Document:

Exhibit
10.89

 

 

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This Executive
Employment Agreement (“Agreement”) is by and between TTEC Digital, LLC (“TTEC Digital” or the “Company”),
a wholly owned subsidiary of TTEC Holdings, Inc., a Delaware corporation (“TTEC Parent”), and George S. Demou ("Executive"
or “Demou”), each a “Party” and together the “Parties.”

 

In connection
with the acquisition by TTEC Digital of Avtex Solutions Holdings, LLC (“Avtex”), TTEC is entering into this Agreement with
Mr. Demou, a senior key employee and one of the sellers of Avtex. This Agreement is executed to be effective (“Effective Date”)
as of the Closing of Avtex acquisition transaction by TTEC (“Avtex Closing”.) The execution of this Agreement by the Executive
constitutes a condition precedent to the TTEC’s signing of the Avtex sale and purchase agreement. The capitalized terms used in
this Agreement and not otherwise defined in this document are defined in the Avtex Solutions Holdings, LLC Equity Purchase Agreement
of date hereof.

 

1.       Appointment.

 

a.   
Subject to Avtex Closing, TTEC Parent hereby appoints Mr. Demou as President for TTEC Digital business segment and vests him with
all relevant executive responsibilities, including the P&L responsibility for business, in the best interest of TTEC Parent and its
shareholders, as directed by TTEC Parent Chief Executive Officer (“TTEC CEO”) and its Board of Directors (the “Board”).
In this role, the Executive will report to the TTEC CEO and will be a member of TTEC Parent’s executive leadership team, known
as the Executive Committee (the “EC”). For purposes of relevant U.S. federal securities laws, the President TTEC Digital
is a public company executive officer (known as “Section 16 Officer”), which subjects the Executive to all of the various
compliance requirements appropriate for Section 16 Officers. Please refer TTEC’s Directors and Executive Officers U.S. Securities
Law Handbook.

 

b.   
The Executive shall devote his full-time and best efforts to the performance of all duties contemplated by his role and responsibilities,
and as assigned to from time to time by the TTEC CEO or his delegates. Unless otherwise specifically authorized in writing by TTEC Parent,
Executive shall not engage in any other business activity, or otherwise be employed by any other company other than TTEC’s subsidiaries.
Notwithstanding the foregoing, Mr. Demou is not precluded by the terms of this Agreement from serving on boards of directors of non-competitor
companies or not-for-profit organizations with TTEC Parent’s prior written approval.

 

c.    
As a member of the EC, Mr. Demou shall render services to TTEC Parent as necessary and desirable to protect and advance the best interests
of TTEC Parent and all its affiliated companies, acting at all times, in accordance with TTEC Ethics Code: How TTEC Does Business
(or a successor code of conduct document, collectively “TTEC Ethics Code”), included in this Agreement as Exhibit
A, the Ethics Code for Executive and Senior Financial Officers, included in this Agreement as Exhibit B, and
in accordance with all other material policies and procedures.

 

d.   
Mr. Demou’s role with TTEC Digital may require extensive travel and Mr. Demou understands and agrees that such travel is a material
part of his responsibilities, subject to current health and safety recommendations
of local government authorities and travel restrictions that may be in effect from time to time. Mr. Demou
shall travel in accordance with TTEC Parent travel policy. 

 

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e.   
Notwithstanding other provisions in this Agreement, but subject to the reasonable interpretation of provisions of Paragraph 5(j) (on
“Constructive Termination”), Mr. Demou understands and agrees that his role and responsibilities may change over time in
the best interest of the business, and TTEC Parent reserves the right to assign to Mr. Demou different and/or additional roles and assignments
that best serve the business.

 

f.     
The Effective Date of this Agreement notwithstanding, Executive’s tenure for purposes of all benefits and otherwise shall date
back to his original hire date with Avtex on October 1, 1997.

 

g.   
As to that certain Employment Agreement between the Executive and Avtex dated June 24, 2014, as amended by Amendment No. 1 dated February
8, 2018 (together, the “Avtex Employment Agreement”), Executive acknowledges and agrees that after the Effective Date, other
than obligations that survive after the termination of the employment with Avtex, including, without limitation, Section 9 (Non-Compete
and Non-Solicitation), Section 10 (Confidential Information), Section 11 (Innovations), and Section 12 (Non-Disparagement), the terms
and obligations under the Avtex Employment Agreement are given and continue to have no further force or effect.  Specifically, the
Executive acknowledges and agrees that the termination of the Avtex Employment Agreement does not constitute a termination of employment
by Avtex without Cause or a resignation for Good Reason (both as defined in the Avtex Employment Agreement) or otherwise trigger any
payment obligation by Avtex pursuant to Section 8(c) of Avtex Employment Agreement.  In addition, in consideration of the opportunity
for employment and other benefits under this Agreement and other benefits that Executive received in connection with Avtex sale to TTEC
Digital, Executive hereby releases and discharges Avtex, TTEC Digital and TTEC Parent, each of their successors, parents, subsidiaries,
affiliates, and assigns and each of their respective officers, directors, principals, shareholders, board members, committee members,
employees, agents, and attorneys from any and all claims or demands arising out of or relating to Avtex Employment Agreement or the termination
of Avtex Employment Agreement, whether known or unknown. 

 

h.    
Relocation. The Executive’s primary place of employment shall be Minneapolis, Minnesota; and no relocation would
be required for this role.

 

		2.	Compensation.

 

a.   
Salary and Periodic Salary Review. As of the Effective Date, the Executive’s base salary is $360,000 per year
(“Base Salary”), payable in equal installments in accordance with the Company’s standard payroll practice,
less legally required deductions and withholdings. The Base Salary may be periodically reviewed and adjusted, at CEO’s discretion,
to appropriately reflect his role in the business, the contribution of the role, and the market pay for such role in accordance with
TTEC Parent standard compensation review practices. Notwithstanding the foregoing, nothing in this Agreement provides assurances that
the Executive’s salary will be increased from time to time.

 

b.   
Variable Incentive Compensation (annual cash bonus). Mr. Demou shall be eligible to participate in TTEC annual performance-based
cash incentive program, currently referred to as TTEC Variable Incentive Plan (“VIP”) for fiscal year 2021 and every year
of employment thereafter. The Executive’s annual VIP opportunity shall be up to $400,000 tied to the annual TTEC
Digital performance targets and goals of the business, as set by TTEC CEO and the Board.

 

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c.    Equity
Incentive Compensation (annual equity compensation). the Executive is also eligible to participate in TTEC’s annual
equity incentive program, designed to provide long term incentives for senior executives of TTEC Parent and align their interests
with the interest of TTEC company stockholders. Currently, TTEC offers its equity grants in the form of restricted stock units (the
“RSUs) and performance restricted stock units (“PRSUs”) vesting over a period of years. Until and unless modified
by the Compensation Committee of the Board, the Executive shall be eligible for an annual equity grant opportunity of up to
$600,000 in fair market value of TTEC equity, based on the market value of the equity at the time of the grant.

 

The RSUs/PRSUs
are granted under the terms of grant-specific agreements that are approved by the Compensation Committee of the Board from time to time
(“Equity Agreements). These Equity Agreements provide vesting schedules, performance metrics, if any, and other material terms
of each grant. TTEC and the Compensation Committee of its Board reserve the right, at their discretion, to change the terms of future
Equity Agreements and the equity granted thereunder. The use of the RSUs/PRSUs, as part of the annual equity grant, is discretionary
and may be substituted, at the discretion of the Compensation Committee of the Board, by other equity instruments in accordance with
incentive compensation plans adopted by TTEC Parent from time to time. All grants as part of TTEC Parent equity incentive program are
subject to Executive Stock Ownership Guidelines included in this Agreement as Exhibit D.

 

d.   
Incentive Award Size Determination and Payment Timing. The Executive’s actual annual VIP and equity awards are discretionary
and are not guaranteed. They are based on a combination of metrics reflecting targets and goals of the business as set-out and annually
approved by TTEC CEO and the Board. At present these metrics include the (i) TTEC-wide results of operations; (ii) business segment specific
results, including TTEC Digital’s revenue and operating income goals; (iii) the Executive’s individual performance against
targets set-out by the CEO; and (iv) the Executive’s compliance with the guidelines for TTEC employees’ conduct outlined
in TTEC’s Ethics Code. The metrics may change from time to time as determined by the Compensation Committee of the Board.

 

The
timing for the payment of the VIP and equity awards, if any, is determined from time to time (usually annually) by the Compensation Committee
of the Board.

 

e.   
Digital Value Creation Incentive. In addition to the annual cash and equity incentives, the Executive shall also be eligible
to participate in a special incentive bonus the value of which will be tied directly to the growth of TTEC Digital’s revenue, EBITDA,
operating income, and other business, financial and shareholder value metrics (such as, for example, the capital market valuation of
TTEC Digital on a standalone basis) during the 2021-2024 period, with the incentive period and incentive measurement period starting
as of the fiscal quarter in which the Avtex Closing occurs. Within ninety (90) days from the Avtex Closing, Mr. George Demou, on behalf
of Avtex executives, and TTEC Parent shall exercise all reasonable efforts to agree on the specifics of the terms and conditions of the
Digital Value Creation Incentive and each eligible executives’ participation in that Incentive. Once the terms of the Digital Value
Creation Incentive Plan are agreed, the Plan will be incorporated into this Agreement through an amendment to be included in Exhibit
C.

 

f.     
Reimbursement of Business Expenses. The Company agrees to reimburse the Executive for
all reasonable out-of-pocket business expenses incurred by him on behalf of the Company in accordance with TTEC expense reimbursement
policies. 

 

g.    Services
to Subsidiaries. Mr. Demou acknowledges that, as part of his employment responsibilities, he may be required to serve as an
officer and/or director (“D&O”) of TTEC subsidiaries, affiliates and related entities. He hereby agrees to perform
such duties diligently and without additional compensation, and to follow TTEC Parent’s direction in the performance of such
services. For the duration of such D&O services, TTEC shall maintain appropriate D&O insurance policies for the
Executive’s protection in connection with the services. Furthermore, the Executive agrees to resign such D&O roles, if
requested to do so by TTEC Parent.

 

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h.   
Tax Liability and Withholdings. All compensation and other payments made under this Agreement
will be subject to withholding of the federal, state, and local taxes, Social Security, Medicare and other withholdings in such amounts
as is reasonably determined by Company. The withholdings taxes due with respect to any equity grants may, at Company’s discretion
and in accordance with the relevant equity plans, be deducted directly from the equity being granted or as it vests. The Company shall
have the right to take all the action as it deems necessary to satisfy its and employees tax withholding obligations.

 

3.       Benefits.

 

a.       Health
and Welfare Benefits. Mr. Demou shall be eligible to participate in TTEC health and wellness plans in a manner similar to others
at his level of responsibility at TTEC Parent, including participation for the Executive and his dependents in TTEC group medical, vision,
and dental insurance and other welfare plans, as they continue or change from time to time.

 

b.       Miscellaneous
Benefits. The Executive shall be eligible for benefits generally applicable to other senior management employees of the Company,
as they are in effect from time to time, including TTEC 401(k) Plan and its Deferred Compensation Plan.

 

c.       Paid
Leave. The Executive shall be eligible to participate in paid time off (“PTO”) and sick leave benefit programs pursuant
to the Company’s current time off/leave policy (or any other vacation/sick policy then in effect). The Executive will also be paid
for time off for holidays in accordance with the TTEC holiday policy.

 

4.       Change
in Control. 

 

For purposes
of this Agreement, “Change in Control” event shall mean the occurrence of any one of the following:

 

(i)       Any
consolidation, merger or other similar transaction (i) involving TTEC Parent, if TTEC Parent is not the continuing or surviving
corporation, or (ii) which contemplates that all or substantially all of the business and/or assets of TTEC Parent would be controlled
by another corporation or legal entities not controlled by TTEC Parent;

 

(ii)
       Any sale, lease, exchange or transfer (in one transaction or series of related transactions)
of all or substantially all of the assets of TTEC Parent (a “Disposition”); provided, however, that
the foregoing shall not apply to any Disposition with respect to which, following such Disposition, more than 51% of the combined voting
power of the then outstanding voting securities of the receiving entity for the Disposition are directly or indirectly (beneficially
or otherwise) owned by all or substantially all of the individuals and entities that were the beneficial owners of at least 51% of the
outstanding common stock and/or other voting securities of TTEC Parent immediately prior to such Disposition, in substantially the same
proportion of total ownership as their ownership immediately prior to such Disposition;

 

(iii)       Approval
by the stockholders of TTEC Parent of any plan or proposal for the liquidation or dissolution of TTEC, unless such plan or proposal is
abandoned within 60 days following such approval;

 

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(iv)
The acquisition by any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the U.S. Securities Exchange Act
of 1934, as amended (“the Exchange Act”)), or two or more persons acting in concert, of beneficial ownership (within the
meaning of Rule 13d-3 of the Exchange Act) of 51% or more of the outstanding shares of voting stock of TTEC Parent; provided,
however, that for purposes of the foregoing, the term “person” shall exclude Kenneth D. Tuchman and his affiliates;
provided, further that the foregoing shall exclude any such acquisition (1) made directly from TTEC Parent, (2) made
by TTEC Parent (directly or through an affiliated company), or (3) made by a TTEC employee benefit plan (or related trust) sponsored
or maintained by TTEC Parent or any of its affiliates; or

 

(v)  
If, during any period of 15 consecutive calendar months commencing at any time on or after the Effective Date, those individuals
(“Continuing Directors”) who either (1) were directors of TTEC Parent on the first day of each such 15-months period,
or (2) subsequently became directors of TTEC Parent and whose actual election or initial nomination for election subsequent to that
date was approved by a majority of the Continuing Directors who were then members of the TTEC Parent Board of Directors, cease to constitute
a majority of the Board of Directors of TTEC Parent.

 

		5.	Termination
                                            and Payments, Benefits On Termination.

 

a.       Termination
by Either Party. Except as set forth in Paragraphs 5(c) (termination
for Cause), (e) (termination due to death) and (f) (termination due to disability), and subject to provisions of Paragraph 5(j) (constructive
termination or good reason), either Party may terminate the employment relationship with 30 days’ written notice to the other.
Both parties may mutually agree to a shorter notice period.

 

b.
       Termination by the Company without Cause. Subject to provisions of Paragraph 5(i)
(Change in Control termination), upon 30 days written notice, the Company, in its sole discretion, may terminate the Executive’s
employment without Cause (as “Cause” is defined in Paragraph 5(g)). Constructive Termination by the Company (as the
term is defined in Paragraph 5(j)) constitutes Termination without Cause by the Company for purposes of this Agreement. In case of termination
pursuant to this Paragraph 5(b), the Executives shall be entitled to:

 

(i)   
Severance. If Mr. Demou executes a separation agreement in a form substantially similar to the agreement set forth in Exhibit
E (attached hereto), releasing all legal claims except for those that cannot legally be released and Mr. Demou continues to comply
with all terms of such separation agreement, and any other agreements signed by the Executive with the Company, then the Company shall
pay Mr. Demou severance compensation equal to twelve (12) full calendar months of his then current Base Salary (“Severance”
or “salary continuation”). Salary continuation payments will be made at the Company’s regular payroll intervals, provided,
however, payments accruing for payroll periods prior to the date that the Company has received a signed and effective separation agreement
and release shall be suspended and paid on the first payroll date following the effective date of the separation and release.

