Document:

Exhibit 10.3

      

    TRADEMARK LICENSE AGREEMENT

    This TRADEMARK LICENSE AGREEMENT (this “Agreement”) is entered into as of August 1, 2022 (the “Effective Date”), by and between Fortress Transportation and Infrastructure Investors LLC, a Delaware limited liability company (“Licensor”), and FTAI
      Infrastructure Inc., a Delaware corporation (“Licensee”). Licensor and Licensee are sometimes referred to herein individually as a “Party,” and collectively
      as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth or referenced in Section 1.

    RECITALS

    WHEREAS, prior to the Effective Date, Licensor and Licensee were Affiliates
        of each other;

    WHEREAS, pursuant to the Separation and Distribution Agreement, dated August
        1, 2022, between Licensor and Licensee (the “Separation Agreement”), Licensor and Licensee are being separated and Licensee is being established as an independent publicly traded company;

    WHEREAS, this Agreement is an “Ancillary Agreement” (as defined in the
        Separation Agreement) within the meaning of the Separation Agreement;

    WHEREAS, Licensor is the owner of certain trademarks, service marks and
        trade names that both Licensor and Licensee use in connection with their respective businesses; and

    WHEREAS, Licensee desires to obtain from Licensor and Licensor wishes to
        grant to Licensee, on the terms and conditions set forth in this Agreement, a license to use said trademarks, service marks and trade names in connection with the continued operation by Licensee of its business from after the closing of said
        Separation Agreement.

    NOW, THEREFORE, in consideration of the foregoing and the covenants and
        agreements set forth below and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

    
      	
              

              

            	
              Section 1.

            	
              Definitions.  As used in this Agreement, the following terms shall have the following meanings.

            

    

    “Action” means any demand, claim, action, suit, countersuit, arbitration, litigation, inquiry, proceeding or
      investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority.

    “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or more
      intermediaries, controls, is controlled by, or is under common control with, the specified Person; provided, however, that Licensor and Licensee shall not be deemed Affiliates of each other. For this purpose, “control” of a Person
      means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through ownership of voting securities, by contract or otherwise.

     

    

    
      
        

    

    
    “Business” shall have the meaning set forth in the Separation Agreement.

    “Business Day” means a day other than a Saturday, a Sunday or a day on which banking institutions located in the
      State of New York are authorized or obligated by applicable Law or executive order to close.

    “FTAI Management Agreement” has the meaning set forth in the Separation Agreement.

    “Governmental Authority” means any U.S. federal, state, local or non-U.S. court, government, department, commission,
      board, bureau, agency, official or other regulatory, administrative or governmental authority.

    “Law” means any law, statute, ordinance, code, rule, regulation, order, writ, proclamation, judgment, injunction or
      decree of any Governmental Authority.

    “Licensed Marks” means the trademark and service mark FTAI, including U.S. Reg. No. 4,881,567, in each case used in
      conjunction or combination with the word “Infrastructure”.

    “Licensed Names” means corporate and trade names consisting of or including the Licensed Marks.

    “Licensed Services” means the Business and natural evolutions and extensions of the Business outside of the Licensor
      Exclusive Field.

    “Licensor Exclusive Field” means aviation and offshore equipment leasing.

    “Licensor Logo” means the following logo:, or any design confusingly similar thereto.

    “Losses” means any and all damages, losses, deficiencies, liabilities, obligations, penalties, judgments,
      settlements, claims, payments, interest costs, taxes, fines and expenses (including the costs and expenses of any and all Actions and demands, assessments, judgments, settlements and compromises relating thereto and attorneys’, accountants’,
      consultants’ and other professionals’ fees and expenses incurred in the investigation, defense, litigation or arbitration thereof or the enforcement of rights hereunder).

    “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint
      stock company, a trust, a joint venture, a union, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.

    “Territory” means worldwide.

     

    

    
      2

      
        

    

    
      	 	
              Section 2.1

            	
              Interpretation. In this Agreement, unless the context clearly indicates otherwise:

            

    

    (a)            words used in the singular include the plural and words used in the plural include the singular;

    (b)            the words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”;

    (c)            the word “or” shall have the inclusive meaning represented by the phrase “and/or”;

    (d)            relative to the determination of any period of time, “from” means “from and including,” “to” means “to but excluding” and “through” means “through and including”;

    (e)            reference to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the
        provisions thereof and by this Agreement;

    (f)            reference to any Law means such Law (including any and all rules and regulations promulgated thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of
        determining compliance or applicability; and

    (g)            references to any Person include such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement.

    
      	 	
              Section 3.

            	
              Grant and Scope of License.

            

       

      

    

    3.1            Grant of License.  Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, and Licensee hereby accepts, a
        non-exclusive, non-sublicensable (unless sublicensed in compliance with Section 3.2), royalty-free license to use the Licensed Marks in the Territory on or in connection with the Licensed Services, including in the Licensed Names.

    3.2            Sublicense Rights.  Licensee may sublicense the rights granted to it herein to its Affiliates and to third parties (but with respect to third parties solely for the benefit of Licensee and
        its Affiliates and not for the independent use of such third parties) (“Sublicensees”).  Licensee shall be responsible for ensuring compliance by all Sublicensees with all of the terms and conditions
        of this Agreement applicable to Licensee.

    3.3            Limited Purpose.  Licensee shall not use or sublicense (i) FTAI other than in conjunction or combination with the word “Infrastructure,” (ii) FTAI in conjunction or combination with the word
        “Aviation” or similar words, (iii) FTAI in connection with the Licensor Logo, or (iv) the Licensed Marks in connection with any goods, services or activities other than the Licensed Services.

     

      

    
      3

      
        

    

    3.4            Reserved Rights of Licensor.  All rights not expressly granted herein to Licensee are specifically reserved to Licensor, including the right to use or authorize others to use the Licensed
        Marks in connection with goods or services.

    
      	 	
              Section 4.

            	
              Use of Licensed Marks.

            

       

      

    

    4.1            Form of Use.

    (a)            Licensee shall use the Licensed Marks only in the form and presentation in use by Licensee in the Business during the twelve (12) months prior to the Effective Date or that have been approved in
        advance, in writing, by Licensor (such approval not to be unreasonably withheld, conditioned or delayed).

    (b)            Licensee agrees to comply with reasonable rules set forth from time to time by Licensor with respect to the appearance and manner of use of the Licensed Marks in connection with the Licensed Services.

    4.2            Marking.  Licensee shall include, where appropriate and as requested by Licensor, agreed-to trademark markings or legends for the Licensed Marks. 
        Licensee shall comply with all applicable Laws pertaining to the proper use and designation of trademarks and service marks.

    
      	 	
              Section 5.

            	
              Quality Control.

            

       

      

    

    5.1            Quality Control.  Licensee shall ensure that all Licensed Services conform to the quality standards historically associated with the services of
        Licensor and Licensee on and in connection with which the Licensed Marks have been used prior to the Effective Date, and with such quality and brand standards as Licensor may reasonably request after the Effective Date and communicate in writing to
        Licensee.  The Parties acknowledge that Licensee has acquired all the necessary and appropriate knowledge, skill, experience and expertise to enable it to provide Licensed Services in compliance with Licensor’s existing quality standards and in
        compliance with all applicable Laws, and acknowledge and agree that, as a result thereof, Licensor may reasonably rely on Licensee to regularly ensure that all Licensed Services comply with such quality standards and Laws.

