Document:

Exhibit 10.1

 

COLOR STAR TECHNOLOGY CO., LTD.

2022 EQUITY INCENTIVE PLAN

 

1. Purpose. The
purpose of the Color Star Technology Co., Ltd. 2022 Equity Incentive Plan is to provide a means through which the Company and its Affiliates
may attract and retain key personnel and to provide a means whereby directors, officers, managers, employees, consultants and advisors
(and prospective directors, officers, managers, employees, consultants and advisors) of the Company and its Affiliates can acquire and
maintain an equity interest in the Company, or be paid incentive compensation, which may (but need not) be measured by reference to the
value of Ordinary shares, thereby strengthening their commitment to the welfare of the Company and its Affiliates and aligning their interests
with those of the Company’s stockholders.

 

2. Definitions.
The following definitions shall be applicable throughout this Plan:

 

(a) “Affiliate”
means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company and/or
(ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest as determined by the
Committee in its discretion. The term “control” (including, with correlative meaning, the terms “controlled by”
and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting
or other securities, by contract or otherwise.

 

(b) “Award”
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock,
Restricted Stock Unit, Stock Bonus Award and Performance Compensation Award granted under this Plan.

 

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

 

(d) “Business
Combination” has the meaning given such term in the definition of “Change in Control.”

 

(e) “Business
Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in New York City are authorized
or obligated by federal law or executive order to be closed.

 

(f)
“Cause” means, in the case of a particular Award, unless the applicable Award agreement states otherwise,
(i) the Company or an Affiliate having “cause” to terminate a Participant’s employment or service, as defined in
any employment or consulting agreement or similar document or policy between the Participant and the Company or an Affiliate in
effect at the time of such termination or (ii) in the absence of any such employment or consulting agreement, document or policy (or
the absence of any definition of “Cause” contained therein), (A) a continuing material breach or material default
(including, without limitation, any material dereliction of duty) by Participant of any agreement between the Participant and the
Company, except for any such breach or default which is caused by the physical disability of the Participant (as determined by a
neutral physician), or a continuing failure by the Participant to follow the direction of a duly authorized representative of the
Company; (B) gross negligence, willful misfeasance or breach of fiduciary duty by the Participant; (C) the commission by the
Participant of an act of fraud, embezzlement, misappropriation of the Company or its Affiliate’s assets or any felony or other
crime of dishonesty in connection with the Participant’s duties; (D) conviction of the Participant of a felony or any other
crime that would materially and adversely affect: (i) the business reputation of the Company or (ii) the performance of the
Participant’s duties to the Company, or (E) failure by a Participant to follow the lawful directions of a superior officer or
the Board. Any determination of whether Cause exists shall be made by the Committee in its sole discretion.

 

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

 

(i) An acquisition (whether
directly from the Company or otherwise) of any voting securities of the Company (the “Voting Securities”)
by any “Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities and Exchange Act of 1934,
as amended (the “Exchange Act”)), immediately after which such Person has ownership of more than one-half
(1/2) of the combined voting power of the Company’s then outstanding Voting Securities.

 

(ii) The individuals who
constitute the members of the Board cease, by reason of a financing, merger, combination, acquisition, takeover or other non-ordinary
course transaction affecting the Company, to constitute at least forty percent (40%) of the members of the Board; or

 

(iii) The consummation
of any of the following events:

 

(A) A merger, consolidation
or reorganization involving the Company, where either or both of the events described in clauses (i) or (ii) above would be the result;

 

(B) A liquidation or dissolution
of or appointment of a receiver, rehabilitator, conservator or similar person for, or the filing by a third party of an involuntary bankruptcy
against, the Company; provided, however, that to the extent necessary to comply with Section 409A of the Code, the occurrence of an event
described in this subsection (B) shall not permit the settlement of Restricted Stock Units granted under this Plan; or

 

(C) An agreement for the
sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a subsidiary
of the Company).

 

(h) “Closing
Price” means (A) during such time as the Ordinary shares are registered under Section 12 of the Exchange Act, the closing
price of the Ordinary shares as reported by an established stock exchange or automated quotation system on the day for which such value
is to be determined, or, if no sale of the Ordinary shares shall have been made on any such stock exchange or automated quotation system
that day, on the next preceding day on which there was a sale of such Ordinary shares, or (B) during any such time as the Ordinary shares
are not listed upon an established stock exchange or automated quotation system, the mean between dealer “bid” and “ask”
prices of the Ordinary shares in the over-the-counter market on the day for which such value is to be determined, as reported by the
Financial Industry Regulatory Authority, Inc., or (C) during any such time as the Ordinary shares cannot be valued pursuant to (A) or
(B) above, the fair market value shall be as determined by the Committee considering all relevant information including, by example and
not by limitation, the services of an independent appraiser.

 

(i) “Code”
means the Internal Revenue Code of 1986, as amended, and any successor thereto. References in this Plan to any section of the Code shall
be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to
such section, regulations or guidance.

 

(j) “Committee”
means a committee of at least two people as the Board may appoint to administer this Plan or, if no such committee has been appointed
by the Board, the Board. Unless altered by an action of the Board, the Committee shall be the Compensation Committee of the Board.