 

(ii)   Continuation
of Benefits. In addition to Severance, the Company shall continue to provide to Executive and to the Executive’s eligible
dependents with the same level of welfare and health benefits, including without limitation medical, dental, vision, accident,
disability, life insurance, and other welfare benefits in place prior to termination of employment for a period of twelve (12)
months after the effective date of such termination, on substantially the same terms and conditions (including contributions
required by the Executive for such benefits) as existed immediately prior to termination; provided that, if Executive cannot
continue to participate in the Company’s, TTEC Parent’s or successor’s benefit plans, TTEC Parent or successor
shall otherwise provide such benefits on the same after-tax basis as if continued participation had been permitted.

 

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If the Company
terminates this Agreement without Cause under this Paragraph 5(b), and the Company pays Mr. Demou the compensation earned as of
the effective date of the termination, and provides to Mr. Demou incremental compensation and continuation of benefits on the terms specified
in this Paragraph 5(b), the Company’s acts in doing so shall be in complete accord and satisfaction of any claim that Mr. Demou
has or may at any time have for compensation, benefits or payments of any kind from the Company or TTEC Parent arising from or relating
in whole or part to the Executive’s employment with the Company and/or this Agreement. If the separation agreement and legal release
referenced above is not signed within thirty (30) days from the date that such agreement is presented to Mr. Demou (which the Company
shall present no later than fifteen (15) days after the effective date of Executive’s termination), then Mr. Demou waives his right
to receive any severance compensation pursuant to this Agreement, even if Mr. Demou were to successfully litigate any claim against the
Company and/or TTEC Parent.

 

c.   
Termination by the Company for Cause. The Company may terminate this Agreement with no notice for Cause, as that term
is defined in Paragraph 5(g), with the Company's only obligation being the payment of any salary and compensation earned as of the date
of termination, reimbursement of any reasonable business expenses incurred by the Executive in accordance with the Company’s expense
reimbursement policies, and any continuing obligations under the Company benefit plans then in effect, and without liability for severance
compensation of any kind, including Severance set forth in Paragraph 5(b).

 

d.   
Termination by Executive. If the Executive terminates this Agreement for any reason, Executive shall be entitled to all compensation
fully earned, benefits fully vested as of the last date of employment; and the reimbursement of any reasonable business expenses that
the Executive incurred prior to termination. Mr. Demou is not entitled to severance compensation if he terminates his employment with
the Company for any reason, except the Good Reason as articulated in Paragraph 5(j). Termination by the Executive for “Good Reason”
(as the term is defined in Paragraph 5(j)) shall constitute Termination without Cause by the Company for purposes of this Agreement.

 

e.   
Termination upon Executive’s Death. This Agreement shall terminate immediately upon Executive’s death. Thereafter,
the Company shall pay to the Executive’s estate all compensation fully earned, and benefits fully vested as of the last date of
Executive’s continuous, full-time active employment with the Company; and will provide the estate with the reimbursement of any
reasonable business expenses that the Executive incurred prior to his death in accordance with the Company’s expense reimbursement
policies. For purposes of this Agreement, continuous, full-time active employment shall be defined as the last date upon which Executive
continuously performed his job responsibilities on a regular, full-time basis consisting of at least 35 hours per week, and in the usual
course of the Company’s business (“Continuous Full-Time Active Employment”). In case of Executive’s death, the
Company shall not be required to pay any form of severance or other compensation concerning or on account of the Executive’s employment
with the Company or the termination thereof.

 

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f.     Termination
Due to or Following Disability. During the first ninety (90) calendar days after a mental or physical condition that renders
Executive unable to perform the essential functions of his position with reasonable accommodation (the “Initial Disability
Period”), Executive shall continue to receive his Base Salary pursuant to Paragraph 2(a) of this Agreement. Thereafter, if
Executive qualifies for benefits under the Company’s long-term disability insurance plan (the “LTD Plan”), then
Executive shall remain on leave for as long as Executive continues to qualify for such benefits, up to a maximum of 180 consecutive
days (the “Long-term Leave Period”). The Long-term Leave Period shall begin on the first day following the end of the
Initial Disability Period. During the Long-term Leave Period, Executive shall be entitled to any benefits to which the LTD Plan
entitles the Executive, but no additional compensation from the Company in the form of salary, performance bonus, equity grants,
allowances or otherwise. If during or at the end of the Long-term Leave Period Executive remains unable to perform the essential
functions of his position, with or without reasonable accommodation, then the Company may terminate this Agreement and/or
Executive’s employment. If the Company terminates this Agreement or Executive’s employment under this Paragraph 6(f),
the Company’s payment obligation to Executive shall be limited to all compensation fully earned, reimbursement of all
reasonable business expenses that the Executive incurred prior to the separation in accordance with the company’s expense
reimbursement policies, and benefits fully vested as of the last date of Executive’s continuous, full-time active employment
with the Company.

 

g.   
Definition of “Cause”. For purposes of this Agreement, “Cause” shall have the following meaning:

 

(i)           
Fraud, theft, embezzlement (or
attempted fraud, theft, embezzlement), dishonest acts or illegal conduct; 

 

(ii)          
Other similar acts of willful misconduct on the part of Executive resulting in damage to TTEC
Parent or the Company, including without limitation a material breach by the Executive of the requirements of TTEC Ethics Code that results
in a negative publicity for the Company, TTEC Digital, or TTEC Parent;

 

(iii)         
Failure by the Executive to meet his and/or cause TTEC Digital to meet its agreed performance targets with gaps in performance being
significant in the judgement of the TTEC Parent CEO and the Compensation Committee of the Board;

 

(iv)         
A material breach by the Executive of this Agreement;

 

(v)          
Use of any controlled substance or alcohol while performing Executive’s duties, except as
part of a TTEC Parent, TTEC Digital, Company-sponsored event in connection with a business-related social engagement such as a trade
conference or customer entertainment, but only in moderation and in a professional manner that reflects positively on TTEC Parent and
the Company; with visible inebriation at a business-related social engagement constituting a cause for immediate termination; 

 

(vi)         
A breach of a fiduciary duty that results in an adverse
impact to TTEC Parent or the Company or in personal profit to the Executive (as determined by the Company based on its conflict of interest
policies outlined in the TTEC Ethics Code);

 

(vii)       
Use of trade secrets or confidential information of TTEC Parent, TTEC Digital, or the Company, other than in pursuit of TTEC Parent or
TTEC Digital’s business;

 

(viii)      
Aiding a competitor of TTEC Digital or TTEC Parent;

 

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(ix)         
Failure by the Executive in the performance of his duties that results in material adverse effect on
TTEC Parent, TTEC Digital or TTEC Parent subsidiary companies 

 

If the act
or acts constituting Cause are susceptible of cure, Company will provide Executive with written notice setting forth the acts constituting
Cause and providing that Executive may cure such acts within thirty (30) business days of receipt of such notice. Any recurrence of acts
constituting Cause within one (1) year of the original occurrence will void Executive’s right to such pre-termination right to
cure.

 

h.       Continuing
Obligations. Mr. Demou shall remain subject to the Agreement to Protect Confidential Information, Assign Inventions and Prevent
Unfair Competition and Unfair Solicitation (“Confidentiality Agreements”), the non-disclosure, non-solicitation, and non-competition
undertakings in this Agreement and in any Equity Agreements, and any other similar agreements executed at any time during his employment,
including without limitation this Agreement, all of which survive termination of employment.

 

i.       Termination
In Connection with Change in Control Event. If a Change in Control event occurs, and at any time within twelve (12) months
of such Change in Control event’s effective date (“COC Period”) the Company, TTEC Parent, or its successor terminates
Executive’s employment without Cause (as that term is defined in Paragraph 5(g)) whether such termination occurs outright
or pursuant to a Constructive Termination (as defined in Paragraph 5(j)), the Executive shall be entitled to and the Company, TTEC Parent
or its successor shall cause the following to occur:

 

(i)   
Severance. If Executive executes a separation agreement in a form substantially similar to the agreement set forth in Exhibit
E (attached hereto), releasing all legal claims except for those that cannot legally be released and agreeing to continue to comply
with all terms of such separation agreement, and any other agreements signed by the Executive with the Company or successor, then the
Company shall pay the Executive a lump-sum severance compensation equal to one-and-a-half times (1.5x) of Executive’s Base
Salary in effect at the time of such termination (“COC Severance”) within ten (10) business days of the effective
date of such Change in Control related termination; provided, however, if the COC Severance payment is due prior to the date that the
Company or successor receive a signed and effective separation agreement and release, the payment shall be suspended until the receipt
of such signed separation agreement, and then paid as soon as reasonable but in no event later than ten (10) business days after such
receipt.

 

(ii)  
Continuation of Benefits. In addition to COC Severance, the Company, TTEC Parent, or successor shall continue to provide to Executive
and to the Executive’s eligible dependents with the same level of welfare and health benefits, including without limitation medical,
dental, vision, accident, disability, life insurance, and other welfare benefits in place prior to termination of employment, for a period
of twelve (12) months after the effective date of such termination, on substantially the same terms and conditions (including
contributions required by the Executive for such benefits) as existed immediately prior to termination; provided that, if Executive cannot
continue to participate in TTEC Parent’s or successor’s benefit plans, TTEC Parent or successor shall otherwise provide such
benefits (via lump sum compensation or in kind) on the same after-tax basis as if continued participation had been permitted.

 

(iii)  Equity
Vesting on Change in Control (double trigger). Notwithstanding any vesting schedule provisions contained in Equity Agreements
that Executive may hold, any unvested equity that would vest pursuant to these awards on or after the Change in Control event
effective date and would otherwise forfeit on termination of employment, shall vest in full as of employment termination date, if
such termination occurs during the COC Period.

 

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(iv) 
Termination Ahead of Change in Control Event. Notwithstanding anything in this Agreement to the contrary, if Executive’s
employment is terminated (actually or pursuant to a Constructive Termination as defined in Paragraph 5(j) of this Agreement) within three
(3) months before a Change in Control event occurs, then for purposes of this Agreement, the effective date of Change in Control event
shall be deemed to be the date immediately prior to the date of such termination of employment.

 

j.
       "Good
Reason" or “Constructive Termination.” Termination by Executive for “Good Reason” or “Constructive
Termination” by the Company may be triggered if, without Executive's express written consent, the occurrence of any of the following
(in connection with or independent of a Change in Control event):

 

(i)   
Change in Responsibilities. The material adverse change in the Executive’s scope of responsibilities and duties (including
the diminution of such duties and responsibilities), or material adverse change in the Executive’s reporting responsibilities or
title by the Company, TTEC Parent, or in case of a Change in Control event by their successor. Notwithstanding the foregoing, the change
in scope of Executive’s responsibilities, duties or title following the Executive’s failure to meet agreed targets and business
objectives for TTEC Digital shall not trigger the right of the Executive to terminate this Agreement for Good Reason nor constitute “Constructive
Termination” on the part of the Company.

 

(ii)  
Change in Compensation. Any material reduction by the Company, TTEC Parent or, in case of a Change in Control event by successor,
of the Executive’s total compensation package, including material adverse change in the annual salary, the incentive bonus ranges
and targets, or the timing of payment of same as compared to the compensation package in effect as of the date hereof or immediately
prior to a Change in Control event, as the case may be. Notwithstanding anything in this provision to the contrary, a change in the compensation
structure that is consistent with prevailing market trends, as supported by an independent report of a qualified compensation advisor
to the Compensation Committee of the Board, the Company or its successor, shall not give rise to a ‘constructive termination’
or ‘termination for good reason’ claim.

 

(iii) 
Change in Location. Any requirement of the Company or successor that Executive be based anywhere more than fifty (50) miles
from Minneapolis, Minnesota the site where the Executive is located as provided in Paragraph 1(j) or the time of the Change in Control
event.

 

(iv) 
Failure to Cause Assumption of this Agreement. Failure of the Company, TTEC Digital, or TTEC Parent to assign and obtain
the assumption of this Agreement from any successor in case of a Change in Control event.

 

An
action taken in good faith and which is remedied by TTEC Parent or successor within fifteen (15) calendar days after receipt of the Executive’s
notice thereof shall not constitute Good Reason or Constructive Termination under this Agreement. Executive must provide notice of termination
of employment within thirty (30) calendar days of Executive’s knowledge of an event constituting “Good Reason” or such
event shall not constitute Good Reason or Constructive Termination under this Agreement.

 

		6.	Non-Disclosure,
                                            Non-Competition and Non-Solicitation.

 

As a
senior member of the executive leadership team of TTEC Parent, the Executive is privy to TTEC Parent company wide global business
and financial strategy. Therefore, in addition to the provisions of the Confidentiality Agreements that the Executive signed at the
time of his original employment with the Company, the Executive in consideration of the employment opportunity and compensation
provided hereunder, agrees and covenants during the term of his affiliation with the Company (as an Executive or otherwise in
leadership position):

 

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a.   
Non-Compete Undertaking. During and for a period of twelve (12) months from separation from TTEC Parent, TTEC
Digital and/or the Company, not to work or otherwise contribute his knowledge, directly or indirectly, in whole or in part, as an employee,
officer, owner, manager, advisor, consultant, agent, partner, director, significant shareholder (i.e. a shareholder holding more than
5% of outstanding equity in the company), volunteer, intern or in any other similar capacity anywhere in the world to a business entity
engaged in the same or substantially similar business as TTEC Parent its subsidiaries and affiliates, including entities providing integrated
customer experience technology services to customers through sale of software, hardware, consulting and other professional services to
manage omnichannel CX technology solutions, inclusive of the technology used for contact centers, customer relationship management systems,
unified communications, journey orchestration, automation (including artificial intelligence, machine learning and robotic process automation),
CX analytics, business intelligence, digital marketing and digital transformation (collectively, “TTEC Business”). The Non-Compete
Undertaking shall apply throughout, and shall only be limited by, the territory where the Executive performs services for TTEC Digital
and TTEC Parent, as provided in this Agreement. For the avoidance of doubt, the term ‘performs services for’ shall not be
limited to ‘works at’ or any other limitation delineating where the Executive performs the actual services, but instead shall
relate to the entire territory where TTEC Digital and TTEC Parent benefit and are reasonable to expect to benefit from the Executive
services. Given Mr. Demou’s role as the President for TTEC Digital business, the territory for purposes of this Agreement shall
be worldwide.