    5.2            Inspection.  Licensor shall have the right to inspect the Licensed Services and uses of the Licensed Marks by Licensee to confirm that such Licensed
        Services comply with the quality standards set forth in Section 5.1  Licensee shall cooperate with Licensor, as reasonably requested by Licensor, in connection with any such inspection by Licensor.

    
      	 	
              Section 6.

            	
              Compliance with Law.  Licensee shall comply with all applicable Laws pertaining to its use of the Licensed Marks, including
                  all Licensed Services on or in connection with which the Licensed Marks are used.

            

      

      
        4

        
          

      

    

    
      
        	 	
                Section 7.

              	
                Licensor’s Maintenance of Licensed Marks.  Licensee agrees to cooperate with Licensor or its representatives by timely
                    obtaining and/or submitting to Licensor or its representatives, as requested by Licensor, documents, information, specimens, verified or sworn statements, assignments or other documents reasonably believed by Licensor to be necessary in
                    order to maintain such registrations or prosecute applications for registration of the Licensed Marks for the Licensed Services.  Licensor shall give Licensee notice of any such registrations or applications that Licensor does not
                    intend to maintain or further prosecute, and Licensee shall give Licensor notice of any additional applications that Licensee believes should be filed for the Licensed Marks for the Licensed Services.  It shall be Licensor’s right to
                    determine in the first instance whether, when and in what jurisdictions additional applications for registration of the Licensed Marks for the Licensed Services shall be filed and whether existing such applications or registrations
                    shall be further prosecuted or maintained; provided, however, that if Licensee and Licensor disagree regarding any such issues, Licensor shall file, prosecute or maintain such applications or registrations in Licensor’s
                    name if Licensee pays for all costs and expenses, including all attorneys’ fees and filing fees, associated with such applications or registrations; and provided further that the foregoing obligation on Licensor’s part
                    shall not be applicable if Licensor believes in good faith that such application, prosecution or maintenance will be unsuccessful, is unnecessary, or would otherwise cause damage or risk to Licensor, the Licensed Marks, or Licensee.

              

      

       

      

      	 	
              Section 8.

            	
              Ownership.

            

       

      

    

    8.1            Ownership of Licensed Marks.  Licensee acknowledges that, as between Licensor and Licensee, Licensor is and will remain the sole and exclusive owner of
        all right, title and interest in and to the Licensed Marks.  Licensee agrees that any goodwill in the Licensed Marks resulting from Licensee’s or its Sublicensees’ use of the Licensed Marks under this Agreement will inure solely to the benefit of
        Licensor and will not create any right, title or interest of Licensee or its Sublicensees (including any ownership right by Licensee or any Sublicensee) in or to the Licensed Marks in the Territory.

    8.2            No Contest.  During the term of this Agreement and thereafter, Licensee shall not contest, oppose or challenge Licensor’s ownership of the Licensed
        Marks or the validity thereof.  Licensee will do nothing to impair Licensor’s ownership or rights in the Licensed Marks.  In particular, Licensee shall not register or attempt to register any of the Licensed Marks or any marks confusingly similar
        to any of the Licensed Marks, alone or with other words or designs, for any goods or services, in any jurisdiction, and will not oppose or contest Licensor’s application(s) to register, registration(s) or permitted use(s) of the Licensed Marks in
        any jurisdiction.

    8.3            Adverse Use and Enforcement.

    (a)            Notice.  Each Party shall promptly notify the other Party in writing of any legal proceeding or action instituted against such Party arising out of the use of the
        Licensed Marks.  Licensee shall also promptly notify Licensor in writing should Licensee learn of use by an unauthorized third party of any mark that may be confusingly similar to, infringe or otherwise violate Licensor’s rights in the Licensed
        Marks.

    (b)            Enforcement.  As between the Parties, Licensor shall have the sole right (but not the obligation) to control enforcement of any infringement or other violation (“Infringement”) of the Licensed Marks against any third party and to control the defense of any claim by a third party that the use of the Licensed Marks Infringes a third party’s rights; provided
        that to the extent any such Infringement adversely affects Licensee’s rights hereunder in a material respect then, at the reasonable request of Licensee, the Parties shall reasonably consult and cooperate with each other with respect thereto.  To
        the extent requested by Licensee, the costs reasonably incurred by Licensor in connection with any action taken with respect to such Infringement claims shall be borne by Licensee.  At the request of Licensor, Licensee shall provide reasonable
        assistance in connection with such Infringement claims.

     

      

    
      5

      
        

    

    Section 9.            Indemnification

    9.1            By Licensor.  Licensor shall defend, indemnify and hold harmless Licensee and its Affiliates and their respective officers, directors and employees,
        shareholders, attorneys, successors and assigns (“Related Parties”), against all Losses to the extent arising out of or in connection with any actual or threatened Actions instituted or asserted
        against Licensee or its Related Parties arising out of Licensor’s use or license of the Licensed Marks (other than to Licensee and its Sublicensees).  Licensee shall reasonably cooperate in the defense of such claim at Licensor’s expense.  Licensee
        may participate in any such claim at its own expense with counsel of its choosing.

    9.2            By Licensee.  Licensee shall defend, indemnify and hold harmless Licensor and its Related Parties, against all Losses to the extent arising out of or
        in connection with any actual or threatened Actions instituted or asserted against Licensor or its Related Parties arising out of Licensee’s or its Sublicensees’ use or sublicense of the Licensed Marks.  Licensor shall reasonably cooperate in the
        defense of such claim at Licensee’s expense.  Licensor may participate in any such claim at its own expense with counsel of its choosing.

    
      	 	
              Section 10.

            	
              Term and Termination.

            

       

      

    

    10.1            Term.  The term of this Agreement shall commence on the Effective Date and shall continue until the expiration or earlier termination of the Management
        Agreement, unless this Agreement is terminated at an earlier time in accordance with the provisions of this Agreement.

    10.2            Termination.

    (a)            Breach by Licensee.  In the event that Licensee materially breaches this Agreement, Licensor may terminate this Agreement and the license granted in this
        Agreement by giving notice in writing to Licensee of the breach.  In the event Licensee does not correct or eliminate the breach within thirty (30) days from the date of receipt of such notice, this Agreement, including Licensee’s license to use
        the Licensed Marks and right to use the Licensed Names, shall terminate.

    (b)            Breach by Licensor.  In the event Licensor breaches any of its representations or material obligations under this Agreement, Licensee may terminate this Agreement and the license
        granted in this Agreement by giving notice in writing to Licensor of the breach.  In the event Licensor does not correct or eliminate the breach within thirty (30) days from the date of receipt of such notice, this Agreement, including Licensee’s
        license to use the Licensed Marks and right to use the Licensed Names, shall terminate.

     

      

    
      6

      
        

    

    10.3           Automatic Termination.  In the event that Licensee dissolves or liquidates or ceases to engage in its business, or files a petition in bankruptcy, or
        is adjudicated a bankrupt or otherwise seeks relief under or pursuant to any bankruptcy, insolvency or reorganization statute or proceeding, or if a petition in bankruptcy is filed against it and is not discharged within ninety (90) days thereafter
        or if Licensee makes an assignment for the benefit of its creditors or if a custodian, receiver or trustee is appointed for it or for a substantial portion of its business or assets and such appointment is not discharged within ninety (90) days
        thereafter (hereinafter individually and/or collectively referred to as “Bankruptcy or Related Proceedings”), then this Agreement will terminate automatically.  In the event of Licensor’s Bankruptcy or
        Related Proceedings, Licensor and/or its custodian, receiver, or trustee retains the right to reject and terminate this Agreement in its entirety.

