the payment of any purchase price in any manner approved by the Board of Directors at the time of authorizing the
issuance thereof. 
 7. Option Period. 

Notwithstanding any other provision of the Plan or any Option Agreement, each Option and all rights thereunder shall expire on the date
specified in the applicable Option Agreement, provided that such date shall not be later than ten (10) years after the date on which the Option is granted (or five (5) years in the case of an Incentive Stock Option granted to a Greater
Than 10% Shareholder), and in either case, shall be subject to earlier termination as provided in the Plan or Option Agreement. 
 8.
Exercise of Options. 
 8.1 General. Each Option shall be exercisable either in full or in installments at such time or
times and during such period as shall be set forth in the Option Agreement evidencing such Option, subject to the provisions of the Plan. To the extent not exercised, installments shall accumulate and be exercisable, in whole or in part, at any time
after becoming exercisable, but not later than the date the Option expires. 
 8.2 Notice of Exercise. An Option may be
exercised by the optionee by delivering to the Company on any business day a written notice specifying the number of Shares the optionee then desires to purchase and specifying the address (or e-mail address)
to which the certificates for such Shares are to be delivered (the “Notice”), accompanied by payment for such Shares. In addition, the Company may require any individual to whom an Option is granted, as a condition of exercising such
Option, to give written assurances (the “Investment Letter”) in a substance and form satisfactory to the Company to the effect that such individual is acquiring the Shares subject to the Option for his or her own account for investment and
not with a view to the resale or distribution thereof, and to such other effects as the Company deems necessary or advisable in order to comply with any securities law(s). An Option shall be deemed to be exercised upon the receipt by the Company of
the said notice duly completed and the receipt by the Company of the full payment in respect of such Shares which have been exercised under the Option. 

8.3 Delivery. Subject to such consents or other actions required by any competent authority under any regulations or enactments
for the time being in force as may be necessary, and compliance with the Plan and the Constitution of the Company (the “Constitution”), as promptly as practicable after receipt of the Notice, the Investment Letter (if required) and
payment, the Company shall issue and allot or transfer the Shares in respect of which such Option has been so exercised and deliver or cause to be delivered to the optionee certificates (in physical or electronic form) for the number of Shares with
respect to which such Option has been so exercised, issued in the optionee’s name; provided, however, that such 

  
 -5- 

 delivery shall be deemed effected for all purposes when (i) the Company or a share
transfer agent shall have deposited such certificates in the Singapore mail, addressed to the optionee, at the address specified in the Notice, or (ii) delivered electronically to the optionee by e-mail
or other form of electronic communication. 
 8.4 Exercised Shares. Shares issued and allotted or transferred upon exercise of
an Option shall be subject to all provisions of the Constitution and shall rank pari passu in all respects with the then issued Shares (excluding treasury shares) in the capital of the Company except for any dividend,
rights, allotments or other distributions, the Record Date for which is prior to the date such Option is exercised. For the purposes of this Section 8.4, “Record Date” means the date as at the close of business on which the
shareholders of the Company must be registered in order to participate in any dividends, rights, allotments or other distributions. 
 9.
Transferability of Options. 
 No Incentive Stock Option shall be assignable or transferable by the person to whom it is granted, either
voluntarily or by operation of law, except by will or the laws of descent and distribution, and during the life of an optionee, an Incentive Stock Option shall be exercisable only by the optionee. The Board may, in its discretion, determine the
extent to which a non- statutory Option shall be transferable. 
 9. Termination of
Employment; Disability; Death. Except as may be otherwise expressly provided in the terms and conditions of the Option Agreement, Options shall terminate on the earliest to occur of: 

 

	 	(i)	 the date of expiration thereof; 

 

	 	(ii)	 thirty (30) days after termination of the optionee’s employment with, or provision of services to,
the Company by the Company for Cause (as hereinafter defined); 

  

	 	(iii)	 ninety (90) days after the date of voluntary termination of the optionee’s employment with, or
provision of services to, the Company by the optionee (other than for death or permanent disability as defined below); or 

  

	 	(iv)	 ninety (90) days after the date of termination of the optionee’s employment with, or provision of
services to, the Company by the Company without Cause (other than for death or permanent disability as defined below). 