 

If
Executive’s employment is terminated pursuant to provisions of Paragraph 5(i) (Change in Control event) and if Executive is paid
Change in Control related compensation and receives other benefits as provided in that Paragraph, the Executive agrees for the Non-Competition
Undertaking to be extended from twelve (12) to eighteen (18) months; and

 

b.   
Executive Non-Solicitation Undertaking. During and for a period of twelve (12) months from separation from TTEC
Parent, TTEC Digital and the Company, the Executive agrees not to solicit, hire, recruit, attempt to hire or recruit, or induce the termination
of employment, directly or indirectly, of any then current employees of TTEC Digital or TTEC Parent or their subsidiaries and affiliates.

 

If
Executive’s employment is terminated pursuant to provisions of Paragraph 6(i) (Change in Control event) and if Executive is paid
Change in Control related compensation and receives other benefits as provided in that Paragraph, the Executive agrees for the employee
Non-Solicitation Undertaking to be extended from twelve (12) to eighteen (18) months; and

 

c.   
Client Non-Solicitation Undertaking. During and for a period of twelve (12) months from separation from TTEC
Parent, TTEC Digital or the Company, the Executive agrees not to solicit or interfere with business relationships between TTEC Parent,
TTEC Digital and current and prospective (currently actively pursued) clients of TTEC Digital, or any of its subsidiaries and affiliates,
for purposes of offering or accepting goods or services similar to or competitive with those offered by TTEC Parent or TTEC Digital or
any of their subsidiaries and affiliates.

 

If
Executive’s employment is terminated pursuant to provisions of Paragraph 6(i) (Change in Control event) and if Executive is paid
Change in Control related compensation and receives other benefits as provided in that Paragraph, the Executive agrees for the Client
Non-Solicitation Undertaking to be extended from twelve (12) to eighteen (18) months.

 

    10

     

    

 

d.       Consequences
of Breach. If Executive breaches any of the covenants and undertakings set forth in this Paragraph 6:

 

(i)       The
Executive and those who aid him in such breach shall be liable for all costs and business loses including any damages and out-of-pocket
expenses associated with or resulting from such breach;

 

(ii)
       TTEC Parent, TTEC Digital nor the Company shall have any further liabilities to the Executive
pursuant to this Agreement, including without limitation no liability for any compensation including equity not yet granted or granted
and unvested;

 

(iii)       The
Executive hereby consents and agrees that TTEC Parent, TTEC Digital and the Company shall be entitled to seek, in addition to other available
remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent
jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without
the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal
remedies, monetary damages or other available forms of relief.

 

7.       Miscellaneous.

 

a.   
Relationship between this Agreement and Other Company Agreements. In the event of any direct conflict between any term of
this Agreement and any TTEC Parent, TTEC Digital and/or Company agreement, policy, procedure, guideline or other publication addressing
the same terms and conditions contained in this Agreement, the terms of this Agreement shall control Mr. Demou’s employment.

 

b.   
Successors and Assigns. TTEC Parent, TTEC Digital, the Company, their successors and assigns may in their sole discretion
assign this Agreement to any person or entity in connection with the merger, acquisition or other business
combination that results in the divestiture or transfer of all or substantially all the assets of the Company, TTEC Digital or TTEC Parent.
This Agreement shall bind, and inure to the benefit of TTEC Parent’s and the Company's successors or assigns. This Agreement
is for personal services and Mr. Demou’s may not and shall not assign his rights or obligations hereunder.

 

c.   
IRSC Section 409A.

 

(i)   
Interpretation. This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder
shall be paid or provided in a manner that is either exempt from, or complies with, the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) and the Internal Revenue Service guidance and Treasury Regulations thereunder
(collectively, “Section 409A”). It is the Parties’ intention that salary continuation payments under the Agreement
will be exempt from the requirements of Section 409A because they are short term deferrals under Treas. Reg. Sec. 1.409A-1(b)(4) or payments
under a separation pay plan within the meaning of Treas. Reg. Sec. 1.409A-1(b)(9) and the Agreement shall be construed and administered
in a manner consistent with such intent.

 

(ii)   Separation
from Service; Separate Payments. Notwithstanding anything in this Agreement to the contrary, to the extent that any payment or
benefit subject to Section 409A, including an exemption from Section 409A, and such payment or benefit would otherwise be
payable or distributable hereunder by reason of Executive’s termination of employment, all references to the Executive’s
“termination of employment” shall be construed to mean a “separation from service,” as defined in Treasury
Regulation Section 1.409A-1(h), and Executive shall not be considered to have had a termination of employment unless such
termination constitutes a “separation from service” with respect to Executive. If under this Agreement, an amount is to
be paid in two or more installments, for purposes of Section 409A, each installment shall be treated as a separate payment.

 

    11

     

    

 

(iii) 
Specified Employee. Notwithstanding anything in this Agreement to the contrary, if the Executive is a “specified employee”
(within the meaning of Treasury Regulation Section 1.409A-1(i)) on the date of the Executive’s “separation from service”,
any benefit or payment that constitutes non-exempt “nonqualified deferred compensation” (within the meaning of Section 409A)
and is payable on account of the Executive’s separation from service shall be delayed in order to avoid a prohibited distribution
under Section 409A(a)(2)(B)(i), and any such delayed payment shall be paid to the Executive in a lump sum during the ten (10) day period
commencing on the earlier of (i) the expiration of a six-month period from the date of Executive’s “separation from service,”
or (ii) Executive’s death. To the greatest extent permitted under Section 409A, any separate payment or benefit under the Agreement
will not be deemed to constitute “nonqualified deferred compensation” subject to Section 409A and the six-month delay requirement
to the extent provided in the exceptions in Treasury Regulation Sections 1.409A-1(b)(4) or 1.409A-1(b)(9), or in any other applicable
exception or provision of Section 409A.

 

(iv) 
Reimbursements. With regard to any provision in this Agreement that provides for reimbursement of costs and expenses or in-kind
benefits, except as permitted by Section 409A, (x) the right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit, (y) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable
year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided
that the foregoing clause (y) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b)
of the Code solely because such arrangement provides for a limit on the amount of expenses that may be reimbursed over some or all of
the period the arrangement is in effect and (z) such payments shall be made on or before the last day of Demou’s taxable year following
the taxable year in which the expenses were incurred.

 

(v)  
Cooperation. If the Parties hereto determine that any payments or benefits payable under this Agreement intended to comply with
Section 409A do not so comply, the Executive and the Company agree to amend this Agreement, or take such other actions as the Executive
and the Company deem necessary or appropriate, to comply with the requirements of Section 409A, while preserving benefits that are, in
the aggregate, no less favorable than the benefits as provided to the Executive under this Agreement. If any provision of this Agreement
would cause such payments or benefits to fail to so comply, such provision shall not be effective and shall be null and void with respect
to such payments or benefits, and such provision shall otherwise remain in full force and effect.

 

d.       Governing
Law and Dispute Resolution.

 

(i)       Good
Faith Negotiation Requirement. Mr. Demou, TTEC Parent, TTEC Digital and the Company agree that in the event of any controversy
or claim arising out of or relating to Mr. Demou’s employment with and/or separation from the Company, they shall negotiate in
good faith to resolve the controversy or claim privately, amicably and confidentially. Each Party may consult with counsel in
connection with such negotiations.

 

    12

     

    

 

(ii)       Governing
Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Colorado without regard to conflict
of law principles.

 

(iii)       Disputes.
The Parties agree that any action arising from or relating in any way to this Agreement, shall be resolved and tried in the state
or federal courts situated in Denver, Colorado. The parties consent to jurisdiction and venue of those courts to the greatest extent
allowed by law. In this regard, the Executive acknowledges and admits to all or a combination of several following substantial contacts
with Colorado: (v) the Executive is employed, provides services for or otherwise is affiliated with an legal entity headquartered in
the state of Colorado; (w) the Executive receives the compensation in a form of checks or wire transfers that are drawn either directly
or indirectly, from bank accounts in Colorado; (x) the Executive regularly interacts with, contacts and is contacted by other TTEC and
Company employees and executives in Colorado; (y) the Executive either routinely travels to or attends business meetings in Colorado;
and (z) the Executive receives substantial compensation and benefits as a result of TTEC Parent being a corporation headquartered in
and subject to the laws of Colorado. Based on these and other contacts, the Executive acknowledges that he could reasonably be subject
to the laws of Colorado.

 

e.       Severability.
If any court of competent jurisdiction declares any provision of this Agreement invalid or unenforceable, the remainder of the Agreement
shall remain fully enforceable. To the extent that any court concludes that any provision of this Agreement is void or voidable, the
court shall reform such provision(s) to render the provision(s) enforceable, but only to the extent absolutely necessary to render the
provision(s) enforceable.

 

f.       Modification
of Agreement. This Agreement or any other term or condition of employment may not be modified by word or deed, except
in writing signed by the Executive and the Chief Financial and Administrative Officer, Chief People Officer, or Chief Executive Officer
for TTEC Parent.

 

g.       Waiver.
 No provision of this Agreement shall be deemed waived, nor shall there be an estoppel against the enforcement of any such provision,
except by a writing signed by the party charged with the waiver or estoppel. No waiver shall be deemed continuing unless specifically
stated therein, and the written waiver shall operate only as to the specific term or condition waived, and not for the future or as to
any act other than that specifically waived.

 

h.   
Construction. Whenever applicable, masculine and neutral pronouns shall equally apply to the feminine genders; the singular
shall include the plural and the plural shall include the singular. The Parties have reviewed and understand this Agreement, and each
has had a full opportunity to negotiate the agreement's terms and to consult with counsel of their own choosing. Therefore, the Parties
expressly waive all applicable common law and statutory rules of construction that any provision of this Agreement should be construed
against the agreement's drafter, and agree that this Agreement and all amendments thereto shall be construed as a whole, according to
the fair meaning of the language used.

 

i.     
Dodd-Frank and Other Clawback Provisions.  Notwithstanding
any other provision in this Agreement or in the related Equity Agreements, this Agreement is subject to TTEC Incentive Recoupment Policy
promulgated in accordance with the requirements of the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, and incorporated herein by reference as Exhibit F.

 

    13

     

    

 

Notwithstanding
any other provision in this Agreement or in the relevant Equity Agreements, if Executive materially breaches the requirements of TTEC
Ethics Code in a manner that results in a negative publicity to TTEC Digital or TTEC Parent, then any payments made, or equity awards
granted (and equity received pursuant to these awards) for the year(s) when such breach occurred (regardless of when discovered or made
public) shall be returned and forfeited.

 

j.     
Greatest Net Benefit.

 

(i)   
Anything in this Agreement to the contrary notwithstanding, in the event that the Executive determines (at his discretion and expense)
that the receipt of any payments hereunder would subject the Executive to tax under Internal Revenue Code (the “Code”) Section
4999 or a successor provision, the Executive shall have the option at his discretion to cause TTEC Parent or successor to reduce the
payment due to the Executive under this Agreement so that the net (after tax) benefit of the payments to the Executive is maximized (“Reduced
Payment Election”). The Executive shall have forty-five (45) calendar days from receipt of notice of the payment due under this
Agreement or the payment itself under this Agreement, as the case may be, to advise TTEC Parent or successor of such election. 

 

(ii)  
If the Executive accepts the full payment hereunder and thereafter within the period provided above determines that he/she wants to make
the Reduced Payment Election, any payments received by the Executive in excess of the amount payable under Reduced Payment Election shall
be treated for all purposes as a loan ab initio to the Executive, which the Executive shall repay to TTEC Parent or successor,
together with appropriate interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code, within sixty (60) days
of the Reduced Payment Election.

 

(iii)
Nothing in this Paragraph 8(j) shall be interpreted to compel the Executive to make the Reduced Payment Election.

 

k.     
Assignment and Assumption of Agreement. Concurrently with any Change in Control event or a business combination that may impact
the legal implications of this Agreement, the Company, TTEC Parent shall cause any successor or transferee to assume unconditionally,
by written instrument delivered to Executive, all of the obligations of the Company and TTEC Parent hereunder. Failure of the Company
or TTEC Parent to obtain such assumption prior to the effectiveness of any Change in Control event or other business combination, shall
be a breach of this Agreement and shall constitute Good Reason entitling the Executive to resign, within thirty (30) calendar days of
consummation of such Change in Control event or business combination, and receive compensation and benefits as provided in Paragraph
6(i).

 

l.     
Controlling Provisions. The employment arrangement contemplated by this Agreement includes
other related documents in addition to this Executive Employment Agreement, some of which are TTEC Parent and the Company’s standard
documents not otherwise tailored to this transaction. To the extent any provisions of these related agreements contradict the clear provisions
and terms of this Executive Employment Agreement, the provisions of this Agreement shall be controlling.

 

    14

     

    

 

Mr. Demou
acknowledges and agrees that he reviewed and fully understands the terms and provisions of this Agreement; that he enters into it freely,
knowingly, and mindful of the fact that it creates important legal obligations and affects his legal rights; and that he understands
the need to and has had the opportunity to consult with legal counsel about the terms and conditions of this Agreement.

 

	Executive
    	 	TTEC
    Digital LLC
	 	 	 
		 	
	George
    S. Demou	 	Regina
    M. Paolillo, Chief Financial & Administrative Officer
	 	 	 
	 	 	 
	Date:
		 	Date:	               

 

    15

     

    

 

List
of Exhibits

 

Exhibit
A: TTEC Ethics Code: How TTEC Does Business

https://www.ttec.com/sites/default/files/how-ttec-does-business-our-ethics-code-for-employees-suppliers-and-partners.pdf

 

Exhibit
B:TTEC Executive and Senior Financial Officers Ethics Code

https://investors.ttec.com/static-files/1cc30592-98f2-45ff-8679-5ea0dbf24e37

 

Exhibit
C:Digital Value Creation Incentive 

Incorporated
in this document below

 

Exhibit
D:Executive Stock Ownership Guidelines

Incorporated
in this document below

 

Exhibit
E:Sample Separation and Release Agreement 

Incorporated
in this document below

 

Exhibit
F:TTEC Incentive Recoupment Policy

https://investors.ttec.com/static-files/c8d8459a-049e-472a-a3ef-35654486a970

 

    16

     

    

 

Exhibit
C

To
Executive Employment Agreement

Digital
Value Creation Incentive 

 

[to
be Included as part of Amendment #1]

 

    17

     

    

 

Exhibit
E

To
Executive Employment Agreement

(Sample
Severance Agreement and Release of Claims

Not
Customized for Mr. Demou)

 

[DATE]

 

PERSONAL
& CONFIDENTIAL

 

[NAME]

[ADDRESS]

 

 

Dear
[NAME]:

 

As
you have been advised, your employment with TTEC Digital LLC (“TTEC” or “the Company”) will terminate effective the
close of business on ____________ (“Termination Date”).  This letter contains a Settlement Agreement and Release
of Claims (“Agreement”) intended to resolve any and all disputes arising from your employment and your separation from employment
with TTEC on mutually agreeable terms as set forth below.  Please review it carefully, and if it is acceptable to you, sign
and return an original copy to TTEC Human Capital Department, 9197 S. Peoria Street, Englewood, Colorado 80112 Attn: Settlement Agreements,
either by mail or by hand delivery. If you are 40 or over, you have been provided 21 days from the date of this Agreement to consider
whether to enter into this Agreement.