    10.4           Effect of Termination.  In the event of any termination of this Agreement under any circumstance, Licensee and its Sublicensees shall discontinue all
        use of the Licensed Marks, including all use of the Licensed Names, within nine (9) months of such termination, and shall use the Licensed Marks during such nine (9) month period in compliance with all terms and conditions of this Agreement.  After
        such nine (9) month period, Licensee thereafter will cease and forever desist from all use of the Licensed Marks and the Licensed Names and shall not use any mark, name, designation or design confusingly similar to any of the Licensed Marks or
        Licensed Names anywhere in the world. 

    10.5           Survival.  The provisions of Sections 8.1 and 8.2, 9, 10.4 and 11 of this Agreement shall survive
        termination of this Agreement regardless of the reason for termination.

    
      	 	
              Section 11.

            	
              Miscellaneous.

            

       

      

    

    11.1           Confidentiality.  Each Party shall use commercially reasonable efforts, consistent with its general practices, to maintain the confidentiality of any non-public information of the
        other Party or its Affiliates provided to or accessed by such Party under or in connection with this Agreement.

    11.2           Amendment and Waivers.

    (a)            This Agreement may not be amended except by an agreement in writing signed by both Parties.

    (b)            Any term or provision of this Agreement may be waived, or the time for its performance may be extended, by the Party entitled to the benefit thereof and any such waiver shall be validly and sufficiently
        given for the purposes of this Agreement if it is in writing signed by an authorized representative of such Party. No delay or failure in exercising any right, power or remedy hereunder shall affect or operate as a waiver thereof; nor shall any
        single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power or remedy preclude any further exercise thereof or of any other right, power or remedy. The rights and remedies hereunder are cumulative
        and not exclusive of any rights or remedies that either Party would otherwise have.

    11.3            Entire Agreement.  This Agreement and the Separation Agreement constitute the entire agreement and understanding between the Parties with respect to
        the subject matter hereof and supersede all prior negotiations, agreements, commitments, writings, courses of dealing and understandings with respect to the subject matter hereof.

     

      

    
      7

      
        

    

    11.4            Notices. All notices, requests, permissions, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) five (5) Business Days following
        sending by registered or certified mail, postage prepaid, (b) when sent, if sent by email (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of
        the recipient, (c) when delivered, if delivered personally to the intended recipient, and (d) one (1) Business Day following sending by overnight delivery via a national courier service and, in each case, addressed to a Party at the following
        address for such Party:

    (a)          If to Licensor:

    Fortress Transportation and Infrastructure Investors LLC

      c/o Fortress Investment Group

      1345 Avenue of the Americas, 45th Floor

      New York, New York 10105

      Attention: Joseph Adams; Kevin Krieger

      Email: jadams@fortress.com; kkrieger@fortress.com

    (b)          If to Licensee:

    FTAI Infrastructure Inc.

      1345 Avenue of the Americas, 45th Floor

      New York, New York 10105

      Attention: Kenneth Nicholson; BoHee Yoon

    Email: knicholson@fortress.com; byoon@fortress.com

    11.5            Counterparts; Electronic Delivery. This Agreement may be executed in multiple counterparts, each of which when executed shall be deemed to be an
        original, but all of which together shall constitute one and the same agreement. Execution and delivery of this Agreement or any other documents pursuant to this Agreement by facsimile, .pdf or other electronic means shall be deemed to be, and
        shall have the same legal effect as, execution by an original signature and delivery in person.

    11.6            Severability. If any term or other provision of this Agreement is determined by a nonappealable decision by a court, administrative agency or
        arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
        substance of the Transactions is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or
        arbitrator shall interpret this Agreement so as to affect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible. If any
        sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only as broad as is enforceable.

     

      

    
      8

      
        

    

    
      
        11.7           Assignability;

            Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns; provided,
            however, that the rights and obligations of Licensee under this Agreement shall not be assignable, in whole or in part, by Licensee without the prior written consent of Licensor (such consent not to be unreasonably withheld, conditioned
            or delayed) and any attempt to assign any rights or obligations under this Agreement without such consent shall be null and void.

      

       
       

         

       

     
    
      
        11.8           Governing

            Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive Laws of the State of New York, without regard to any
            conflicts of law provisions thereof that would result in the application of the Laws of any other jurisdiction.

      

       

         

    

     
    
      
        11.9           Construction. This Agreement shall be construed as if jointly drafted by the Parties and no rule of construction or strict interpretation shall be applied against either Party. The Parties
            represent that this Agreement is entered into with full consideration of any and all rights which the Parties may have. The Parties have relied upon their own knowledge and judgment. The Parties have had access to independent legal advice, have
            conducted such investigations they thought appropriate, and have consulted with such other independent advisors as they deemed appropriate regarding this Agreement and their rights and asserted rights in connection therewith. The Parties are
            not relying upon any representations or statements made by the other Party, or such other Party’s employees or representatives, regarding this Agreement, except to the extent such representations are expressly set forth or incorporated in the
            Separation Agreement.

      

       

         

    

     
    
      
        11.10         Title

            and Headings. Titles and headings to Sections and Articles are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this
            Agreement.

      

    

     
    

    

    
      9

      
        

    

    IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective officers as of the date first set forth above.

    
      	

            	

            	
              FORTRESS TRANSPORTATION & 

              INFRASTRUCTURE INVESTORS LLC

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	By:	
              /s/ Joseph P. Adams Jr.

            
	
               

            	
               

            	
               

            	Name: Joseph P. Adams Jr. 
	
               

            	
               

            	
               

            	
              Title: Chief Executive Officer

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
              FTAI INFRASTRUCTURE INC.

            
	
               

            	
               

            	
               

            	
               

            
	 	 	By:

            	
              /s/ Kenneth Nicholson

            
	 	 	 	Name: Kenneth Nicholson 
	 	 	 	
              Title: Chief Executive OfficerExhibit 10.4

      

      

      FTAI INFRASTRUCTURE INC.

      NONQUALIFIED STOCK OPTION AND

      INCENTIVE AWARD PLAN

       

      Adopted as of August 1, 2022

       

      
        
          

      

      
      TABLE OF CONTENTS

       

      PAGE

       

        

      	
              SECTION 1 PURPOSE OF PLAN; DEFINITIONS

            	1

            
	 	 
	
              1.1

            	
              Purpose

            	
              1

            
	
              1.2

            	
              Definitions

            	
              1

            
	 	 	 
	
              SECTION 2 ADMINISTRATION

            	4 

            
	 	 
	
              2.1

            	
              Administration

            	
              4

            
	
              2.2

            	
              Duties and Powers of Committee

            	
              5

            
	
              2.3

            	
              Majority Rule

            	
              5

            
	
              2.4

            	
              Delegation of Authority

            	
              5

            
	
              2.5

            	
              Compensation; Professional Assistance; Good Faith Actions

            	
              5

            
	 	 	 
	
              SECTION 3 STOCK SUBJECT TO PLAN

            	6 

            
	 	 
	
              3.1

            	
              Number of and Source of Shares

            	
              6

            
	
              3.2

            	
              Unrealized and Tandem Awards

            	
              6

            
	
              3.3

            	
              Adjustment of Awards

            	
              6

            
	 	 	 
	
              SECTION 4 ELIGIBILITY

            	7 

            
	 	 
	
              SECTION 5 AWARDS

            	7 

            
	 	 
	
              5.1

            	
              Stock Options

            	
              7

            
	
              5.2

            	
              Stock Appreciation Rights

            	
              7

            
	