Until the date on which the Option so expires, the optionee may exercise that portion of his or her Option which is exercisable at the time of
termination of the employment or service relationship. 
 An employment or service relationship between the Company and the optionee shall be
deemed to exist during any period during which the optionee is employed by or providing services to the Company. Whether an authorized leave of absence or an absence due to military or government service shall constitute termination of the
employment relationship between the Company and the optionee shall be determined by the Board at the time thereof. 

  
 -6- 

 For purposes of this Section 10, the term “Cause” shall mean (a) any material
breach by the optionee of any agreement to which the optionee and the Company are both parties, (b) any act (other than retirement) or omission to act by the optionee which may have a material and adverse effect on the Company’s business
or on the optionee’s ability to perform services for the Company, including, without limitation, the commission of any crime (other than minor traffic violations), or (c) any material misconduct or material neglect of duties by the
optionee in connection with the business or affairs of the Company. An optionee’s employment shall be deemed to have been terminated for Cause if the Company determines within thirty (30) days of the termination of employment (whether such
termination was voluntary or involuntary) that termination for Cause was warranted. 
 In the event of the permanent and total disability or
death of an optionee while in an employment or other relationship with the Company, any Option held by such optionee shall terminate on the earlier of the date of expiration of the Option or one hundred eighty (180) days following the date of
such disability or death. After disability or death, the optionee (or in the case of death, his or her executor, administrator or any person or persons to whom this option may be transferred by will or by laws of descent and distribution) shall have
the right, at any time prior to such termination of an Option, to exercise the Option to the extent the optionee was entitled to exercise such Option as of the date of his or her disability or death. An optionee is permanently and totally disabled
if he or she is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months. 

10. Rights as a Shareholder. The holder of an Option shall have no rights as a shareholder with respect to any Shares covered by the
Option (including, without limitation, any rights to receive dividends or non-cash distributions with respect to such shares) until the date of issue of a share certificate to him or her for such Shares. No
adjustment shall be made for dividends or other rights for which the record date is prior to the date such share certificate is issued. 

11. Additional Provisions. The Board of Directors may, in its sole discretion, include additional provisions in Restricted Share
Agreements and Option Agreements, including, without limitation, restrictions on transfer, rights of the Company to repurchase Restricted Stock or Shares acquired upon exercise of Options, commitments to pay cash bonuses, to make, arrange for or
guaranty loans or to transfer other property to optionees upon exercise of Options, or such other provisions as shall be determined by the Board of Directors; provided that such additional provisions shall not be inconsistent with any other
term or condition of the Plan and such additional provisions shall not be such as to cause any Incentive Stock Option to fail to qualify as an Incentive Stock Option within the meaning of Section 422 of the Code. 

12. Acceleration, Extension, Etc. The Board of Directors may, in its sole discretion, (i) accelerate the date or dates on which all or
any particular Option or Options may be exercised or (ii) extend the period or periods of time during which all, or any particular, Option or Options may be exercised. 

  
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 13. Adjustment Upon Changes in Capitalization 

13.1 No Effect of Options upon Certain Corporate Transactions. The existence of outstanding Options shall not affect in any way
the right or power of the Company to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation, or any issue of Shares, or
any issue of bonds, debentures, preferred or prior preference shares ahead of or affecting the Shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or
any other corporate act or proceeding, whether of a similar character or otherwise. 
 13.2 Adjustment Provisions. If, through
or as a result of any merger, consolidation, sale of all or substantially all of the assets of the Company, reorganization, recapitalization, reclassification, share dividend, share split, reverse share split or other similar transaction,
(i) the outstanding Shares are increased, decreased or exchanged for a different number or kind of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such Shares or other securities, an appropriate and proportionate adjustment shall be made in (x) the maximum number and kind of shares reserved for issuance
under the Plan, (y) the number and kind of shares or other securities subject to any then outstanding Options, and (z) the price for each share or other security subject to any then outstanding Options, so that upon exercise of such
Options, in lieu of the Shares for which such Options were then exercisable, the relevant optionee shall be entitled to receive, for the same aggregate consideration, the same total number and kind of shares or other securities, cash or property
that the owner of an equal number of outstanding Shares immediately prior to the event requiring adjustment would own as a result of the event. If any such event shall occur, appropriate adjustment shall also be made in the application of the
provisions of this Section 14 and Section 15 with respect to Options and the rights of optionees after the event so that the provisions of such Sections shall be applicable after the event and be as nearly equivalent as practicable in
operation after the event as they were before the event. 
 13.3 No Adjustment in Certain Cases. Except as hereinbefore
expressly provided, the issue by the Company of shares of any class, or securities convertible into shares of any class, for cash or property or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe
therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares then subject to
outstanding options. 
 13.4 Board Authority to Make Adjustments. Any adjustments under this Section 14 will be made by the Board of
Directors, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive. The Company may be permitted to issue fractional shares under the Plan on account of any such adjustments. 