 

SETTLEMENT
Agreement and Release of Claims

 

This
Agreement is made between ______________ (“you”) and TTEC (collectively, the “Parties”). In consideration
of the mutual promises and other benefits set forth herein, the receipt and sufficiency of which is hereby acknowledged, the Parties
agree as follows:

 

 

		1.	Settlement
                                            Payment: Provided that you sign and return this Agreement, and it thereafter becomes
                                            effective as described below, you will receive a settlement payment equivalent to ___________________of
                                            your base salary, for a total amount of $__________________ (“Settlement Payment”).
                                            Payment shall be made in bi-weekly installments in accordance with the Company’s normal
                                            payroll schedule, less applicable federal, state, and local taxes and other authorized deductions
                                            and shall be started within 15 days of the Termination Date.

 

		2.	Benefits:
                                            Your current medical, dental, vision and healthcare flexible spending account coverage
                                            (to the extent that you have a positive balance in that account as of today’s date)
                                            will be continued until the Termination Date. After the Termination Date, you may continue
                                            your existing medical insurance coverage at your own expense pursuant to your rights under
                                            federal law (commonly referred to as “COBRA”). You will receive information on
                                            COBRA in a later mailing.

 

		3.	Other
                                            Compensation Due You: You will receive payment for any salary earned through the
                                            date of your separation from the Company, less applicable taxes and authorized or required
                                            withholding deductions.  You understand that you will be paid your earned wages and
                                            commissions, if any, set forth in this paragraph regardless of whether you sign this Agreement.

 

		4.	Reimbursement
                                            for Business Expenses: Within five days of the Termination Date, you will provide
                                            to the Company expense reports detailing all items, if any, for which you seek reimbursement,
                                            and the required supporting documentation for such expenses. If you hold a corporate credit
                                            card account, and there is an outstanding amount due and owing on that account, you must
                                            submit documentation showing that the account has been paid in full within five days of the
                                            Termination Date and understand and agree that if you do not, the Company may withhold any
                                            amounts due and owing on that account from the Settlement Payment. Your expense reports and
                                            supporting documentation will be subject to the same level of review that all other similar
                                            submissions receive from the Company’s Accounting Department. The Company will reimburse
                                            you in accordance with its existing policies and procedures. In addition, you will provide
                                            supporting documentation for all previously filed expense reports and agree to cooperate
                                            with the Company’s Accounting Department to resolve in good faith any issues relating
                                            to expenses.

 

    18

     

    

 

		5.	Return
                                            and Prohibition of Removal of Company Property and Records. Except as otherwise specifically
                                            provided in this Agreement, you shall return all Company property and records on the Termination
                                            Date. In the event you fail to return such property or records provided herein, you shall
                                            be liable to the Company for the value of all such property and records, and all reasonable
                                            costs, including attorneys’ fees, incurred by the Company in recovering such property
                                            or records. Company property and records shall include, but is not limited to, cell phones,
                                            pagers, BlackBerry devices, tablets, laptops, printers, fax machines, and any Company related
                                            document whether in written or electronic form and whether created by you or another person
                                            or entity. Company equipment, files or business information of any kind, whether written,
                                            electronic, digital, or otherwise, shall not be copied, taken or otherwise used by you without
                                            the prior written consent of the Company. In addition, the Company reserves the right to
                                            pursue all legal and equitable relief available for breach of this paragraph.

 

		6.	Agreement
                                            to Protect Confidential Information, Assign Inventions, and Prevent Unfair Competition and
                                            Unfair Solicitation.   You understand that all terms and conditions of
                                            your “Agreement to Protect Confidential Information, Assign Inventions, and Prevent
                                            Unfair Competition and Unfair Solicitation” (the “Non-Compete Agreement”)
                                            and any other applicable employment documents you signed during your employment at TTEC,
                                            survive Termination and shall remain in full force and effect.

 

		7.	Acknowledgment:
                                            You understand and agree that, absent this Agreement, you would not otherwise be
                                            entitled to the payment specified in Paragraph 1. Further, by signing this Agreement, you
                                            agree that you are entitled only to the payments described in this Agreement and that you
                                            are not entitled to any payments that are not specifically listed in this Agreement, excluding
                                            vested rights you may have pursuant to the Company’s 401(k), Stock Option, Restricted
                                            Stock Units and Life Insurance plans.

 

		8.	General
                                            Release of All Claims: In exchange for the Company’s payments in Paragraph
                                            1, you promise that you will not sue TTEC Services Corporation, including its past and present
                                            parents, subsidiaries, partnerships, affiliated companies, officers, directors, employees,
                                            or agents. By signing below, you release TTEC Services Corporation, including its past and
                                            present parents, subsidiaries, partnerships, affiliated companies, officers, directors, employees
                                            or agents (collectively, the “Released Parties”), from any and all claims you
                                            may have, known or unknown, that are releasable by private agreement,
                                            arising at any time through the date that this Agreement becomes effective, which
                                            is eight [8] days after you sign it without revoking it. The release specifically includes
                                            and is not limited to:

 

		a.	any and all
                                            rights or claims under any of the following laws: Title VII of the Civil Rights Act of 1964,
                                            42 U.S.C. § 2000-e, as amended; the Civil Rights Act of 1991; Sections 1981 through
                                            1988 of Title 42 of the United States Code, as amended; the Family and Medical Leave Act
                                            of 1993, as amended; the Worker Adjustment and Retraining Notification Act, as amended; the
                                            Fair Labor Standards Act of 1938, as amended; the National Labor Relations Act; the Occupational
                                            Safety and Health Act, as amended; the Age Discrimination in Employment Act; the Americans
                                            with Disabilities Act of 1990, as amended; the Civil Rights Acts of 1866, 1871, and 1991;
                                            the Equal Pay Act of 1963; the Employment Retirement and Income Security Act of 1974, as
                                            amended; the Immigration Reform and Control Act, as amended; the Conscientious Employment
                                            Protection Act, the Colorado Anti-Discrimination Act and any other federal, state, or local
                                            employment statute, law, or ordinance, including any and all claims of employment discrimination
                                            based on race, color, creed, religion, national origin, sex, age, marital status, disability,
                                            sexual orientation, lawful off-duty conduct, or retaliation; and

  

    19

     

    

 

		b.	any and all
                                            common-law claims such as wrongful discharge, violation of public policy, breach of contract,
                                            promissory estoppel, defamation, negligence, infliction of emotional distress, any intentional
                                            torts, outrageous conduct, interference with contract, fraud, misrepresentation, and invasion
                                            of privacy; and

 

		c.	any and all
                                            claims for any of the following: money damages (including actual, compensatory, liquidated
                                            or punitive damages), equitable relief such as reinstatement or injunctive relief, front
                                            or back pay, wages, commissions, bonuses, benefits, sick pay, PTO pay, vacation pay, costs,
                                            interest, expenses, attorney fees, or any other remedies; and

 

		d.	any and all
                                            claims arising under any federal or state "whistleblower" law, including without
                                            limitation the Sarbanes-Oxley Act of 2002, the Whistleblower Protection Act, and common-law
                                            wrongful discharge in violation of public policy.

 

		9.	Age
                                            Waiver for Executive 40 Years Old or More: By signing this Agreement, you acknowledge
                                            that:

 

		a.	The
                                            General Release in this Agreement includes a waiver and release of all claims you may have
                                            under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621 et seq.);

 

		b.	You
                                            have carefully read, and understand, this Agreement;

 

		c.	You
                                            have twenty-one (21) days from the date of this Agreement to consider your rights and obligations
                                            under this Agreement and if you elect to sign it sooner, have done so knowingly, voluntarily,
                                            and after giving it your due consideration;

 

		d.	You
                                            were, and hereby are, advised to consult with an attorney and/or any other advisors of your
                                            choice before signing this Agreement;

 

		e.	You
                                            understand that this Agreement is legally binding and by signing it you give up certain rights;

 

		f.	You
                                            have voluntarily chosen to enter into this Agreement and have not been forced or pressured
                                            in any way to sign it;

 

		g.	You
                                            knowingly and voluntarily release the Released Parties from any and all claims you may have,
                                            known or unknown, in exchange for the payments and benefits you have obtained by signing
                                            this Agreement, and that these payments are in addition to any payments or benefits you would
                                            have otherwise received if you did not sign this Agreement;

 

		h.	You
                                            have seven (7) days from the date you sign this Agreement to change your mind and revoke
                                            your acceptance. To be effective, your revocation must be in writing and tendered to TTEC
                                            Corporate Headquarters, Human Capital Department, 9197 S. Peoria Street, Englewood, Colorado
                                            80112 Attn: Settlement Agreements, either by mail or by hand delivery, within the seven (7) day
                                            period. If by mail, the revocation must be: 1) postmarked within the seven (7) day period;
                                            2) properly addressed; and 3) sent by Certified Mail, Return Receipt Requested. The Agreement
                                            will become effective on the eighth day after you sign it, provided you do not revoke your
                                            acceptance. You understand that the Company is not required to make the payments described
                                            herein unless and until this Agreement becomes effective; and

 

		i.	You
                                            understand that this Agreement does not waive (i) any rights or claims that may arise
                                            after this Agreement is signed and becomes effective, which is after the Company’s
                                            actual receipt of your signed signature page and after the 7-day revocation period has
                                            expired, nor (ii) any claim for indemnification (A) under the organizational documents
                                            of the Company, (B) in any director or officer indemnification agreement between you
                                            and the Company, (C) required under applicable law, or (D) under any directors’
                                            and officers’ or other insurance policy maintained by the Company.

 

		10.	No
                                            Admission of Wrongdoing: By entering into this Agreement, neither you nor the Company
                                            nor any of the Released Parties suggest or admit any wrongdoing or violation of law.

 

    20

     

    

 

		11.	No
                                            Claims Filed: As a condition of the Company entering into this Agreement, you represent
                                            that you have not filed, and do not intend to file, any lawsuit against the Company, or any
                                            of the other Released Parties. This Agreement shall not be construed to prohibit you from
                                            filing a charge or complaint with the National Labor Relations Board, the Equal Employment
                                            Opportunity Commission, or participating in any investigation or proceedings conducted by
                                            either entity.

 

		12.	Confidentiality:
                                            You agree that the terms of this Agreement are confidential. You also agree not to
                                            tell anyone about this Agreement and not to disclose any information contained in this Agreement
                                            to anyone, other than your lawyer, financial advisor and immediate family members, unless
                                            you are compelled to do so by law. If you do tell your lawyer, financial advisor or immediate
                                            family members about this Agreement or its contents, you must immediately tell them that
                                            they must keep it confidential as well.

 

		13.	Breach
                                            of this Agreement: You promise to abide by the terms and conditions in this Agreement
                                            and understand that if you do not, the Company is entitled to seek damages and injunctive
                                            relief.

 

		14.	Entire
                                            Agreement: This Agreement, together with the Arbitration Agreement, Agreement to
                                            Protect Confidential Information, Assign Inventions and Non-Solicitation (collectively, the
                                            "Executive Agreements") constitute the complete understanding between the Parties
                                            concerning all matters affecting your employment with the Company, the termination thereof
                                            and any ongoing responsibilities. You hereby affirm and will comply with any and all ongoing
                                            obligations contained in the Executive Agreements, including obligations relating to confidentiality
                                            of Company information and binding arbitration. Moreover, you acknowledge that no promises
                                            or representations have been made to induce you to sign this Agreement other than as expressly
                                            set forth herein and that you have signed this Agreement as a free and voluntary act.

 

		15.	Severability.
                                            If any clause, provision or paragraph of this Agreement is found to be void, invalid
                                            or unenforceable, such finding shall have no effect on the remainder of this Agreement, which
                                            shall continue to be in full force and effect. Each provision of this Agreement shall be
                                            valid and enforced to the fullest extent permitted by law.

 

		16.	Changes
                                            to the Agreement: This Agreement may not be changed unless the changes are in writing
                                            and signed by you and an authorized representative of the Company.

 

		17.	Governing
                                            Law. This Agreement shall be governed and construed in accordance with the laws of
                                            the State of Colorado, excluding its choice of law rules, and shall be binding upon the parties
                                            hereto and their respective successors and assigns.

 

If
you agree, please sign and return to the Company as instructed above.

 

	 	By signing
    below, you accept
	 	this Agreement and all
    of
	 	the terms herein.

 

TTEC Digital
LLC 

 

	By:	 	 	 	 
	 	 	 	By:	 
	 	 	 	 
	Date:	 	 	Date:	 

 

    21

     

    

 

Exhibit
D

To
Executive Employment Agreement

Executive
Stock Ownership Guidelines

 

Equity
provides the opportunity for the company to further invest in the employees who passionately uphold our values while driving the business
with an entrepreneurial spirit. Company leaders who think and act like owners are crucial to our success and encouraging star players
to actively participate in company growth is key to building our future together.

 

When
a company’s board of directors, shareholders and employees align their interest in organization’s long- term success, the
stage is set for true transformation. To that end, TTEC has adopted Stock Ownership Guidelines to encourage company leaders (vice president-level
and above) to align their interests with TTEC and our stockholders and to focus on value creation, while sharing in the company’s
success. The following are answers to questions you may have about TTEC’s new Executive Stock Ownership Guidelines.

 

Executive
Stock Ownership Guidelines

 

		Q.	Why
are we implementing an Ownership Guideline?

		A.	The
Guidelines are designed to align our senior leaders’ interests with our shareholders’ interest, driving a long-term vision
and commitment to creating company value. The Executive Ownership Guidelines are also designed to:

 

•
Support confidence in company strategy to execute our business transformation

•
Allow us to remain an attractive and competitive choice for executive-level talent by adopting best practices

•
Align executive behavior with external shareholder expectation

•
Drive long-term accountability

•
Enable company success

 

		Q.	How
much stock should I hold as a company leader?

		A.	The
new Executive Stock Ownership Guidelines call for TTEC vice presidents and above to hold a multiplier of base compensation in TTEC stock
(based on Fair Market Value (FMV) of stock as it trades on NASDAQ). Employees will have five years from the start of this requirement
(or promotion into a new role) to meet the holding Guidelines.

 

    22

     

    

 

	Executive
    Level	 	Target Holding Amount
 within
                                            5 Years

	 Chief Financial Officer	 	3
    times current base salary
	 Executive Vice President 	 	2.5 times current base salary
	 Senior Vice President 	 	1.5 times current base salary
	 Group Vice President 	 	1.0 times current base salary

 

		Q.	Do
I have to buy TTEC stock to meet this holding Guideline?

		A.	TTEC
does not expect you to buy TTEC stock to meet the holdings Guidelines, and how you meet them is entirely up to you. Most employees will
be able to meet the requirement by holding a portion of their annual equity grant (net of tax), as it vests.