              5.3

            	
              Restricted Stock

            	
              8

            
	
              5.4

            	
              Performance Awards

            	
              8

            
	
              5.5

            	
              Manager Awards and Tandem Awards

            	
              9

            
	
              5.6

            	
              Automatic Non-Officer Director Awards

            	
              10

            
	
              5.7

            	
              Other Awards

            	
              11

            
	 	 	 
	
              SECTION 6 AWARD AGREEMENTS

            	11

            
	 	 
	
              6.1

            	
              Terms of Award Agreements

            	
              12

            
	 	 	 
	
              SECTION 7 LOANS

            	13 

            
	 	 
	
              SECTION 8 AMENDMENT AND TERMINATION

            	14 

            
	 	 
	
              SECTION 9 UNFUNDED STATUS OF PLAN

            	14 

            
	 	 
	
              SECTION 10 GENERAL PROVISIONS

            	14 

            
	 	 
	
              10.1

            	
              Securities Laws Compliance

            	
              14

            
	
              10.2

            	
              Certificate Legends

            	
              14

            
	
              10.3

            	
              Transfer Restrictions

            	
              14

            
	
              10.4

            	
              Company Actions; No Right to Employment or Service

            	
              15

            
	
              10.5

            	
              Section 409A of the Code

            	
              15

            
	
              10.6

            	
              Payment of Taxes

            	
              15

            
	
              10.7

            	
              Governing Law

            	
              15

            
	 	 	 
	
              SECTION 11 EFFECTIVE DATE OF PLAN

            	16 

            
	 	 
	
              SECTION 12 TERM OF PLAN

            	16 

            

      

      

      
        i

        
          

      

      
      FTAI INFRASTRUCTURE INC.

      NONQUALIFIED STOCK OPTION AND INCENTIVE AWARD PLAN

       

      SECTION 1

       

      PURPOSE OF PLAN; DEFINITIONS

      

        
          
                                                     1.1    Purpose.  The purpose of
                the Plan is (a) to reinforce the long-term commitment to the Company’s success of those Non-Officer Directors, officers, directors, employees, advisors, service providers, consultants and other personnel who are or will be responsible for
                such success; to facilitate the ownership of the Company’s stock by such individuals, thereby reinforcing the identity of their interests with those of the Company’s stockholders; to assist the Company in attracting and retaining
                individuals with experience and ability, (b) to compensate the Manager for its successful efforts in raising capital for the Company and to provide performance-based compensation in order to provide incentive to the Manager to enhance the
                value of the Company’s Stock and (c) to benefit the Company’s stockholders by encouraging high levels of performance by individuals whose performance is a key element in achieving the Company’s continued success.

             

            

          

        

      

      

                             1.2    Definitions.  For purposes of the Plan, the following
          terms shall be defined

       as set forth below:

       

               (a)          “Award” or “Awards” means an award described in Section 5
          hereof.

       

               (b)          “Award Agreement” means an agreement described in Section 6 hereof entered into between the Company and a
          Participant, setting forth the terms, conditions and any limitations applicable to the Award granted to the Participant.

       

               (c)          “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

       

               (d)          “Board” means the Board of Directors of the Company.

       

               (e)          “Change in Control” of the Company shall be deemed to have occurred if an event set forth in any one of the
          following paragraphs (i)-(iii) shall have occurred unless prior to the occurrence of such event, the Board determines that such event shall not constitute a Change in Control:

       

      	

            	(i)	
              any Person is or becomes a Beneficial Owner, directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of the then outstanding securities of
                the Company, excluding (A) any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (x) of paragraph (ii) below, and (B) any Person who becomes such a Beneficial Owner through the issuance of such
                securities with respect to purchases made directly from the Company; or

            

       

      
        1

        
          

      

      	

            	(ii)	
              there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (x) a merger or consolidation which would result in the
                voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent
                thereof) fifty percent (50%) or more of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (y) a merger or consolidation
                effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the
                combined voting power of the then outstanding securities of the Company; or

            

       

      	

            	(iii)	
              the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all
                of the assets of the Company.

            

       

      For each Award that constitutes deferred compensation under Section 409A of the Code, to the extent required to avoid additional tax or other penalty, a Change in Control shall be deemed to have occurred under the Plan with respect to such Award
        only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code.

       

                             (f)          “Code” means the Internal Revenue Code of 1986, as
          amended from time to time, or any successor statute thereto.

       

                             (g)          “Commission” means Securities and Exchange Commission.

       

                             (h)          “Committee” means any committee the Board may appoint to administer the Plan.  To the extent
          necessary and desirable, the Committee shall be composed entirely of individuals who meet the qualifications referred to in Rule 16b-3 under the Exchange Act.  If at any time or to any extent the Board shall not administer the Plan, then the
          functions of the Board specified in the Plan shall be exercised by the Committee.

       

      
        2

        
          

      

                             (i)          “Company” means FTAI Infrastructure Inc., a Delaware corporation.

       

                             (j)          “Disability” means, with respect to any Participant, that such Participant (i) as determined by
          the Participant’s employer or service recipient (such determination to be approved by the Committee) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be
          expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can
          be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering such Participant.

       

                             (k)          “Effective Date” means the date provided pursuant to Section 11 hereof.

       

                             (l)          “Equity Security Factor” means a number of shares of Stock (rounded down to the nearest whole
          share) equal to (i) the gross capital raised in an equity issuance of equity securities other than shares of Stock during the term of the Plan (as determined by the Committee), divided by (ii) the Fair Market Value of a share of Stock as of the
          date of such equity issuance.

       

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

       

                             (n)          “Fair Market Value” means, as of any given date,
          except as otherwise determined by the Committee, (i) the closing price of a share of the Company’s Stock on the principal exchange on which shares of the Company’s Stock are then trading, if any, on the trading day previous to such date, or, if
          stock was not traded on the trading day previous to such date, then on the next preceding trading day during which a sale occurred; or (ii) if such Stock is not publicly traded on an exchange, the mean between the closing bid and asked prices for
          the Stock, on the day previous to such date, as determined in good faith by the Committee; or (iii) if the Stock is not publicly traded, the fair market value established by the Committee using any reasonable method and acting in good faith.

       

                             (o)          “Manager” means FIG LLC, a Delaware limited liability
          company (“FIG LLC”), or any Person who shall succeed as manager as permitted by that certain Amended and Restated Management and Advisory Agreement, dated as of July 31, 2022 by and among the Company and FIG LLC, as may be further amended
          and/or restated from time to time.

       

                             (p)          “Manager Awards” means the Awards granted to the Manager as described in Section 5.5 hereof.

       

                             (q)          “Non-Officer Director” means a director of the Company who is not an officer or employee of the
          Company.

       

                             (r)          “Non-Officer Director Stock Option” shall have the meaning set forth in Section 5.6(a) hereof.

       

      
        3

        
          

      

      
                             (s)          “Participant” means any Person selected by the Committee, pursuant to the Committee’s authority
          in Section 2 hereof, to receive Awards, including but not limited to (i) any Non-Officer Director, (ii) the Manager and its affiliates and (iii) any director, officer or employee of the Company, any parent, affiliate or subsidiary of the Company,
          or the Manager or any of its affiliates and (iv) any consultant, service provider or advisor to the Company, any parent, affiliate or subsidiary of the Company, or the Manager or any of its affiliates.

       

                             (t)          “Person” shall have the meaning set forth in Section 3(a)(9) of the Exchange Act, as modified and
          used in Sections 13(d) and 14(d) thereof.