  
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 14. Effect of Certain Transactions 

14.1 General. Except as provided in any Option Agreement or Restricted Share Agreement to the contrary, if the Company is merged with or
into or consolidated with another corporation under circumstances where the shareholders of the Company immediately prior to such merger or consolidation do not own after such merger or consolidation shares representing at least fifty percent (50%)
of the voting power of the Company or the surviving or resulting corporation, as the case may be, or if shares representing fifty percent (50%) or more of the voting power of the Company are transferred to an Unrelated Third Party, as hereinafter
defined, or if the Company is liquidated, or sells or otherwise disposes of all or substantially all its assets (each such transaction is referred to herein as a “Change in Control Transaction”), the Board, or the board of directors of any
corporation assuming the obligations of the Company, may, in its discretion, take any one or more of the following actions, as to some or all outstanding Options or Restricted Share Awards (and need not take the same action as to each such Option or
Restricted Share Award): (i) provide that such Options shall be assumed, or equivalent Options shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), provided that any such Options substituted for
Incentive Stock Options shall meet the requirements of Section 424(a) of the Code, (ii) upon written notice to the optionees, provide that all unexercised Options will terminate immediately prior to the consummation of the Change in
Control Transaction unless exercised by the optionee to the extent otherwise then exercisable within a specified period following the date of the Notice, (iii) upon written notice to the grantees, provide that all unvested Restricted Shares
shall be repurchased at cost, (iv) make or provide for a cash payment to the optionees equal to the difference between (A) the fair market value of the per share consideration (whether cash, securities or other property or any combination
of the above) the holder of a Share will receive upon consummation of the Change in Control Transaction (the “Per Share Transaction Price”) times the number of Shares subject to outstanding vested Options (to the extent then exercisable at
prices not equal to or in excess of the Per Share Transaction Price) and (B) the aggregate exercise price of such outstanding vested Options, in exchange for the termination of such Options, or (v) provide that all or any outstanding
Options shall become exercisable and all or any outstanding Restricted Share Awards shall vest in part or in full immediately prior to such event. To the extent that any Options are exercisable at a price equal to or in excess of the Per Share
Transaction Price, the Board may provide that such Options shall terminate immediately upon the consummation of the Change in Control Transaction without any payment being made to the holders of such Options. “Unrelated Third Party”
shall mean any person who is not, on the date of adoption of this Plan by the Board, a holder of shares of any class or preference or any share option of the Company. 

14.2 Substitute Options. The Company may grant Options in substitution for options held by employees, officers or directors of, or
consultants or advisors to, another corporation who become employees, officers or directors of, or consultants or advisors to, the Company, as the result of a merger or consolidation of the employing corporation with the Company or as a result of
the acquisition by the Company of property or shares of the employing corporation. The Company may direct that substitute Options be granted on such terms and conditions as the Board considers appropriate in the circumstances. 

14.3 Restricted Shares. In the event of a business combination or other transaction of the type detailed in Section 14.1,
any securities, cash or other property received in exchange for Restricted Shares shall continue to be governed by the provisions of any Restricted Share Agreement pursuant to which they were issued, including any provision regarding vesting, and
such securities, cash, or other property may be held in escrow on such terms as the Board of Directors may direct, to insure compliance with the terms of any such Restricted Share Agreement. 