 

		Q.	How
many shares should I consider holding from each RSU grant to meet the holding Guidelines?

		A.	How
much you hold from each grant and from each vesting event is entirely up to you. Based on basic modeling, however, we believe that if
you hold a percentage of each vesting event from annual Equity Grants (net of tax as indicated in the table below) you should comfortably
reach the holding requirement in five years or sooner.

 

The
holding guideline can be satisfied with any stock you hold including:

•
the exercise of options to purchase the company’s common stock

•
the vesting of restricted stock; and

•
the vesting of performance shares.

 

	Executive Level	 	Guideline of Percentage of
 Net
                                            Shares to Hold
	 
	 Executive Vice President	 	 	75	%
	 Senior Vice President 	 	 	75	%
	 Group Vice President 	 	 	50	%

 

Once
the holding target is reached, you should maintain it during your entire tenure in the role; and as your role changes be aware of the
changes in the holding guidelines as well.

 

		Q.	What
happens if I don’t reach my target holding amount within the five-year time frame due to market volatility or amount of my equity
awards?

 

		A.	If the
actual Equity Grants you receive and/or market price volatility does not allow an employee to reach the target holding level within the
required five-year time frame, the company does not expect employees to invest out of pocket. The company expects the Equity Grants you
receive to be the source for the holding requirement and we look to you as a leader to exercise a good faith effort to honor the requirements.
If the Equity Grants you receive or market volatility creates a challenge, discuss the matter with your supervisor and your HC partner
for a practical resolution.

 

    23

     

    

 

		Q.	What
if I have a special situation (hardship) that makes maintaining the holding requirement difficult for me?

		A.	The
Executive Ownership Guidelines is designed to align your interests with the company’s interests and position you to share in our
success. If your personal situation makes the compliance with the Ownership Guidelines a hardship, speak to your HC partner and the Executive
Committee level executive responsible for your business segment for guidance and support.

 

		Q.	Whom
should I contact with questions?

		A.	If
                                            you have questions, please contact Pam LeMasters, Vice President, Total Rewards via
                                            email or by phone at 303.397.8531.

 

    24Exhibit 10.1

 

	DATED	5 February 2018

 

 

 

RULES OF THE VACCITECH LIMITED

EMI SHARE OPTION SCHEME

(APPROVED BY THE BOARD OF DIRECTORS ON 5 February 2018)

 

 

 

	5 New Street Square | London EC4A 3TW

                           Tel +44 (0)20 7300 7000

Fax +44 (0)20 7300 7100

DX 41 London

www.taylorwessing.com
	

 

     

     

    

 

INDEX

 

	Clause
    No.	 	Page
    No.

 

	1.	Interpretation
    and Construction	3
	2.	Statement of Purpose	8
	3.	Grant of Options	9
	4.	Notice of Grant	10
	5.	EMI Options: Limit
    for individual Eligible Employee	10
	6.	Overall limits for
    Company on the Grant of Options	10
	7.	Ordinary Share Capital	11
	8.	Non-Transferable	11
	9.	Rights to Exercise
    Options	11
	10.	Exercise of Options	12
	11.	Lapse of Options	14
	12.	Takeover, Reconstruction,
    Liquidation and Sale of the Business	15
	13.	Replacement Options	17
	14.	Loss of Office or Employment	19
	15.	Adjustments	20
	16.	General	21
	17. 	Overseas Employees	23
	18.	Supplementary Provisions	23
	schedule
    1	24
	schedule
    2	31
	schedule
    3	33

 

    2 

     

    

 

INDEX

 

	Clause
    No.	 	Page
    No.

 

		1.	Interpretation and Construction

 

		1.1	Definitions

 

In the Rules, unless the context
requires otherwise, the following words and expressions are defined or otherwise explained by the provisions indicated:

 

	“Acquiring Company”	any company which has obtained Control of the Company in accordance with any of the provisions of Rule 12;
	“Adoption Date”	the date on which the Rules are adopted by the Directors;
	“Bad Leaver”	any director or employee of any Group Company who ceases to be a director or employee without becoming a director or employee of any other Group Company as a consequence of:
	 	(a)    Such director or employee’s dismissal for Cause; or
	 	(b)    Such director or employee’s resignation in circumstances where a Group Company would have been entitled to dismiss such director or employee for Cause, provided that, in each case, the Directors (acting with Investor Director Consent) may decide that that director or employee is not a Bad Leaver;
	“Cause”	in relation to a director or employee, that director or employee’s fraud or dishonesty, or having committed any crime punishable by imprisonment;
	“Committed Time”	the meaning given by paragraph 26 of Schedule 5;
	“Companies Act”	the Companies Act 2006;
	“Company”	Vaccitech Limited (registered number 09973585) whose registered office is at Magdalen Centre, 1 Robert Robinson Avenue, The Oxford Science Park, Oxford, Oxfordshire OX4 4GA;

 

    3 

     

    

 

	“Compromise”	the meaning given by Rule 12.5;
	“Control”	shall mean the ability of a person to secure that the affairs of a company are conducted in accordance with the person’s wishes by the holding of shares or voting power in that or any other company (or as a result of any powers in the articles of association or other document relating to that or any other company) (in accordance with section 995 Income Tax Act 2007);
	“Date of Grant”	the date on which an Option is granted to an Employee;
	“Directors”	the board of Directors of the Company or a duly authorised committee thereof;
	“Disqualifying Event”	the meaning given by Sections 534 to 536 of ITEPA;
	“Eligible Employee”	any person who is an employee of the Company or any Qualifying Subsidiary PROVIDED THAT where an Option is intended to be an EMI Option the employee is an individual;
	 	(a)    whose Committed Time amounts to at least 25 hours a week, or if less, 75% of his Working Time; and
	 	(b)    who does not have a Material Interest in any Group Company;
	“EMI”	Enterprise Management Incentive;
	“EMI Option”	any right to acquire Shares:
	 	(a)    In relation to which the requirements of Schedule 5 are met at the Date of Grant; and
	 	(b)  of which Notice of Grant is given to HM Revenue & Customs in accordance with paragraph 44 of Schedule 5;
	 	and, where the circumstances permit, a Replacement Option in relation to that EMI Option;
	“Employee”	any individual who is an employee of a Group Company;

 

    4 

     

    

 

	“Employer Company”	the company by reference to which the Option Holder is an Eligible Employee or Employee;
	“Employer’s NICs”	secondary Class 1 national insurance contributions;
	“Good Leaver”	any director or any employee of any Group Company who ceases to be a director or employee without becoming a director or employee of any other Group Company and is not a Bad Leaver;
	“Group” and “Group Company”	“Group”, in relation to a Parent Company, means that company and its Subsidiaries and “Group Company” shall be construed accordingly;
	“Independence Requirement”	the meaning given by paragraph 9 of Schedule 5;
	“Investor Director Consent”	shall have the meaning in the Articles of Association of the Company;
	“ITEPA”	the Income Tax (Earnings and Pensions) Act 2003;
	“Market Value”	shall be determined in accordance with Part VIII of the Taxation of Chargeable Gains Act 1992;
	“Material Interest”	the meaning given by paragraph 29 of Schedule 5;
	“Notice of Exercise”	a notice of exercise in accordance with the form set out in schedule 2 of the Rules or such other form as may be prescribed or required by the Directors from time to time;
	“Notice of Grant”	the notice of grant of the EMI Option submitted by the Employer Company to HM Revenue & Customs in accordance with Rule 4.1;
	“Option”	a right to acquire Shares which shall include an EMI Option or an Unapproved Option;

 

    5 

     

    

 

	“Option Agreement ”	an agreement between the Company and an Eligible Employee (or the Company and an Employee) which shall evidence the grant of the Option, which shall be in accordance with the Rules of the Scheme and which shall be in such form as may be prescribed by the Directors;
	“Option Holder”	an Eligible Employee who has been granted an EMI Option or an Employee who has been granted an Unapproved Option (or his legal personal representatives where the circumstances permit);
	“Option Price”	the price per Share determined by the Directors which shall not be less than the Market Value of a Share on the Date of Grant (unless the Directors in their discretion decide otherwise) and, in the case of an Option which is a right to subscribe for Shares, not less than the nominal value of a Share;
	“Ordinary Share Capital”	the meaning given by section 989 of the Income Tax Act 2007;
	“Parent Company”	a company that has one or more Subsidiaries;
	“Personal Representatives” 	in relation to an Option Holder, the Option Holder’s legal personal representatives (being either the executors of his will to whom a valid grant of probate has been made or the duly appointed administrators of his estate) who in either case have provided the Directors with satisfactory evidence of their appointment;
	“Qualifying Exchange”	an exchange of Shares in accordance with Rule 13.3;
	“Qualifying Subsidiary”	the meaning given by paragraph 11 of Schedule 5 to ITEPA;
	“Relevant Company”	the company (being either the Company or any Group Company) which incurs a Tax Liability as set out in Rule 10.4;
	“Replacement Option”	an Option granted in accordance with Rule 13;
	“Restrictions”	any condition attaching to the Shares which makes the interest in the Shares restricted within the meaning of Chapter 2 of Part VII of ITEPA;
	“Rules”	these rules together with any schedules or appendices to these rules;

 

    6 

     

    

 

	“Sale of the Business”	any transfer (whether through a single transaction or a series of transactions) of all or substantially all of the assets or undertaking of the Group (including goodwill) to any person (or persons connected with each other or act in concert with each other);
	“Schedule 5”	Schedule 5 to ITEPA;
	“Scheme”	this scheme as governed by the Rules;
	“Section 431 Election”	means an election in accordance with Section 431 of ITEPA being in the form as set out in Schedule 3 to this Scheme or in such other form as HM Revenue & Customs may determine from time to time;
	“Share”	Ordinary Shares in the capital of the Company (and in the context of an EMI Option, which satisfies the requirements of paragraph 35 of Schedule 5);
	“Subsidiary”	means any body corporate which is a subsidiary of the Company within the meaning of section 1159 of the Companies Act 2006;
	“Tax Liability”	a liability to account for any employee’s tax, national insurance, social security or other levies in respect of the Option (whether by reason of grant, exercise, or otherwise or by reason of a Disqualifying Event in relation to EMI Options only), including for the avoidance of doubt and without limitation any liability arising after the termination of the Option Holder’s employment for whatever reason and which:
	 	(a)    may arise or be incurred in any jurisdiction whatsoever and,
	 	(b)   by the law of the same jurisdiction may or shall be recovered from the person entitled to the Option;
	“Trading Activities Requirement”	the meaning given by paragraph 13 to 14 of Schedule 5;
	“Unapproved Options”	any right to acquire Shares granted pursuant to this Scheme which does not satisfy the requirements of Schedule 5;

 

    7 

     

    

 

	“Unvested”	such number or the proportion of the Shares subject to an Option that are not Vested;
	“Vested”	such number or the proportion of the Shares subject to an Option that shall become vested according to the Vesting Schedule and “Vest” shall be construed accordingly;
	“Vesting Schedule”	the schedule set out in any Option Holder’s Option Agreement;
	“Working Time”	the meaning given by paragraph 27 of Schedule 5; and 
	“Working Time Declaration” 	means a written declaration made and signed by the Option Holder within the Option Agreement in accordance with paragraph 44(6) of Schedule 5 that he satisfies the Committed Time requirement.

 

		1.2	Construction

 

Words or expressions used herein
shall where appropriate:

 

(a)         
when denoting the masculine gender include the feminine and vice-versa;

 

(b)         
when denoting the singular include the plural and vice versa;

 

(c)        when
referring to any enactment be construed as a reference to that enactment as for the time being consolidated, amended, re-enacted
or replaced and shall include any regulations made thereunder;

 

(d)        
when a period of time is specified and starts from a given day or the day of an act or event, be calculated exclusive
of that day; and

 

(e)         
be construed such that the headings and sub-headings are for ease of reference only, and do not affect the interpretation
of any Rule;

 

(f)          
be construed where not otherwise defined in the Rules to have the same meanings as in Schedule 5.

 

		2.	Statement of Purpose

 

EMI Options granted at any time
pursuant to the Rules are granted for commercial reasons in order to recruit or retain an Eligible Employee and not as part of
a scheme or arrangement the main purpose, or one of the main purposes, of which is the avoidance of tax.

 

    8 

     

    

 

		3.	Grant of Options

 

		3.1	General

 

(a)         
Subject to the Rules, the Company may, at any time, grant

 

(i)           
any Eligible Employee an EMI Option; or

 

(ii)          
any Employee an Unapproved Option

 

over such number of Shares at such
Option Price and with such conditions of exercise as the Company may determine.

 

(b)        
An EMI Option shall be granted in accordance with the provisions of Schedule

 

(c)         
EMI Options shall only be granted to individuals who are Eligible Employees.

 

(d)        
Unapproved Options shall only be granted to individuals who are Employees.

 

(e)         
An Option shall not be granted by any person other than the Company without the prior approval of the Directors.

 

		3.2	Contents of Option Agreement

 

The Option shall be agreed in
writing between the Company and the Option Holder, and shall state:

 

(a)         
the Date of Grant;

 

(b)         
that the EMI Option is granted under the provisions of Schedule 5;

 

(c)          
the number or maximum number of Shares over which the Option is granted;

 

(d)         
the Option Price, or the method by which the Option Price is to be determined;

 

(e)         
the Vesting Schedule, which shall provide that the Option shall Vest in four equal annual instalments from the Vesting
Commencement Date;

 

(f)          
the Vesting Commencement Date, which shall be either:

 

(i)           
the date on which the Option Holder became an Employee; or

 

(ii)          
the Date of Grant;

 

(g)         
details of any Restrictions attaching to the Shares and, if so, shall contain details of such Restrictions; and

 

(h)         
shall include the Working Time Declaration.

 

		3.3	The Option Agreement for an Unapproved Option shall be in the same form as Rule apart from Rule
3.2(b), (g) and (h) which shall not apply.

 

    9 

     

    

 

		4.	Notice of Grant

 

		4.1	On the grant of an EMI Option, a Notice of Grant shall be given by the Employer Company to HM Revenue
& Customs within 92 days of the Date of Grant (or such further or other period as HM Revenue & Customs or statute may allow,
permit or require) and shall:

 

(a)         
be in such form and using such method as required by HM Revenue & Customs from time to time;

 

(b)         
contain a declaration by a director or the secretary of the Employer Company that:

 

(i)           
in his opinion the requirements of Schedule 5 are met;

 

(ii)          
the information provided is to the best of his knowledge correct and complete; and

 

(iii)          the
Option Holder has made and signed a Working Time Declaration and that the Working Time Declaration is held by the Employer Company;

 

(c)         
contain any other information that HMRC may require from time to time.

 

		4.2	On the grant of an Unapproved Option a Notice of Grant shall not be required.

 

		5.	EMI Options: Limit for individual Eligible Employee

 

		5.1	The number of Shares over which an EMI Option may be granted to any one Eligible Employee shall
be limited and take effect so that the total value of Shares (as determined by paragraphs 5(6) to (8) of Schedule 5) subject to
unexercised EMI Options granted to that Eligible Employee by the Company or any other Group Company does not exceed £250,000
(or such other limit as may apply from time to time in paragraph 5 of Schedule 5), SAVE WHERE an EMI Option is granted under the
provisions of Part 6 (Company Reorganisation) of Schedule 5.