       

                             (u)          “Plan” means this FTAI Infrastructure Inc. Nonqualified Stock Option and Incentive Award Plan.

       

                             (v)          “Restricted Stock” means Stock as described in Section 5.3 hereof.

       

                             (w)          “Securities Act” shall have the meaning set forth in Section 5.5(h) hereof.

       

                             (x)          “Stock” means the common stock, par value $0.01 per share, of the Company.

       

                             (y)          “Stock Appreciation Right” shall have the meaning set forth in Section 5.2 hereof.

       

                             (z)          “Stock Option” means any option to purchase shares of Stock granted pursuant to the Plan.  The
          Stock Options granted hereunder are not intended to qualify as “incentive stock options” within the meaning of Section 422 of the Code.

       

                             (aa)         “Tandem Awards” shall have the meaning set forth in
          Section 5.5 hereof.

       

      SECTION 2

       

      ADMINISTRATION

       

        

       2.1    Administration.  The Plan shall, to the extent applicable, be administered in accordance with the requirements of Rule
        16b-3 under the Exchange Act (“Rule 16b-3”), by the Board or, at the Board’s sole discretion, by the Committee, which shall be appointed by the Board, and which shall serve at the pleasure of the Board.  The Plan is intended to be exempt
        from, or to comply with, and shall be administered in a manner that is intended to be exempt from, or comply with, Section 409A of the Code and shall be construed and interpreted in accordance with such intent, to the extent subject thereto.  To
        the extent that an Award and/or issuance and/or payment of an Award is subject to Section 409A of the Code, it shall be awarded and/or issued or paid in a manner that will comply with Section 409A of the Code, including any applicable regulations
        or guidance issued by the Secretary of the United States Treasury Department and the Internal Revenue Service with respect thereto. 

       

      
        4

        
          

      

      
      2.2     Duties and Powers of Committee.  The Committee shall have the power and authority to
          grant Awards to Participants pursuant to the terms of the Plan, and, in its discretion, to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; to interpret
          the terms and provisions of the Plan and any Award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration of the Plan.  All decisions made by the Committee pursuant to the provisions of the Plan
          shall be final, conclusive and binding on all Persons.

       

      In particular, the Committee shall have the authority to determine, in a manner consistent with the terms of the Plan:

       

      (a)         in addition to the Manager and the Non-Officer Directors, those Participants who shall receive Awards under the Plan;

       

      (b)         subject to Section 3 hereof, the number of shares of Stock to be covered by each Award granted hereunder;

       

      (c)         the terms and conditions of any Award granted hereunder, including, subject to the requirements of Section 409A, the waiver or
          modification of any such terms or conditions, consistent with the provisions of the Plan (including, but not limited to, Section 8 hereof); and

       

      (d)         the terms and conditions which shall govern all the Award Agreements, including the waiver or modification of any such terms or
          conditions.

       

      2.3     Majority Rule.  The Committee shall act by a majority of its members in attendance at a meeting
          at which a quorum is present or by a memorandum or other written instrument signed by all members of the Committee.

       

      2.4     Delegation of Authority.  To the extent permitted by applicable law, the Committee or the Board
          may from time to time delegate to one or more Persons the authority to take administrative actions pursuant to this Section 2.  Any delegation hereunder shall be subject to the restrictions and limitations that the Committee specifies at the time
          of such delegation, and the Committee may at any time rescind the authority so delegated or appoint a new delegatee.

       

      2.5      Compensation; Professional Assistance; Good Faith Actions.  Members of the Committee may
          receive such compensation for their services as members as may be determined by the Board.  All expenses and liabilities that members of the Committee or Board may incur in connection with the administration of this Plan shall be borne by the
          Company.  The Committee may, with the approval of the Board, employ attorneys, consultants, accountants, appraisers, brokers or other Persons.  The Committee, the Board, the Company and any officers and directors of the Company shall be entitled
          to rely upon the advice, opinions or valuations of any such Persons.  All actions taken and all interpretations and determinations made by the Committee or Board in good faith shall be final and binding upon all Participants, the Company and all
          other interested Persons.  No member of the Committee or Board shall be personally liable for any action, determination or interpretation made in good faith with respect to this Plan or any Award, and all members of the Committee and Board shall
          be fully protected and indemnified to the fullest extent permitted by law, by the Company, in respect of any such action, determination or interpretation.

       

      
        5

        
          

      

      
      SECTION 3

       

      STOCK SUBJECT TO PLAN

       

      3.1      Number of and Source of Shares.  The maximum number of shares of Stock reserved and
          available for issuance under the Plan shall be 30,000,000, as increased on the date of any equity issuance by the Company during the term of the Plan by a number of shares of Stock equal to 10% of (i) the number of shares of Stock issued by the
          Company in such equity issuance or (ii) if such equity issuance relates to equity securities other than shares of Stock, the number of shares of Stock equal to the Equity Security Factor.  The Stock which may be issued pursuant to an Award under
          the Plan may be treasury Stock, authorized but unissued Stock, or Stock acquired, subsequently or in anticipation of the transaction, in the open market to satisfy the requirements of the Plan.  Awards may consist of any combination of such
          Stock, or, at the election of the Company, cash.

       

      3.2      Unrealized and Tandem Awards.  If any shares of Stock subject to an Award are forfeited,
          cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of shares to the Participant, the shares of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation,
          exchange, surrender, termination or expiration, again be available for grants under the Plan.  The grant of a Tandem Award (as defined herein) shall not reduce the number of shares of Stock reserved and available for issuance under the Plan.  The
          Company reserves the right to cancel any Stock Option which has a per-share exercise price that is equal to or greater than the Fair Market Value of an underlying share of Stock as of the date of such cancellation, and any shares of Stock which
          were subject to such cancelled Stock Option shall again be available for the issuance of Stock Options, including issuance to the Person that held the cancelled Stock Option, irrespective of whether such issuance would be deemed a repricing of
          such Stock Option.

       

      3.3      Adjustment of Awards.  Upon the occurrence of any event which affects the shares of Stock in such a way that an adjustment of outstanding Awards is appropriate
        in order to prevent the dilution or enlargement of rights under the Awards (including, without limitation, any extraordinary dividend or other distribution (whether in cash or in kind), recapitalization, stock split, reverse split, reorganization,
        merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event), the Committee shall make appropriate equitable adjustments, which may include, without limitation, adjustments to any or
        all of the number and kind of shares of Stock (or other securities) which may thereafter be issued in connection with such outstanding Awards and adjustments to any exercise price specified in the outstanding Awards and shall also make appropriate
        equitable adjustments to the number and kind of shares of Stock (or other securities) authorized by or to be granted under the Plan.  Such other substitutions or adjustments shall be made respecting Awards hereunder as may be determined by the
        Committee, in its sole discretion.  In connection with any event described in this paragraph, the Committee may provide, in its discretion, for the cancellation of any outstanding Award and payment in cash or other property in exchange therefor,
        equal to the difference, if any, between the fair market value of the Stock or other property subject to the Award, and the exercise price, if any.

       

      
        6

        
          

      

      SECTION 4

       

      ELIGIBILITY

       

      Each Participant shall be eligible to receive Awards under the Plan.  Additional Participants under the Plan may be selected from time to time by the Committee, in its sole discretion, and the Committee shall
        determine, in its sole discretion, the number of shares covered by each Award.

       

      SECTION 5

       

      AWARDS

       

      Awards may include, but are not limited to, those described in this Section 5.  The Committee may grant Awards singly, in tandem or in combination with other Awards, as the Committee may in its sole discretion
        determine.