  
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 15. No Special Employment Rights. Nothing contained in the Plan or in any Option
Agreement or Restricted Share Agreement shall confer upon any optionee or holder of Restricted Shares any right with respect to the continuation of his or her employment by the Company or interfere in any way with the right of the Company at any
time to terminate such employment or to increase or decrease his or her compensation. 
 16. Other Employee Benefits. The
amount of any compensation deemed to be received by an employee as a result of the issuance of Restricted Shares or the grant or exercise of an Option or the sale of shares received upon issuance of a Restricted Share Award or exercise of an Option
will not constitute compensation with respect to which any other employee benefits of such employee are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, life insurance or salary continuation plan, except
as otherwise specifically determined by the Board of Directors. 
 17. No Additional Rights. The Plan shall not confer on any
person any legal or equitable rights (other than those constituting the Options and the Restricted Share Awards themselves) against the Company directly or indirectly or give rise to any cause of action at law or in equity against the Company. 

18. Amendment of the Plan. 

18.1 The Board may at any time, and from time to time, modify or amend in any respect or terminate the Plan. If shareholder approval is
not obtained within twelve (12) months after any amendment increasing the number of shares authorized under the Plan or changing the class of persons eligible to receive Options under the Plan, no Options granted pursuant to such amendments
shall be deemed to be Incentive Stock Options and no Incentive Stock Options shall be issued pursuant to such amendments thereafter. 

18.2 The termination or any modification or amendment of the Plan shall not, without the consent of an optionee or the holder of
Restricted Shares, adversely affect his or her rights under an Option or Restricted Share Award previously granted to him or her. With the consent of the recipient of Restricted Shares or optionee affected, the Board may amend outstanding Restricted
Share Agreements or Option Agreements in a manner not inconsistent with the Plan. 
 19. Withholding. The Company shall have
the right to deduct from payments of any kind otherwise due to the optionee or recipient of Restricted Share, any taxes of any kind required by law to be withheld with respect to issuance of any Restricted Shares or Shares issued upon exercise of
Options. Prior to delivery of any Shares pursuant to the terms of this Plan, the Board has the right to require that the optionee or recipient of Restricted Shares remit to the Company an amount sufficient to satisfy any minimum tax withholding
obligation. Subject to the prior approval of the Company, which may be withheld by the Company in its sole discretion, the obligor may elect to satisfy any minimum withholding obligations, in whole or in

  
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part, (i) by causing the Company to withhold Shares otherwise issuable, or (ii) by delivering to the Company a sufficient number of Shares. The Shares so withheld shall have a fair
market value equal to such minimum withholding obligation. The fair market value of the Shares used to satisfy such minimum withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be
determined. A person who has made an election pursuant to this Section 20 may only satisfy his or her withholding obligation with Shares which are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar restrictions.

 20. Effective Date and Duration of the Plan. 

20.1 Effective Date. The Plan shall become effective when adopted by the Board of Directors. If shareholder approval is not
obtained within twelve (12) months after the date of the Board’s adoption of the Plan, no Options previously granted under the Plan shall be deemed to be Incentive Stock Options and no Incentive Stock Options shall be granted thereafter.
Amendments to the Plan not requiring shareholder approval shall become effective when adopted by the Board. Amendments requiring shareholder approval shall become effective when adopted by the Board, but if shareholder approval is not obtained
within twelve (12) months of the Board’s adoption of such amendment, any Incentive Stock Options granted pursuant to such amendment shall be deemed to be non-statutory Options provided that such
Options are authorized by the Plan. Subject to this limitation, Options may be granted under the Plan at any time after the effective date and before the date fixed for termination of the Plan. 

20.2 Termination. Unless sooner terminated by action of the Board of Directors, the Plan shall terminate upon the close of
business on the day next preceding the tenth anniversary of the date of its adoption by the Board of Directors and if the Plan is so terminated, no further Options and Restricted Share Awards shall be granted by the Company hereunder. 

21. Provision for Foreign Participants. The Board of Directors may, without amending the Plan, modify the terms of Option
Agreements or Restricted Share Agreements to differ from those specified in the Plan with respect to participants who are foreign nationals or employed outside Singapore to recognize differences in laws, rules, regulations or customs of such foreign
jurisdictions with respect to tax, securities, currency, employee benefit or other matters. 