 

		5.2	Provided that if an EMI Option exceeds the limit in Rule 5.1 the Option shall be treated as two
Options, one shall be an EMI Option as to the number of Shares within the limit in Rule 5.1 and the other Option shall be an Unapproved
Option.

 

		6.	Overall limits for Company on the Grant of Options

 

		6.1	Subject to such adjustments as may be made in accordance with Rule 15, no Option shall be granted
on any Date of Grant if as a result the total value of Shares of the Company (as determined by paragraphs 5(6) to (8) of Schedule
5) in respect of which unexercised EMI Options exist would exceed £3 million or such other limit as may apply from time to
time in paragraph 7 of Schedule 5.

 

		6.2	For the purpose of the limit contained in Rule 6.1 above, any Option or right which has been released,
cancelled or lapsed without being exercised shall be ignored.

 

		6.3	If following the purported grant of an EMI Option the limit in Rule 6.1 would be exceeded such
an Option shall not be an EMI Option insofar as it relates to the excess and the excess shall be treated as an Unapproved Option.

 

    10 

     

    

 

 

	7.	Ordinary Share Capital

 

		7.1	Availability of Shares

 

The Company shall at all times
keep available Shares to satisfy the exercise to the full extent still possible of all Options which have neither lapsed nor been
fully exercised taking account of any other obligations of the Company to provide shares of the same class of Shares.

 

	8.	Non-Transferable

 

Save as provided in Rule 9.4,
no Option nor any right thereunder shall be capable of being transferred, assigned or charged in any manner whatsoever. Upon any
such purported transfer, assignment, or charge the Option shall immediately lapse and cease to be exercisable.

 

	9.	Rights to Exercise Options

 

	9.1	General

 

Subject to Rules 9.2, 9.3, 9.4
and 9.5 below an Option:

 

		(a)	shall not be exercisable before it has Vested in accordance
with the Vesting Schedule set out in the relevant Option Holder’s Option Agreement; and

 

		(b)	shall only be exercisable in accordance with Rule 12;
and

 

		(c)	shall not be exercised later than the day before the
tenth anniversary of the Date of Grant.

 

	9.2	Termination of Employment - Bad Leaver

 

If the Option Holder is a Bad
Leaver, the Option, whether Vested and unexercised or Unvested shall lapse immediately on the date upon which the Option Holder
ceases to hold employment or office within the Group, or in the case of termination for Cause, on the date of occurrence of such
Cause.

 

	9.3	Termination of Employment - Good Leaver

 

If the Option Holder is a Good
Leaver:

 

(a)         
the Option shall be exercisable to the extent Vested as at the date of ceasing employment:

 

(i)           
within 90 days of ceasing employment (or within any longer time period as referred to in section 532(1)(b) ITEPA);
or

 

(ii)          
in accordance with Rule 12.

 

(b)         the
Option to the extent Unvested shall lapse immediately on the date upon which the Option Holder ceases employment unless otherwise
decided by the Directors (acting with Investor Director Consent) before the date of cessation at their discretion. If the Directors
(acting with Investor Director Consent) use their discretion to permit exercise of the Unvested Option, it may be in relation
to part or all of the Unvested Option, but may only be exercisable within the time periods set out in Rule 9.3(a)(i) and Rule
9.3(a)(ii).

 

    11

     

    

 

	9.4	Death of the Option Holder

 

If an Option Holder dies,

 

		(a)	the Option shall be exercisable to the extent Vested
as at the date of the Option Holder’s death by the Option Holder’s Personal Representatives within 12 months of the
date of the Option Holder’s death; and

 

		(b)	the Option to the extent Unvested as at the date of the
Option Holder’s death shall lapse on the expiry of 12 months from the date of the Option Holder’s death and the Directors
(acting with Investor Director Consent) may use their discretion to permit exercise of part or all of the Unvested Option within
such 12 months period.

 

	9.5	Special exercise ten years from Date of Grant

 

Where there is no event as provided
for in Rule 12 which will occur within 10 years of the Date of Grant, an Option, to the extent Vested, may be exercised within
the period of 60 days ending on the day before the tenth anniversary of the Date of Grant of the Option. For the avoidance of doubt,
nothing in these Rules shall require the Company to facilitate the disposal in any manner whatsoever of any Shares acquired on
any such exercise pursuant to this Rule 9.5.

 

	10.	Exercise of Options

 

	10.1	Procedure on exercise

 

An Option shall be exercisable,
in whole or in part, by the delivery to the secretary of the Company of the following:

 

(a)         
an Option Agreement covering all of the Shares over which the Option is then to be exercised;

 

(b)         
the Notice of Exercise in the prescribed form duly completed and signed by the Option Holder (or by his duly authorised
agent);

 

(c)          
a Section 431 Election (or a similar election should the Directors so require);

 

(d)         
payment (or such arrangements for the making of such a payment as the Directors shall permit) of a sum equal to the
aggregate Option Price for the number of Shares over which the Option is to be exercised;

 

(e)         
payment (or such arrangements for the making of such a payment as the Directors shall permit) of any Tax Liability
and Employer’s NICs in accordance with Rule 10.4; and

 

    12

     

    

 

(f)           if
and to the extent that existing shareholders in the Company are subject to Restrictions on the exercise of any rights attaching
to their Shares in the Company as embodied in any shareholders’ agreement or other such document, is accompanied by a deed
of adherence in a form acceptable to the Company and executed by the Option Holder whereby the Option Holder agrees to be bound
by the terms of such shareholders’ agreement or other such document.

 

	10.2	Issue or transfer of Shares

 

The Company shall issue or procure
the transfer of Shares to be allotted or transferred pursuant to the exercise of an Option to the Option Holder such number of
Shares within 30 days following the effective date of exercise of the Option.

 

	10.3	Shares issued pursuant to the Scheme will rank pari passu in all respects with the Shares then
already in issue except that they and any Shares transferred pursuant to the Scheme will not rank for any dividend or other distribution
of the Company paid or made by reference to a record date falling prior to the date of receipt of the Notice of Exercise of the
Option pursuant to Rule 10.1.

 

	10.4	Deductions

 

(a)         Where
in relation to Options, the Company or any Group Company (the “Relevant Company”) is liable, or is in accordance
with current practice believed to be liable under any statute or regulation or otherwise, to account to any revenue or other authority
for sums in respect of a Tax Liability in relation to the Option, the Option Holder shall indemnify and shall keep indemnified
the Relevant Company for the Tax Liability and the Option Holder shall pay the Relevant Company a sum equal to the Tax Liability
immediately upon written notice of the quantum of the said liability.

 

(b)         Notwithstanding
the above, the Company may impose such conditions upon the exercise of the Options as are necessary to ensure that the Relevant
Company is able to meet any or all of such liabilities, including, without limitation, a condition that no exercise may take place
unless the Option Holder has provided the Relevant Company with cash funds sufficient to meet such Tax Liability, or has entered
into arrangements acceptable to the Relevant Company to secure that such cash funds are available, or to allow the Relevant Company
to deduct the amount of such Tax Liability from any cash amounts (including salary and bonuses) which may become payable to the
Option Holder by any Group Company.

 

(c)          
The Company may require the Option Holder as a condition of the exercise of any Option that the Option Holder shall:

 

(i)           
agree to reimburse the Relevant Company for any Employer’s NICs arising on the exercise of an Option; or

 

(ii)           enter
into an election with the Relevant Company to assume the liability for any Employer’s NICs, payable on the exercise of the
Option, including an election under paragraph 3B of Schedule 1 to the Social Security Contributions and Benefits Act 1992; OR

 

    13

     

    

 

(iii)          agree
to pay the employer’s social security contributions, to the extent permitted by law, in any other jurisdiction.

 

(d)         
If the Option Holder shall fail to:

 

(i)           
make payment to the Relevant Company immediately upon receipt of a written notice in accordance with Rule 10.4(a);
or

 

(ii)          
reimburse the Relevant Company in accordance with an agreement or election in whole or in part for any liability
to Employer’s NIC or employer’s social security contributions pursuant to Rule 10.4(a);

 

then the Company shall be authorised
by the Option Holder to reduce the number of Shares otherwise deliverable to the Option Holder upon the exercise of an Option as
may be sufficient to produce a sum which (after allowance for the costs and expenses of such a sale) may discharge (and shall be
applied in discharge of) the Option Holder’s liability to the Relevant Company under Rule 10.4(a) or any agreement or election
pursuant to Rule 10.4(a) and the Company may exercise all such powers and may appoint any of its officers to sign all such documents
in the name of the Option Holder and as his act and deed as may be necessary for this purpose.

 

(e)         
If the Option Holder shall fail to make payment to the Relevant Company immediately upon receipt of a written notice
in accordance with Rule 10.4(a) then the Option Holder shall be liable to make good any amount outstanding on demand.

 

	11.	Lapse of Options

 

	11.1	General

 

An Option shall immediately cease
to be exercisable and shall lapse on the earliest of:

 

(a)         
the tenth anniversary of the Date of Grant;

 

(b)         
the date upon which the Option Holder ceases to hold employment or office within the Group if the Option Holder is
a Bad Leaver, or in the case of termination for Cause, on the date of occurrence of such Cause;

 

(c)          the
expiry of the periods in Rule 9.3, except that if the Option Holder dies during the exercise period specified in Rule 9.3 or before
exercise in accordance with Rule 12 an Option shall not lapse by reason of this Rule 11.1 until the first anniversary of the Option
Holder’s death, if later;

 

(d)          the
first anniversary of the Option Holder’s death;

 

(e)         
subject to Rule 13.1, the expiry of any of the periods referred to in Rule 12;

 

(f)           the
date on which it is purported to be transferred or assigned (other than by reason of death in accordance with Rule 9.4), mortgaged,
charged or otherwise disposed of by the Option Holder;

 

    14

     

    

 

(g)          the
successful presentation of any petition to any court of competent jurisdiction by which an order is sought for the bankruptcy
of the Option Holder;

 

(h)          upon
the Option Holder making an application for an interim order or any proposal for a voluntary arrangement within Part VIII of the
Insolvency Act 1986;

 

(i)           upon
the Option Holder proposing any form of compromise with his creditors or any class of creditors; and

 

(j)           the date on which the Option Holder is deprived (otherwise than on death) of the legal or beneficial ownership of the Option by
operation of law or by the Option Holder doing or omitting to do anything which causes him to be so deprived.

 

	12.	Takeover, Reconstruction, Liquidation and Sale of the Business

 

	12.1	Offer

 

If any person obtains Control
of the Company as a result of:

 

(a)           making
an offer to acquire the whole of the issued share capital of the Company which is made on a condition such that, if it is satisfied,
the person making the offer will have Control of the Company; or

 

(b)         
making a general offer to acquire all the shares in the Company which are of the same class as those to which the
Option relates;

 

(c)          negotiating a share sale and purchase agreement with the shareholders of the Company which contemplates that the
person will acquire the whole of the issued share capital of the Company on completion;

 

(an “Offer”),
an Option may be exercised to the extent set out in Rule 12.2, in accordance with the provisions of Rule 12.3.

 

	12.2	An Option may be exercised under Rule 12.1 (and, for the avoidance of doubt) under Rules 12.5,
12.6, 12.7 and 12.9) to the extent Vested as at the date of such Offer or other event under this Rule 12, and the Directors (acting
with Investor Director Consent) may, at their discretion, allow an Option Holder to exercise any Unvested Option(s).

 

	12.3	Notification of Offer

 

(a)          If
the Directors (acting on behalf of the Company) notify the Option Holder in writing as soon as practicable of the fact that
such person has made an Offer under Rule 12.1 (the “Notification”) which may result in that person
obtaining Control of the Company (and for the purposes of this Rule 12.3 the time that Control is obtained shall be referred
to as the “Unconditional Time”), the Option Holder may deliver his Notice of Exercise and the aggregate
Option Price (under the procedure in Rule 10.1) at any time in the period commencing on the Option Holder’s receipt of
the Notification and ending immediately before the Unconditional Time. Any Notice of Exercise delivered in accordance with
this Rule 12.3 shall be exercised immediately before the Unconditional Time. The Option shall not be exercisable following
the Unconditional Time but may still be released under Rule 13 within the period of six months following the change of
Control of the Company and on the expiry of the said six month period the Option shall lapse; or

 

    15

     

    

 

(b)         
In the event that no Notification is made (as permitted by Rule 12.3(a), the Option may be exercised within 90 days
(or within any longer time period as referred to in section 532(1)(b) ITEPA) of such change of Control. The Option shall not be
exercisable after 90 days (or within any longer time period as referred to in section 532(1)(b) ITEPA) from the date of the change
of Control but may still be released under Rule 13 within the period of six months following the change of Control of the Company
and on the expiry of the said six month period the Option shall lapse.

 

(c)          
For the avoidance of doubt, where a Notification is made in Rule 12.3(a) and the Directors become aware that the
proposed Offer will not proceed, the Directors shall return the Notice of Exercise and the aggregate Option Price to the Option
Holder, and no exercise of the Option shall be treated as having occurred in relation to such offer under Rule 12.1.

 

	12.4	Control

 

For the purposes of Rule 12.1
a person shall be deemed to have obtained Control of the Company if he and others acting in concert with him have together obtained
Control of it.

 

	12.5	Scheme of arrangement

 

If any person obtains Control
of the Company in pursuance of a compromise or arrangement sanctioned by the court under section 899 of the Companies Act (a “Compromise”),
an Option may be exercised to the extent set out in Rule 12.2 within 90 days (or within any longer time period as referred to in
section 532(1)(b) ITEPA) of the court sanctioning the Compromise. An Option shall not be exercisable after the said 90 days (or
longer time period as referred to in section 532(1)(b) ITEPA) but may still be released under Rule 13 within the period of six
months following the court sanction of the Compromise and, on the expiry of the said six month period, the Option shall lapse.

 

	12.6	Chapter 3, Part 28 of the Companies Act - Squeeze out provisions

 

If any person becomes bound or
entitled to acquire shares under Chapter 3, Part 28 of the Companies Act, an Option may be exercised to the extent set out in Rule
12.2 at any time when that person remains so bound or entitled.

 

	12.7	Liquidation

 

If a general meeting of the
Company is called at which it is proposed to pass a resolution for the members’ voluntary winding up of the Company,
the Company shall notify the Option Holder as soon as practicable of this fact. An Option may be exercised to the extent set
out in Rule 12.2 during the period of such notice (such exercise being conditional on such resolution being passed and taking
effect immediately thereafter) and such portion of the Option not otherwise exercised before such resolution has been passed
shall thereupon lapse. Where the Option Holder has exercised the Option pursuant to this Rule 12.7 and the resolution
referred to above has been passed then (subject to the consent of the Company’s liquidator where such is required by
section 88 of the Insolvency Act 1986) the exercise of the Option shall take effect immediately and the Option Holder shall
be entitled to share in the assets of the Company with the existing shareholders in the same manner as the Option Holder
would have been entitled had the Option Holder been the registered owner of the relevant Shares before the resolution was
passed. For the avoidance of doubt, this Rule 12.7 will not apply to a creditors’ voluntary winding up.