       

      5.1      Stock Options.  A Stock Option is a right to purchase a specified number of shares of Stock,
          at a specified price during such specified time as the Committee shall determine.

       

                         (a)          A Stock Option may be exercised, in whole or in part, by giving written notice of exercise to the Company,
          specifying the number of shares of Stock to be purchased.

       

                          (b)          The exercise price of the Stock Option may be paid in cash or its equivalent, as determined by the
          Committee.  As determined by the Committee, in its sole discretion, or as otherwise set forth in Sections 5.5(b) and 5.5(c) below, payment in whole or in part may also be made (i) by means of any cashless exercise procedure approved by the
          Committee (including the withholding of Stock otherwise issuable on exercise), or (ii) in the form of unrestricted Stock already owned by the Participant which has a Fair Market Value on the date of surrender equal to the aggregate option price
          of the Stock as to which such Stock Option shall be exercised.  No fractional shares of Stock will be issued or accepted.

       

      5.2      Stock Appreciation Rights.  A Stock Appreciation Right is a right to receive, upon surrender of the right, an amount payable in cash and/or shares of Stock
        under such terms and conditions as the Committee shall determine.

       

                  (a)                  A Stock Appreciation Right may be granted in tandem with part or all of (or in addition to, or completely
          independent of) a Stock Option or any other Award under this Plan.  A Stock Appreciation Right issued in tandem with a Stock Option may be granted at the time of grant of the related Stock Option or at any time thereafter during the term of the
          Stock Option.

       

      
        7

        
          

      

                  (b)                  The amount payable in cash and/or shares of Stock with respect to each right shall be equal in value to a
          percentage (including up to 100%) of the amount by which the Fair Market Value per share of Stock on the exercise date exceeds the Fair Market Value per share of Stock on the date of grant of the Stock Appreciation Right.  The applicable
          percentage shall be established by the Committee.  The Award Agreement may state whether the amount payable is to be paid wholly in cash, wholly in shares of Stock, or in any combination of the foregoing; if the Award Agreement does not so state
          the manner of payment, the Committee shall determine such manner of payment at the time of payment.  The amount payable in shares of Stock, if any, is determined with reference to the Fair Market Value per share of Stock on the date of exercise.

       

                  (c)                  Stock Appreciation Rights issued in tandem with Stock Options shall be exercisable only to the extent that
          the Stock Options to which they relate are exercisable.  Upon exercise of the tandem Stock Appreciation Right, and to the extent of such exercise, the Participant’s underlying Stock Option shall automatically terminate.  Similarly, upon the
          exercise of the tandem Stock Option, and to the extent of such exercise, the Participant’s related Stock Appreciation Right shall automatically terminate.

       

      5.3      Restricted Stock.  Restricted Stock is Stock that is issued to a Participant and is subject to
          such terms, conditions and restrictions as the Committee deems appropriate, which may include, but are not limited to, restrictions upon the sale, assignment, transfer or other disposition of the Restricted Stock and the requirement of forfeiture
          of the Restricted Stock upon termination of employment or service under certain specified conditions.  The Committee may provide for the lapse of any such term or condition or waive any term or condition based on such factors or criteria as the
          Committee may determine.  Subject to the restrictions stated in this Section 5.3 and in the applicable Award Agreement, the Participant shall have, with respect to Awards of Restricted Stock, all of the rights of a stockholder of the Company,
          including the right to vote the Restricted Stock and the right to receive any cash or stock dividends on such Stock.  The Company may require that the stock certificates evidencing Restricted Stock granted hereunder be held in the custody of the
          Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Stock, the Participant shall have delivered a stock power, endorsed in blank, relating to the Stock covered by such award.

       

      5.4      Performance Awards.  Performance Awards may be granted under this Plan from time to time based
          on such terms and conditions as the Committee deems appropriate, provided that such Awards shall not be inconsistent with the terms and purposes of this Plan.  Performance Awards are Awards which are contingent upon the performance of all or a
          portion of the Company and/or its subsidiaries and/or which are contingent upon the individual performance of a Participant.  Performance Awards may be in the form of performance units, performance shares and such other forms of Performance
          Awards as the Committee shall determine.  The Committee shall determine the performance measurements and criteria for such Performance Awards.  The Company may require that the stock certificates evidencing Performance Awards granted hereunder be
          held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Performance Awards, the Participant shall have delivered a stock power, endorsed in blank, relating to the Stock covered
          by such award.

       

      
        8

        
          

      

      5.5      Manager Awards and Tandem Awards.

       

                    (a)         Grant of Compensatory Stock Options.  As consideration for the Manager’s role in raising capital for the
          Company, the Manager may be awarded Stock Options in connection with any equity issuance by the Company, to acquire that number of shares of Stock up to ten percent (10%) of (i) the number of shares of Stock issued by the Company in such equity
          issuance or (ii) if such equity issuance relates to equity securities other than shares of Stock, a number of shares of Stock equal to the Equity Security Factor, in each case subject to the proviso contained in Section 5.5(f) hereof.

       

                    (b)         Terms of Manager Awards.  The Stock Options referred to in clause (a) above shall be 100% vested as of the
          date of grant and become exercisable as to 1/30th of the Stock subject to the Stock Options on the first day of each of the following 30 calendar months following the date of grant.  Such Stock Options shall expire on the tenth anniversary of the
          date of grant.  Such Stock Options shall have a per share price equal to the offering price of the equity issuance in connection with which such Stock Options are awarded (as determined by the Committee), or in the event that such equity issuance
          relates to equity securities other than Stock, the Fair Market Value of a share of Stock as of the date of the equity issuance, in each case subject to adjustment as set forth in Section 3.3 hereof.  The exercise price of such Stock Options may
          be paid in cash or its equivalent, as determined by the Committee.  Payment in whole or in part may also be made by the following cashless exercise procedures: (i) by withholding from shares of Stock otherwise issuable upon exercise of such Stock
          Option, (ii) in the form of unrestricted Stock already owned by the Manager which has a Fair Market Value on the date of surrender equal to the aggregate option price of the Stock as to which such Stock Option shall be exercised or (iii) by means
          of any other cashless exercise procedure approved by the Committee.  No fractional shares of Stock will be issued or accepted.  The Award Agreement with respect to such Stock Options shall also set forth the vesting and exercise schedule of such
          Stock Options and such other terms and conditions with respect to such Stock Options and the delivery of shares of Company Stock subject to such Stock Options as the Committee may determine.

       

                     (c)         Each of the Committee and/or the Manager shall have the authority to direct awards of Stock Options to such
          employees of the Manager who act as officers of or perform other services for the Company, which options shall be tandem to the Stock Options that are the subject of outstanding Manager Awards designated by the Manager—i.e., shares of
          Stock issuable pursuant to the exercise of the Stock Options that are subject to certain designated Manager Awards would alternatively be issuable pursuant to the exercise of Stock Options that are the subject of the tandem awards granted to
          Persons who perform services for or on behalf of the Company, provided that such shares of Stock may be issued pursuant to the exercise of either the designated Manager Awards or the tandem awards but not both (the “Tandem Awards”).  As
          determined by the Manager, in its sole discretion, payment of the exercise price of such Tandem Award in whole or in part may be made by the following cashless exercise procedures: (i) by withholding from shares of Stock otherwise issuable upon
          exercise of such Tandem Award, (ii) in the form of unrestricted Stock already owned by the holder of such Tandem Award which has a Fair Market Value on the date of surrender equal to the aggregate option price of the Stock as to which such Tandem
          Award shall be exercised or (iii) by means of any other cashless exercise procedure approved by the Committee.