  
 -11- 

 22. Requirements of Law. The Company shall not be required to sell or issue
any shares under any Option or Restricted Share Award if the issuance of such shares shall constitute a violation by the optionee, the Restricted Share Award recipient, or by the Company of any provision of any law or regulation of any governmental
authority. In the event that a grant of an Option or Restricted Share Award results in a contravention of any law or regulation of any governmental authority, such grant shall be null and void and of no effect and the relevant optionee shall have no
claim whatsoever against the Company. In addition, in connection with the US Securities Act, the Company shall not be required to issue any Shares upon exercise of any Option unless the Company has received evidence satisfactory to it to the effect
that the holder of such Option will not transfer such Shares except pursuant to a registration statement in effect under the US Securities Act or unless an opinion of counsel satisfactory to the Company has been received by the Company to the effect
that such registration is not required in connection with any such transfer. Any determination in this connection by the Board shall be final, binding and conclusive. In the event the Shares issuable on exercise of an Option are not registered under
the US Securities Act or under the securities laws of each relevant state or other jurisdiction, the Company may imprint on the certificate(s) appropriate legends that counsel for the Company considers necessary or advisable to comply with the US
Securities Act or any such state or other securities law. The Company may register, but in no event shall be obligated to register, any securities covered by the Plan pursuant to the US Securities Act; and in the event any Shares are so registered
the Company may remove any legend on certificates representing such Shares. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option, the grant of any Restricted Share Award or the issuance of
Shares pursuant thereto to comply with any law or regulation of any governmental authority. 
 23. Conversion of Incentive Stock
Options into Non-Qualified Options; Termination. The Board of Directors, with the consent of any optionee, may in its discretion take such actions as may be necessary to convert such optionee’s
Incentive Stock Options (or any installments or portions of installments thereof) that have not been exercised on the date of conversion into non-statutory Options at any time prior to the expiration of such
Incentive Stock Options, regardless of whether the optionee is an employee of the Company or a holding company or subsidiary of the Company at the time of such conversion. At the time of such conversion, the Board of Directors (with the consent of
the optionee) may impose such conditions on the exercise of the resulting non-statutory Options as the Board of Directors in its discretion may determine, provided that such conditions shall not be
inconsistent with this Plan. Nothing in this Plan shall be deemed to give any optionee the right to have such optionee’s Incentive Stock Options converted into non-statutory Options, and no such
conversion shall occur until and unless the Board of Directors takes appropriate action. The Board of Directors, with the consent of the optionee, may also terminate any portion of any Incentive Stock Option that has not been exercised at the time
of such termination. 
 24. Non-Exclusivity of this Plan;
Non-Uniform Determinations. Neither the adoption of this Plan by the Board of Directors nor the approval of this Plan by the shareholders of the Company shall be construed as creating any limitations on
the power of the Board of Directors to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of share options otherwise than under this Plan, and such arrangements may be either applicable
generally or only in specific cases. 

  
 -12- 

 The determinations of the Board of Directors under this Plan need not be uniform and may be
made by it selectively among persons who receive or are eligible to receive Options or Restricted Share Awards under this Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Board of
Directors shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Option Agreements and
Restricted Share Agreements, as to (a) the persons to receive Options or Restricted Share Awards under this Plan, (b) the terms and provisions of Options or Restricted Share Awards, (c) the exercise by the Board of Directors of its
discretion in respect of the exercise of Options pursuant to the terms of this Plan, and (d) the treatment of leaves of absence pursuant to Section 10 hereof. 

25. Governing Law. This Plan and each Option or Restricted Share Award shall be governed by the laws of Singapore, without regard
to its principles of conflicts of law. 
 26. Notices. Any notice required to be given by an optionee to the Company shall be
sent or made to the registered office of the Company or such other address as may be notified by the Company to him in writing or by e-mail to qichao@solidenergysystems.com 

27. Disclaimer of Liability. Notwithstanding any provisions herein contained and subject to the Act, the Board, the Committee and
the Company shall not under any circumstances be held liable for any costs, losses, expenses and damages whatsoever and howsoever arising in respect of any matter under or in connection with the Plan, including the Company’s delay in issuing,
or procuring the transfer of, the Shares. 
 28. Third Party Rights. A person who is not a party to this Plan shall have no
right under the Contracts (Rights of Third Parties) Act (Cap. 53B) of Singapore or under any law, to enforce any provision in this Plan. 

  
 -13-

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