 

    16

     

    

 

	12.8	Reorganisation

 

An Option may not be exercised
under Rule 12.1 if the Offer is part of a reorganisation so that the shareholders of the Acquiring Company hold their shares in
the Acquiring Company in the same proportions as they held their shares in the Company.

 

	12.9	Sale of Business

 

An Option may be exercised to
the extent set out in Rule 12.2 within 90 days (or within any longer time period as referred to in section 532(1)(b) ITEPA) of
a Sale of the Business and the Company shall notify the Option Holder as soon as practicable of this fact. The Directors (acting
with the Investor Director Consent) may permit exercise of an Option at their discretion in the event of a sale of a material part
of the business (which does not constitute a Sale of the Business).

 

	12.10	Admission to Listing

 

If the Company’s shares
are admitted to listing on the Main Market of the London Stock Exchange, AIM or to or any other securities exchange, an Option
may be exercised to the extent Vested during such periods as the Directors shall determine in their discretion, and the Directors
(acting with Investor Director Consent) may, at their discretion, allow an Option Holder to exercise any Unvested part of an Option
during such periods.

 

	13.	Replacement Options

 

	13.1	Grant of Replacement Options

 

If any company (the “Acquiring
Company”):

 

(a)         
obtains Control of the Company as a result of making an Offer in accordance with Rule 12.1(a) or 12.1(b); or

 

(b)         
obtains Control of the Company as a result of a Compromise in accordance with Rule 12.5; or

 

(c)          
becomes bound or entitled to acquire the Shares under Chapter 3, Part 28 of the Companies Act in accordance with
Rule 12.6, or

 

(d)         
obtains all the Shares as a result of a Qualifying Exchange within Rule 13.3,

 

an Option Holder may at any time
within the period set out in Rule 13.2, by agreement with the Acquiring Company, release any Option which has not lapsed (the “Old
Option”) in consideration of the grant to him of an Option (the “New Option”) which is equivalent
to the Old Option but relates to shares in the Acquiring Company and qualifies as a Replacement Option as set out in Rules 13.4
and 13.5.

 

    17

     

    

 

	13.2	Period within which Replacement Option to be granted

 

The New Option must be granted
within the following periods:

 

(a)         
if the change of Control is by reason of a general offer in accordance with Rule 12.1, the period of six months beginning
with the time when the person making the offer has obtained control of the Company and any condition subject to which the offer
is made is satisfied;

 

(b)         
if the change of Control is by reason of a Compromise (in accordance with Rule 12.5) or a Qualifying Exchange the
period of six months beginning with the time when the Acquiring Company obtains Control of the Company whose shares are subject
to the Old Option;

 

(c)          
if the change of Control occurs under Chapter 3, Part 28 of the Companies Act, the period during which the Acquiring
Company remains bound or entitled in accordance with those procedures.

 

	13.3	Exchange of Shares

 

(a)         
An exchange of shares will be treated as a Qualifying Exchange where arrangements are made in accordance with which
a company (the “New Company”) acquires all the shares (the “Old Shares”) in another company
(the “Old Company”) and the following conditions are met:

 

(i)           
that the consideration for the Old Shares consists wholly of the issue of shares (the “New Shares”)
in the New Company;

 

(ii)          
that New Shares are issued in consideration of Old Shares only at times when there are no issued shares in the New
Company other than:

 

		(A)	subscriber shares, and

 

		(B)	New Shares previously issued in consideration of Old Shares;

 

(iii)         
that the consideration for New Shares of each description consists wholly of Old Shares of the corresponding description;

 

(iv)         
that New Shares of each description are issued to the holders of Old Shares of the corresponding description in respect
of, and in proportion to, their holdings; and

 

(v)          
that by virtue of section 127 of the Taxation of Chargeable Gains Act 1992 as applied by section 135(3) of that Act,
the exchange of shares is not treated as involving a disposal of the Old Shares or an acquisition of the New Shares.

 

(b)         
For the purposes of this Rule Old Shares and New Shares are of a corresponding description if, on the assumption
that they were shares in the same company, they would be of the same class and carry the same rights, and references to “shares”,
except in the expression “subscriber shares”, includes securities.

 

    18

     

    

 

	13.4	Qualifying requirements for Replacement Option

 

Subject to Rule 13.5, a New Option
qualifies as a Replacement Option only if:

 

(a)         
the New Option is granted to the Option Holder by reason of his employment:

 

(i)           
with the Acquiring Company, or

 

(ii)          
if that company is a Parent Company, with that company or another Group Company;

 

(b)         
at the time of the release of rights under the Old Option, the purpose for granting the New Option is for commercial
reasons in order to recruit or retain an Eligible Employee, and not as part of a scheme or arrangement the main purpose, or one
of the main purposes, of which is the avoidance of tax;

 

(c)          
at that time,

 

(i)           
the Independence Requirement and the Trading Activities Requirement are met in relation to the Acquiring Company;

 

(ii)          
the individual to whom the New Option is granted is an Eligible Employee in relation to the Acquiring Company; and

 

(iii)         
the New Option would satisfy the requirements of being an EMI Option set out in Part V of Schedule 5;

 

(d)         
the total Market Value, immediately before the release, of the Shares which were subject to the Old Option is equal
to the total Market Value, immediately after the grant, of the Shares in respect of which the New Option is granted; and

 

(e)         
the total amount payable by the employee for the acquisition of shares in pursuance of the New Option is equal to
the total amount that would have been payable for the acquisition of shares in pursuance of the Old Option.

 

	13.5	Provided that a Replacement Option for an Unapproved Option shall not have to satisfy the requirements
in Rule 13.4(b) and Rule 13.4(c).

 

	13.6	Where, in accordance with this Rule 13, an Option is released and a New Option granted, the New
Option shall not be exercisable in accordance with Rule 12 by virtue of the event which gave rise to the New Option being granted.

 

	14.	Loss of Office or Employment

 

	14.1	The grant of an Option does not form part of the Option Holder’s entitlement to remuneration
or benefits pursuant to his contract of employment nor does the existence of a contract of employment between an Eligible Employee
and any company give such Eligible Employee any right or entitlement to have an Option granted to him in respect of any number
of Shares or any expectation that an Option might be granted to him whether subject to any conditions or at all and the grant of
an Option shall not give him any entitlement or expectation that further Options will be granted.

 

    19

     

    

 

	14.2	The rights and obligations of an Option Holder under the terms and conditions of his office or
employment shall not be affected by his participation under the Rules or any right he may have to participate.

 

	14.3	An individual who participates under the Rules waives all and any rights to compensation or damages
in consequence of the termination of his office or employment with any company for any reason whatsoever, whether lawful or not,
in so far as those rights arise, or may arise, from his ceasing to have rights under or be entitled to exercise any Option under
the Rules as a result of such termination or from the loss or diminution of value of such rights or entitlements. If necessary,
the Option Holder’s terms of employment shall be varied accordingly.

 

	15.	Adjustments

 

	15.1	General rule

 

The number of Shares over which
an Option is granted and the Option Price thereof shall be adjusted in such manner as the Directors shall reasonably determine
following any capitalisation issue, rights issue, subdivision, consolidation or reduction of share capital of the Company or any
other variation of share capital to the intent that (as nearly as may be) the total Option Price multiplied by the number of Shares
that is payable in respect of an Option shall remain unchanged.

 

	15.2	Reduction of Option Price to below nominal value

 

Subject to Rule 15.3 below, an
adjustment may be made under Rule 15.1 above which would have the effect of reducing the Option Price of unissued shares to less
than the nominal value of a Share, but only if, and to the extent that, the Directors shall be authorised to capitalise from the
reserves of the Company a sum equal to the amount by which the aggregate nominal value of the Shares in respect of which the Option
is exercisable exceeds the aggregate adjusted Option Price, so that on exercise of any Option in respect of which the Option Price
has been reduced, the Directors shall capitalise and apply such sum (if any) as is necessary to pay up the amount by which the
aggregate nominal value of the Shares in respect of which the Option is exercised exceeds the aggregate Option Price for such Shares.

 

	15.3	Option over issued and unissued Shares

 

Where an Option subsists over
both issued and unissued Shares, an adjustment permitted by Rule 15.2 above, may only be made if the reduction of the Option Price
of both issued and unissued Shares can be made to the same extent.

 

	15.4	Administrative steps

 

The Directors shall notify Option
Holders of any adjustment made under this Rule 15 as soon as reasonably practicable and may take such steps and the Company shall
execute such documents as it considers necessary to give effect to such adjustment. Furthermore, and without limitation to the
generality of the foregoing, the Directors may call in, cancel, endorse, issue or reissue any Option Agreement subsequent upon
such adjustment.

 

    20

     

    

 

 

		16.	General

 

		16.1	Amendments

 

		(a)	Subject to Rules 16.1(b) to 16.1(d), the Directors shall
have the discretion to:

 

(i)           
amend or add to the Rules; and

 

(ii)          
impose additional conditions or requirements on the Options or on the terms on which Shares are acquired.

 

		(b)	No amendments may be made to the Rules which would have
the effect of causing EMI Options to cease to be EMI Options.

 

		(c)	The Directors may at any time make such alterations (including
additions) to the Rules as are necessary to secure that the Rules as applicable to EMI Options are in accordance with Schedule
5 and continue to be in accordance with Schedule 5.

 

		(d)	No amendment or addition shall be made to the Rules which
would abrogate or adversely affect the subsisting rights of Option Holders unless:

 

(i)          
where the rights are enjoyed by a single Option Holder and are not enjoyed by any other Option Holder or class of
Option Holders, it is made with the written consent of that Option Holder; or

 

(ii)          
where the rights are enjoyed by all Option Holders or any class of Option Holders then:

 

		(A)	with the consent in writing of such number of Option Holders or class of Option Holders (as the
case may be) as hold Options under the Scheme to acquire 75 per cent (75%) of the Shares which would be issued or transferred if
all Options granted and subsisting under the Scheme were exercised; or

 

		(B)	by a resolution at a meeting of Option Holders or class of Option Holders passed by not less than
75 per cent (75%) of the Option Holders who attend and vote either in person or by proxy; and for the purpose of this Rule 16.1(d)
the Option Holders or any class of Option Holders shall be treated as the holders of a separate class of share capital and the
provisions of the Articles of Association of the Company relating to class meetings shall apply mutatis mutandis.

 

		16.2	Termination

 

The Scheme shall terminate upon
the tenth anniversary of the Adoption Date or at any earlier time by the passing of a resolution by the Directors. Termination
shall be without prejudice to the subsisting rights of Option Holders.

 

    21 

     

    

 

		16.3	Conflict with Schedule 5

 

If there is any conflict between
the provisions of the Rules as they apply to EMI Options and Schedule 5, Schedule 5 shall take precedence in respect of EMI Options.

 

		16.4	Notices and documents

 

		(a)	Option Holders not otherwise entitled thereto may at
the discretion of the Company be sent copies of notices and other documents sent by the Company to its ordinary shareholders generally.

 

		(b)	Written notice of any amendment made in accordance with
this Rule 16 shall be given to those Option Holders affected by such amendment.

 

		(c)	Any notice or other document required to be given hereunder
to any Option Holder shall be delivered to him by one of the following methods:

 

		(i)	by hand to his home address according to the records
of the Company or such other address as may appear to the Directors to be appropriate. Such notices shall be deemed to have been
given on the date of delivery;

 

		(ii)	by first class pre-paid post to him at his home address
according to the records of the Company or such other address as may appear to the Directors to be appropriate. Such notices shall
be deemed to have been given on the second business day following the date of posting;

 

		(iii)	by email to the Option Holder’s work email address
(or personal email address, if known to the Company). Such notices shall be deemed to have been given on the date the email is
sent; or

 

		(iv)	by fax, to a fax number given to the Company by the Option
Holder. Such notices shall be deemed to have been given on the date the email is sent.

 

		(d)	Any notice or other document required to be given to
the Directors shall be delivered to the Directors or sent by first class pre-paid post to the Directors at the Company’s
registered office or such other address as may be determined by the Directors to be appropriate. Such notices shall be deemed
to have been given on the second business day following the date of posting.

 

		16.5	Disputes

 

The decision of the Directors
in any dispute or question relating to any Option shall be final and conclusive subject to the terms of this Scheme.

 

		16.6	Governing Law

 

The Rules shall be governed by
and construed in accordance with English law.

 

		16.7	Contracts (Rights of Third Parties) Act 1999

 

Except as expressly
provided by the Company, a person who is not the Option Holder or a company who is not a member of the Group has no right
under the Contracts (Rights of Third Parties) Act 1999 to rely upon or enforce any provisions of this Scheme, but this does
not affect any right or remedy of a third party which exists or is available apart from that Act. The Option Holder may not
declare himself a trustee of his rights under this Scheme for the benefit of any third parties.

 

    22 

     

    

 

		16.8	Data Protection

 

The Company and the Employer
Company (if different) from time to time will collect, hold and process the Option Holder’s personal information for the
purposes of the administration of this Option. The Company will not use such personal information for any purpose other than the
administration of the Option, unless the Option Holder’s consent to that use is obtained.

 

		17.	Overseas Employees

 

Notwithstanding any other provision
of the Scheme the Directors may amend or add to the provisions of the Scheme and the terms of Option Agreements they consider necessary
or desirable to take account of, or to mitigate, or to comply with relevant overseas taxation, securities or exchange control laws,
provided that the terms of Options granted to such Employees are not more favourable overall than the terms of Awards granted to
other Employees.

 

		18.	Supplementary Provisions

 

The Group shall not be liable
to the Option Holder for any tax or additional tax or national insurance payable by the Option Holder upon the exercise of an Option
or upon the subsequent disposal of any Shares acquired upon exercise of the Option being tax or national insurance payable because
of a failure to qualify for relief under sections 529 to 532 of ITEPA in consequence of anything done by the Group.

 

    23 

     

    

 

SCHEDULE
1

 

OPTION AGREEMENT

 

THIS DOCUMENT
IS IMPORTANT AND SHOULD BE KEPT IN A SAFE PLACE

 

THIS OPTION AGREEMENT is made the
[•] day of [•] 20

 

BETWEEN

 

		(1)	VACCITECH LIMITED (registered no 09973585) whose registered office is at Magdalen Centre,
1 Robert Robinson Avenue, The Oxford Science Park, Oxford, Oxfordshire OX4 4GA (the “Company”); and

 

		(2)	[Name] of [Address] (the “Option
Holder”)

 

SUPPLEMENTAL to the rules of the
Vaccitech Limited EMI Share Option Scheme (the “Scheme”). Any words or expressions used in this option agreement
and defined by the Scheme shall bear the same meaning in this agreement.