       

      
        9

        
          

      

                    (d)         As a condition to the grant of Tandem Awards, the Manager shall be required to agree that so long as such Tandem
          Awards remain outstanding, it will not exercise any Stock Options under any designated Manager Award that are related to the options under such outstanding Tandem Awards.  If Stock Options under a Tandem Award are forfeited, expire or are
          cancelled without being exercised, the related Stock Options under the designated Manager Award shall again become exercisable in accordance with its terms.  Upon the exercise of Stock Options under a Tandem Award, the related Stock Options under
          the designated Manager Award shall terminate.

       

                   (e)          The terms and conditions of each such Tandem Awards (e.g., the per share exercise price, the schedule of
          vesting, exercisability and delivery, etc.) shall be determined by the Committee or the Manager, as the case may be, in its sole discretion and shall be included in an Award Agreement, provided, that the term of such award may not be
          greater than the term of its related Manager Award.

       

                   (f)          Other Awards.  The Committee may, from time to time, grant such Awards to the Manager as the Committee
          deems advisable in order to provide additional incentive to the Manager to enhance the value of the Company’s Stock; provided, however, that no Award shall be awarded to the Manager (or its designee) in connection with any equity
          issuance by the Company which provides for the acquisition of a number of shares of Stock in excess of ten percent (10%) of (i) the maximum number of shares of Stock being proposed to be issued by the Company in such equity issuance or (ii) if
          such equity issuance relates to equity securities other than shares of Stock, the maximum number of shares of Stock determined in accordance with the Equity Security Factor.

       

                    (g)          Change in Control and Termination Provisions.  Notwithstanding anything herein, unless otherwise provided
          in any Award Agreement to the contrary, upon a Change in Control or a termination of the Manager’s services to the Company for any reason, all Awards granted to the Manager pursuant to this Plan shall become immediately and fully exercisable, and
          all Tandem Awards shall be governed by the terms and conditions of the applicable Award Agreements.

       

                    (h)         Registration Rights Agreement.  The Company shall, upon the Manager’s reasonable request, (i) use
          commercially reasonable efforts to register under the Securities Act of 1933, as amended (the “Securities Act”) the securities that may be issued and sold under the Plan or the resale of such securities issued and sold pursuant to the Plan
          or (ii) enter into a registration rights agreement with the Manager on terms to be mutually agreed upon between the parties.

       

        

      5.6      Automatic Non-Officer Director Awards.

       

          

       
                    (a)          Initial Grant of Non-Officer Director Stock Options. Each Non-Officer Director shall be granted a Stock
          Option, which shall be fully vested as of the date of the grant, relating to 5,000 shares of Stock (each, a “Non-Officer Director Stock Option”), upon the date of the first Board of Director’s meeting attended by such Non-Officer Director
          after effectiveness of the Plan. The option price per share of Stock under the Non-Officer Director Stock Option shall be one hundred percent (100%) of the Fair Market Value of the Stock on the date of grant.

       

      
        10

        
          

      

                   (b)          Stock Availability.  In the event that the number of shares of Stock available for grant under the Plan is
          not sufficient to accommodate the Awards of Non-Officer Directo r Stock Options, then the remaining shares of Stock available for such automatic awards shall be granted to each Non-Officer Director who is to receive such an award on a pro-rata
          basis. No further grants shall be made until such time, if any, as additional shares of Stock become available for grant under the Plan through action of the Board or the stockholders of the Company to increase the number of shares of Stock that
          may be issued under the Plan or through cancellation or expiration of Awards previously granted hereunder.

       

                   (c)          Term; Method of Exercise of Non-Officer Director Stock Option. Each Non-Officer Director Stock Option shall
          cease to be exercisable no later than the date that is ten (10) years following the date of grant. If settled in shares of Stock, the exercise price of such Stock Options may be paid in cash or its equivalent, as determined by the Committee. As
          determined by the Committee, in its sole discretion, payment in whole or in part may also be made (i) by means of any cashless exercise procedure approved by the Committee (including the withholding of shares of Stock otherwise issuable on
          exercise), or (ii) in the form of unrestricted Stock already owned by the Non-Officer Director which has a Fair Market Value on the date of surrender equal to the aggregate option price of the Stock as to which such Stock Option shall be
          exercised. No fractional shares of Stock will be issued or accepted.

       

                   (d)          Award Agreements.  Each recipient of a Non-Officer Director Stock Option shall enter into an Award
          Agreement with the Company, which agreement shall set forth, among other things, the exercise price, the term and provisions regarding exercisability and form of settlement of the Non-Officer Director Stock Option, which provisions shall not be
          inconsistent with the terms of this Section 5.6 and Section 6.1 hereof. The Award Agreement with respect to such Non-Officer Director Stock Option shall also set forth such other terms and conditions with respect to Awards to the Non-Officer
          Director as the Committee may determine.

       

      5.7      Other Awards.

       

      The Committee may from time to time grant to its Non-Officer Directors, or any other Participant, Stock, other Stock-based and non-Stock-based Awards under the Plan, including without limitation those Awards pursuant
        to which shares of Stock are or may in the future be acquired, Awards denominated in Stock, securities convertible into Stock, phantom securities, dividend equivalents and cash.  The Committee shall determine the terms and conditions of such other
        Stock, Stock-based and non-Stock-based Awards, provided that such Awards shall not be inconsistent with the terms and purposes of this Plan.

       

      SECTION 6

       

      AWARD AGREEMENTS

       

      Each Award under this Plan shall be evidenced by an Award Agreement setting forth the number of shares of Stock or other securities, and such other terms and conditions applicable to the Award (and not inconsistent
        with this Plan) as are determined by the Committee.

       

      

      
        11

        
          

      

      6.1      Terms of Award Agreements.  Award Agreements may include the following terms:

       

          (a)          Term.  The term of each Award (as determined by the Committee); provided
          that, no Award with an exercise period shall be exercisable more than ten years after the date such Award is granted. 

       

         (b)          Exercise Price.  The exercise price per share of Stock purchasable under an Award (as determined by the Committee in
          its sole discretion at the time of grant); provided that, the exercise price shall not be less than the par value of the Stock and, for Awards intended to be exempt from application of Section 409A of the Code under Section
          1.409A-1(b)(5)(A), shall not be less than 100% of the Fair Market Value of the Stock on such date.

       

         (c)          Exercisability.  Provisions regarding the exercisability of Awards (which shall be exercisable at such time or times
          and subject to such terms and conditions as shall be determined by the Committee at or after grant).

       

         (d)          Method of Exercise.  Provisions describing the method of exercising Awards.

       

         (e)          Delivery.  Provisions regarding the timing of the delivery of Stock subject to Awards.  The Award Agreements may
          provide that such delivery will be delayed to the extent required to avoid the imposition of a tax under Section 409A of the Code.

       

         (f)          Termination of Employment or Service.  Provisions describing the treatment of an Award in the event of Disability,
          death or other termination of a Participant’s employment or service with the Company, including but not limited to, terms relating to the vesting, time for exercise, forfeiture and cancellation of an Award in such circumstances.

       

         (g)          Rights as Stockholder.  A provision that a Participant shall have no rights as a stockholder with respect to any
          securities covered by an Award until the date the Participant becomes the holder of record.  Except as provided in Section 3.3 hereof, no adjustment shall be made for dividends or other rights, unless the Award Agreement specifically requires
          such adjustment, in which case, grants of dividend equivalents or similar rights shall not be considered to be a grant of any other stockholder right.

       

          (h)          Nontransferability.  A provision that except under the laws of descent and distribution or as otherwise permitted by
          the Committee, in its sole discretion, or, in respect of Manager Awards, grants of Tandem Awards, the Participant shall not be permitted to sell, transfer, pledge or assign any Award, and all Awards shall be exercisable, during the Participant’s
          lifetime, only by the Participant; provided, however, that the Participant shall be permitted to transfer one or more Stock Options to a trust controlled by the Participant during the Participant’s lifetime for estate planning
          purposes.

       

      
        12

        
          

      

          (i)          Other Terms.  Such other terms as are necessary and appropriate to
          effectuate an Award to the Participant, including but not limited to, (1) vesting provisions, (2) deferral elections, (3) any requirements for continued employment or service with the Company, (4) any requirement to execute a general release of
          claims in a form acceptable to the Company prior to the lapse of any restrictions or conditions on such Award or such Award becoming exercisable, (5) any other restrictions or conditions (including performance requirements) on the Award and the
          method by which restrictions or conditions lapse, (6) effect on the Award of a Change in Control, (7) the right of the Company and such other Persons as the Committee shall designate (“Designees”) to repurchase from a Participant, and such
          Participant’s permitted transferees, all shares of Stock issued or issuable to such Participant in connection with an Award in the event of such Participant’s termination of employment or service, (8) rights of first refusal granted to the
          Company and its Designees, if any, (9) holdback and other registration right restrictions in the event of a public registration of any equity securities of the Company and (10) any other terms and conditions which the Committee shall deem
          necessary and desirable.

       

      SECTION 7

      

       

        

      LOANS

       

      To the extent permitted by applicable law, including the Sarbanes-Oxley Act of 2002, the Company or any parent or subsidiary of the Company may make loans available to Stock Option holders in connection with the
        exercise of outstanding Stock Options granted under the Plan, as the Committee, in its discretion, may determine.  Such loans shall (i) be evidenced by promissory notes entered into by the Stock Option holders in favor of the Company or any parent
        or subsidiary of the Company, (ii) be subject to the terms and conditions set forth in this Section 7 and such other terms and conditions, not inconsistent with the Plan, as the Committee shall determine, (iii) bear interest, if any, at such rate
        as the Committee shall determine, and (iv) be subject to Board approval (or to approval by the Committee to the extent the Board may delegate such authority).  In no event may the principal amount of any such loan exceed the sum of (x) the exercise
        price less the par value of the shares of Stock covered by the Stock Option, or portion thereof, exercised by the holder, and (y) any federal, state, and local income tax attributable to such exercise.  The initial term of the loan, the schedule of
        payments of principal and interest under the loan, the extent to which the loan is to be with or without recourse against the holder with respect to principal or interest and the conditions upon which the loan will become payable in the event of
        the holder’s termination of employment or service shall be determined by the Committee.  Unless the Committee determines otherwise, when a loan is made, shares of Stock having a Fair Market Value at least equal to the principal amount of the loan
        shall be pledged by the holder to the Company as security for payment of the unpaid balance of the loan, and such pledge shall be evidenced by a pledge agreement, the terms of which shall be determined by the Committee, in its discretion; provided
        that, each loan shall comply with all applicable laws, and all regulations and rules of the Board of Governors of the Federal Reserve System and of the U.S. Securities and Exchange Commission and any other governmental agency having jurisdiction.

       

      
        13

        
          

      

      SECTION 8

       

      AMENDMENT AND TERMINATION

       

      The Board may at any time and from time-to-time alter, amend, suspend, or terminate the Plan in whole or in part; provided that, no amendment which requires stockholder approval in order for the Plan to comply
        with a rule or regulation deemed applicable by the Committee, shall be effective unless the same shall be approved by the requisite vote of the stockholders of the Company entitled to vote thereon.  Notwithstanding the foregoing, no amendment shall
        affect adversely any of the rights of any Participant, without such Participant’s consent, under any Award or Loan theretofore granted under the Plan.

       

      SECTION 9

       

      UNFUNDED STATUS OF PLAN

       

      The Plan is intended to constitute an “unfunded” plan for incentive compensation.  With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any
        rights that are greater than those of a general creditor of the Company.

       

      SECTION 10

       

      GENERAL PROVISIONS

       

      10.1    Securities Laws Compliance.  Shares of Stock shall not be issued pursuant to the exercise or settlement of any Award granted hereunder unless the exercise of
        such Award and the issuance and delivery of such shares of Stock pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act, the Exchange Act and the requirements of any stock exchange upon
        which the Stock may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance.

       

      10.2    Certificate Legends.  The Committee may require each Person purchasing shares pursuant to a Stock Option to represent to and agree with the Company in writing
        that such Person is acquiring the Stock subject thereto without a view to distribution thereof.  The certificates for such Stock may include any legend which the Committee deems appropriate to reflect any restrictions on transfer.

       

      10.3   Transfer Restrictions.  All certificates for shares of Stock delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as
        the Committee may deem advisable under the rules, regulations, and other requirements of the Commission, any stock exchange upon which the Stock is then listed, and any applicable federal or state securities law, and the Committee may cause a
        legend or legends to be placed on any such certificates to make appropriate reference to such restrictions.

       

      
        14

        
          

      

      10.4    Company Actions; No Right to Employment or Service.  Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation
        arrangements, subject to stockholder approval if such approval is necessary and desirable; and such arrangements may be either generally applicable or applicable only in specific cases.  The adoption of the Plan shall not confer upon any employee,
        consultant, service provider or advisor of the Company any right to continued employment or service with the Company, as the case may be, nor shall it interfere in any way with the right of the Company to terminate the employment or service of any
        of its employees, consultants or advisors at any time.

       

      10.5    Section 409A of the Code.  The intent of the parties is that payments and benefits under the Plan be exempt from, or comply with Section 409A of the Code to the
        extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and be administered to be in compliance therewith.  Any payments described in the Plan that are due within the “short-term deferral period” as
        defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise.  Notwithstanding anything to the contrary in the Plan, to the extent required in order to avoid accelerated taxation and/or
        tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s termination of
        employment shall instead be paid on the first business day after the date that is six (6) months following the Participant’s separation from service (or upon the Participant’s death, if earlier).  In addition, for purposes of the Plan, each amount
        to be paid or benefit to be provided to the Participant pursuant to the Plan, which constitute deferred compensation subject to Section 409A of the Code, shall be construed as a separate identified payment for purposes of Section 409A of the Code.

       

      10.6    Payment of Taxes.  Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of the
        Participant for federal income tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any federal, state, or local taxes of any kind required by law to be withheld with respect to the Award.  The
        obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due
        to the Participant.

       

      10.7    Governing Law.  The Plan shall be governed by the and construed in accordance with the laws of the State of Delaware, without giving effect to principles of
        conflicts of law of such state.

       

      
        15

        
          

      

      SECTION 11

       

      EFFECTIVE DATE OF PLAN

       

      The Plan was adopted by the Board on August 1, 2022, and shall become effective without further action as of the later of (a) the effectiveness of the Company’s registration statement on Form 10 filed with the U.S.
        Securities and Exchange Commission on April 29, 2022, as amended, and (b) the Common Stock being listed or approved for listing upon notice of issuance on The Nasdaq Global Select Market (the date of such effectiveness, the “Effective Date”).

       

      SECTION 12

       

      TERM OF PLAN

       

      No Award shall be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.

       

      

      

       

    

  

  16

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