 

INTRODUCTION:

 

(A)       The Company intends
to grant an Option to the Option Holder.

 

(B)       The Option is intended
to be an [EMI option/unapproved option].

 

(C)       [The Option is
granted under Schedule 5 ITEPA 2003.]

 

AGREED TERMS

 

		1	Grant

 

The Company GRANTS an
[EMI option/unapproved option] to the Option Holder and the Option Holder AGREES to be bound in all respects by the provisions
of the Scheme and ACCEPTS the grant on the terms set out in their agreement.

 

		2	Terms of the Scheme

 

		2.1	Under the terms of the Scheme the Option Holder may acquire the number of ordinary shares (the
“Shares”) in the Company stated in 7.1(a) at the Option price per Share set out in 7.1(b).

 

		2.2	The Option is granted and exercisable subject to the terms and conditions set out in the Scheme
and in this Option Agreement.

 

		3	Articles

 

Any Shares allotted or transferred
pursuant to the exercise of the Option are subject to the articles of association of the Company (as amended from time to time)
and to any necessary consents of any governmental or other authorities under any enactments from time to time in force.

 

    24 

     

    

 

		4	Restrictions

 

The Shares allotted or transferred
pursuant to the exercise of the Option are subject to restrictions in the Articles of the Company and in the subscription and shareholders’
agreement which are summarised at Appendix 2 to this Option Agreement.

 

		5	Non transferable

 

The Option is personal to the
Option Holder and is not transferable, assignable or chargeable.

 

		6	Exercise

 

The Option shall not be exercisable
on or after the 10th Anniversary of the Date of Grant.

 

		7	Grant

 

		7.1	The details of the grant are as follows; namely

 

		(a)	Number of Shares subject to the Option	[•].

 

		(b)	Option Price per Share	[•].

 

		(c)	Date of Grant	[•].

 

		(d)	Vesting Commencement Date	[•].

 

		7.2	The Option Holder irrevocably agrees to reimburse the Relevant Company for any Employer’s
NICs arising on the exercise of an Option; or agrees to enter into an election with the Relevant Company to assume the liability
for any Employer’s NICs, payable on the exercise of the Option, including an election under paragraph 3B of Schedule 1 to
the Social Security Contributions and Benefits Act 1992.

 

		7.3	The exercise of the Option shall be conditional upon the Option Holder making good any Tax Liability
in relation to the Option, or entering into arrangements acceptable to the Company in respect of such Tax Liability, in accordance
with rule 10.4 of the Scheme.

 

		7.4	The Option shall Vest in accordance with the Vesting Schedule at Appendix 1 to this Option Agreement.

 

		8	Working Time Declaration

 

The Option Holder hereby declares,
pursuant to the requirement set out in paragraph 44(5)(c) of Schedule 5, that he works for the Company or for a subsidiary of the
Company for at least 25 hours a week or, if less, at least 75% of his working time, and therefore satisfies the Committed Time
requirement in paragraph 26 of Schedule 5.

 

    25 

     

    

 

This option agreement has been executed
as a deed and unconditionally delivered on the date first above written.

 

	SIGNED as a DEED	)
	by VACCITECH LIMITED	)
	acting by a director	)
	 
	 	 	Director
	 
	Signature of Witness:
	 
	Name of Witness:
	 
	Address:
	 
	Occupation:
	 
	SIGNED as a DEED	)
	by [Option Holder]	)
	 
	Signature of Witness:
	 
	Name of Witness:
	 
	Address:
	 
	Occupation:

 

NOTE: The Company shall retain the original
signed and dated option agreement and give a copy to the Option Holder within 7 days to satisfy paragraph 44(5A) of Schedule 5
or two copies of the option agreement shall be signed, one for the Company and one for the Option Holder.

 

    26 

     

    

 

APPENDIX 1

 

Vesting Schedule

 

The Vesting Schedule is as follows that
the Shares shall Vest in four equal annual instalments from the Vesting Commencement Date, so that the Option shall be fully Vested
on the fourth anniversary of the Vesting Commencement Date. The number of Shares that Vest shall be rounded up to the nearest whole
number of Shares.

 

    27 

     

    

 

APPENDIX 2

 

Restrictions Summary

 

The following is a summary of the restrictions
on the Shares, so that the Option Holder has an understanding of the restrictions prevailing at the time of the grant of the Option.

 

Restrictions in Articles of Association

 

The references are to the articles of association
of the Company adopted on 10 November 2017 (the “Articles”), which can be obtained from [Graham Griffiths],
and any defined terms are defined in the Articles. For full details, the Option Holder should refer to the Articles.

 

Liquidation preference (Articles 5 and
6)

 

On a distribution of assets, distributions
will only be made to holders of Ordinary Shares, pro rata to the number of Ordinary Shares held, of the surplus of assets (if any)
after an amount per share held equal to the Preference Amount has been distributed to Series A Shareholders, and a total of £1.00
has been distributed to the holders of any Deferred Shares. On a Share Sale, the proceeds of sale are dealt with in a similar way.

 

Down round protection (Article 10)

 

The Series A shares have anti-dilution
protection which is not available to the Ordinary Shares.

 

Pre-emption (Article 13)

 

The Ordinary Shares are subject to pre-emption
rights, but these do not apply to Ordinary Shares acquired on the exercise of options.

 

Restrictions on transfers of Shares
(Article 14)

 

A Transfer Notice will be deemed to be
served in respect of all a Shareholder’s Shares if that Shareholder transfers or purports to transfer a Share other than
in accordance with the Articles.

 

Transfers to the following may be refused
by the Directors:

 

		·	Bankrupts, minors, persons of unsound mind;

 

		·	Employees who have not entered into a joint s.431 ITEPA election;

 

		·	More than four transferees

 

The Directors may refuse a transfer:

 

		·	of a Share which is not fully paid to a person of whom the Directors do not approve, or on which
Share the Company has a Lien;

 

		·	which is not lodged at the registered office;

 

		·	which is not accompanied by a certificate or acceptable indemnity;

 

    28 

     

    

 

		·	in respect of more than one class of Shares; and

 

		·	In certain other circumstances provided by the articles.

 

The Directors may require the transferee
to agree to be bound by the Shareholders’ Agreement as a condition of transfer.

 

If a disposal of Shares is made in breach
of the Articles, or interested parties fail to provide information to enable the Directors to determine whether this is the case,
the relevant shares will cease to carry voting rights or entitlement to dividends or other distributions, and the holder may be
required to transfer some or all of their Shares at a price required by the Directors.

 

Restrictions on Permitted Transfers
(Article 15)

 

No transfer of Shares may be made to Trustees
unless the Board is satisfied as to certain conditions.

 

The following must transfer their Shares
to the Original Shareholder or a Permitted Transferee of the Original Shareholder, or give a Transfer Notice to the Company:

 

		·	Permitted Transferees by virtue of marriage or Civil Partnership who cease to be a spouse or Civil
Partner of the Original Shareholder;

 

		·	The personal representatives of a deceased Permitted Transferee.

 

Pre-emption rights on transfer of Shares
(Article 16)

 

A Seller must give other Shareholders the
opportunity to purchase Sale Shares before they are offered to a proposed third party transferee. The purchase price will be the
Fair Value, determined by an expert as per Article 17, if a value cannot be agreed. Only those Sale Shares not purchased under
this pre-emption process may be sold to a third party, which must not be a competitor - and this sale must be bona fide and is
subject to adequate information being provided to the Board to determine this.

 

Compulsory transfers (Article 18)

 

A Transfer Notice will be deemed to be
given by:

 

		·	Persons entitled to a Share in consequence of a Shareholder’s bankruptcy; and

 

		·	Personal representatives of a deceased Shareholder, following the first anniversary of that Shareholder’s
death.

 

Departing employees - Bad Leaver provision
(Article 19)

 

All Employee Shares held by a Bad Leaver
will convert into worthless Deferred Shares on their Effective Termination Date. There are provisions for Good Leavers, but these
do not apply to Ordinary Shares acquired on the exercise of an option.

 

    29 

     

    

 

Mandatory Offer on a Change of Control
(Article 20)

 

A Proposed Seller may only make a Proposed
Transfer (to a Proposed Purchaser who would acquire a Controlling Interest in the Company) if the Proposed Purchaser makes an offer
to the other Shareholders to acquire all of the Equity Shares at at least the Specified Price.

 

Co-Sale right (Article 21)

 

Any Selling Employee must give to each
Equity Holder notice of a proposed sale which will give Equity Holders an opportunity to tag along on a proposed sale (subject
to certain conditions).

 

Drag-along provisions (Article 22)

 

If the holders of at least 75% of the Equity
Shares wish to transfer all their interest in Shares to a Proposed Purchaser, they have the option to compel the remaining shareholders
to sell their shares to the Drag Purchaser, with the consideration being distributed pro rata in accordance with Articles 5 and
6.

 

Restrictions in Subscription and Shareholders’
Agreement

 

The references are to the Subscription
and Shareholders’ Agreement between the Investors, the Founders, the Manager, the University, Oxford University Innovation
Limited and the Company dated 10 November 2017, as varied by the Variation, Subscription and Adherence Agreement between the Investors,
the Founders, the Manager, the University, OUI, the Company and SCC Venture VI Holdco, Ltd dated 10 January 2018 (the “Subscription
and Shareholders’ Agreement”), which can be obtained from Graham Griffiths, and any defined terms are defined in
the Subscription and Shareholders’ Agreement.

 

Restrictions on further issue and transfer

 

No transfer of Shares may take place without
the transferee becoming bound by a Deed of Adherence, unless the Board (with Investor Majority Consent) approve otherwise.

 

    30 

     

    

 

 

SCHEDULE
2

 

NOTICE OF EXERCISE

 

TO:         The Secretary, Vaccitech Limited

 

I/We, being the holder or the Personal
Representative(s) of the holder,* of an option granted over Vaccitech Limited shares (the “Option”):

 

	1.1	hereby exercise the Option to acquire              ordinary shares in Vaccitech Limited (the “Shares”)
at a price of £[•] per ordinary share, subject to the provisions contained in an Option Agreement dated [•] (the
“Agreement”) made pursuant to the Vaccitech Limited EMI Share Option Scheme and made between Vaccitech Limited
and [•];

 

	1.2	enclose a cheque for the total price of the Shares (£          ) in favour of Vaccitech
Limited (the “Company”) and crossed “a/c payee”, or such other documentation in respect of bridging
finance or undertaking to procure payment as may be agreed by the Directors;

 

	1.3	authorise and request you to enter my/our name(s) in the Company’s Register of Members as
the holder(s) of the Shares, subject to the Company’s articles of association;

 

	1.4	hereby covenant to pay the Company the amount of any Tax Liability** which may arise as a consequence
of or in connection with this exercise of the Option (and, for the purposes of this Notice of Exercise, the expression “Tax
Liability” has the same meaning as it has in the Agreement;

 

	1.5	in order to give effect to this covenant, I/we hereby authorise and appoint the Company as my/our
attorney in my/our name(s) and on my/our behalf:

 

		(a)	to sell such number (but no more) of the Shares registered in my/our name(s) as will enable the
Company (after payment of all necessary selling expenses and commissions) to recover and retain for itself from the sale proceeds
an amount equal to such Tax Liability and then account to me/us for any cash balance remaining, provided that the Company may sell
that number of shares at such price or prices as it shall, in its absolute discretion, consider fair and reasonable, and

 

		(b)	generally to sign any stock transfer form or other document or documents which may be required
and to do any other thing which the Company shall consider necessary or expedient for carrying out the acts hereby authorised in
the same manner and as fully in all respects as I/we could have done personally and I/we hereby undertake to ratify everything
which the Company shall do or purport to do by virtue of this power of attorney; and

 

	1.6	request you to send a share certificate in respect of the Shares not sold pursuant to the authority
given above (and, if appropriate, a balance option certificate) to me/us at the address given below.

 

    31

     

    

 

SIGNED and DELIVERED as a DEED BY

 

	Name 	   	 	 	Address	   	 
	 	   	 	 	 	 	 
	Signature	   	 	 	 	   	 
	 	   	 	 	 	 	 
	Date	   	 	 	 	 	 

 

In the presence of:

 

	Witness’ Name	   	 	 	 Address	   	 
	 	 	 
	Witness’ Signature	   	 	 	 	   	 

 

* Personal Representatives should enclose
an Office Copy of the relevant Grant of Probate or Letters of Administration.

 

** Persons exercising the option should
consult with the Company as to whether any Tax Liability is anticipated, however the Company does not undertake to advise you on
the tax consequences of exercising your Option. If you are unsure of the tax liabilities which may arise you should take appropriate
professional advice before exercising your Option.

 

    32

     

    

 

SCHEDULE
3

 

S.431 ELECTION

 

Joint Election under s.431 ITEPA 2003
for full or partial disapplication of Chapter 2

Income Tax (Earnings and Pensions) Act 2003

 

Employment-related securities acquired
on exercise of qualifying options exercised

before the tenth anniversary of the date of grant.

 

One Part Election 

 

	BETWEEN the Employee	[•]
	 	 
	whose National Insurance Number is 	[•]
	 	 
	and	 
	 	 
	the Company (which is the Employee’s employer) Vaccitech
    Limited	 
	 	 
	of Company Registration Number 	09973585

 

Purpose of Election

 

This joint election is made pursuant to
section 431(1) Income Tax (Earnings and Pensions) Act 2003 (ITEPA) and applies where employment-related securities, which are restricted
securities by reason of section 423 ITEPA, are acquired.

 

The effect of an election under section
431(1) is that, for the relevant Income Tax and NIC purposes, the employment-related securities and their market value will be
treated as if they were not restricted securities and that sections 425 to 430 ITEPA do not apply.

 

	Should the value of the securities fall following the acquisition, it is possible that Income Tax/NIC that would have arisen because of any future chargeable event (in the absence of an election) would have been less than the Income Tax/NIC due by reason of this election. Should this be the case, there is no Income Tax/NIC relief available under Part 7 of ITEPA 2003; nor is it available if the securities acquired are subsequently transferred, forfeited or revert to the original owner.

 

Application

 

This joint election is made not later than
14 days after the date of acquisition of the securities by the employee and applies to:

 

	Number of securities	 	 
	 	 	 
	Description of securities	Ordinary shares in the capital of Vaccitech Limited
	 	 
	Name of issuer of securities	Vaccitech Limited
	 	 
	Acquired by the Employee on	 	 

 

    33

     

    

 

Extent of Application

 

This election disapplies s.431(1) ITEPA:
All restrictions attaching to the securities.

 

Declaration

 

This election will become irrevocable upon
the later of its signing or the acquisition of employment-related securities to which this election applies.

 

In signing this joint election, we agree
to be bound by its terms as stated above.

 

	 	 	     /     /
	Signature (Employee)	 	Date
	 	 	 
	 	 	 
		 	     /     /
	Signature (for and on behalf of the Company)	 	Date
	 	 	 
	 	 	 
		 	 
	Position in Company	 	 

 

    34

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