 

(k) “Ordinary
shares” means the ordinary shares, par value $0.001 per share, of the Company (and any stock or other securities into which
such ordinary shares may be converted or into which they may be exchanged).

 

(l) “Company”
means Color Star Technology Co., Ltd., a Cayman Islands exempted company, together with its successors and assigns.

 

(m) “Date
of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified in such
authorization.

 

(n) “Disability”
means a “permanent and total” disability incurred by a Participant while in the employ of the Company or an Affiliate. For
this purpose, a permanent and total disability shall mean that the Participant is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months.

 

(o) “Effective
Date” means the date when the Plan is adopted by the Board.

 

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(p) “Eligible
Director” means a person who is (i) a “non-employee director” within the meaning of Rule 16b-3 under the Exchange
Act, and (ii) an “outside director” within the meaning of Section 162(m) of the Code.

 

(q) “Eligible
Person” means any (i) individual employed by the Company or an Affiliate; provided, however, that no
such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility
is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) director of the Company or
an Affiliate; (iii) consultant or advisor to the Company or an Affiliate, provided that if the Securities Act applies such persons must
be eligible to be offered securities registrable on Form S-8 under the Securities Act; or (iv) prospective employees, directors, officers,
consultants or advisors who have accepted offers of employment or consultancy from the Company or its Affiliates (and would satisfy the
provisions of clauses (i) through (iii) above once he or she begins employment with or begins providing services to the Company or its
Affiliates).

 

(r) “Exchange
Act” has the meaning given such term in the definition of “Change in Control,” and any reference in this Plan
to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative
guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.

 

(s) “Exercise
Price” has the meaning given such term in Section 7(b) of this Plan.

 

(t) “Fair Market
Value”, unless otherwise provided by the Committee in accordance with all applicable laws, rules regulations and standards,
means, on a given date, (i) if the Ordinary shares (A) are listed on a national securities exchange or (B) are not listed on a national
securities exchange, but is quoted by the OTC Markets Group, Inc. (www.otcmarkets.com) or any successor or alternative recognized over-the-counter
market or another inter-dealer quotation system, on a last sale basis, the average selling price of the Ordinary shares reported on such
national securities exchange or other inter-dealer quotation system, determined as the arithmetic mean of such selling prices over the
thirty (30)-Business Day period preceding the Date of Grant, weighted based on the volume of trading of such Ordinary shares on each trading
day during such period; or (ii) if the Ordinary shares are not listed on a national securities exchange or quoted in an inter-dealer quotation
system on a last sale basis, the amount determined by the Committee in good faith to be the fair market value of the Ordinary shares.

 

(u) “Immediate
Family Members” shall have the meaning set forth in Section 15(b) of this Plan.

 

(v) “Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option as described in Section 422
of the Code and otherwise meets the requirements set forth in this Plan.

 

(w) “Indemnifiable
Person” shall have the meaning set forth in Section 4(e) of this Plan.

 

(x) “Intellectual
Property Products” shall have the meaning set forth in Section 15(c) of this Plan.

 

(y) “Mature
Shares” means Ordinary shares owned by a Participant that are not subject to any pledge or security interest and that have
been either previously acquired by the Participant on the open market or meet such other requirements, if any, as the Committee may determine
are necessary in order to avoid an accounting earnings charge on account of the use of such shares to pay the Exercise Price or satisfy
a withholding obligation of the Participant.

 

(z) “Negative
Discretion” shall mean the discretion authorized by this Plan to be applied by the Committee to eliminate or reduce the
size of a Performance Compensation Award consistent with Section 162(m) of the Code.

 

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

 

(bb) “Option” means an Award granted
under Section 7 of this Plan.

 

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

 

(dd) “Outstanding Company Ordinary shares”
has the meaning given such term in the definition of “Change in Control.”

 

(ee) “Outstanding Company Voting Securities”
has the meaning given such term in the definition of “Change in Control.”

 

(ff) “Participant”
means an Eligible Person who has been selected by the Committee to participate in this Plan and to receive an Award pursuant to Section
6 of this Plan.

 

(gg) “Performance
Compensation Award” shall mean any Award designated by the Committee as a Performance Compensation Award pursuant to Section
11 of this Plan.

 

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

 

(ii) “Performance
Formula” shall mean, for a Performance Period, the one or more objective formulae applied against the relevant Performance
Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than
all, or none of the Performance Compensation Award has been earned for the Performance Period.

 

(jj) “Performance
Goals” shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance Period
based upon the Performance Criteria.

 

(kk) “Performance
Period” shall mean the one or more periods of time, as the Committee may select, over which the attainment of one or more
Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance Compensation
Award.

 

(ll) “Permitted Transferee” shall
have the meaning set forth in Section 15(b) of this Plan.

 

(mm) “Person” has the meaning given
such term in the definition of “Change in Control.”

 

(nn) “Plan” means this Color Star
Technology Co., Ltd. 2022 Equity Incentive Plan, as amended from time to time.

 

(oo) “Retirement”
means the fulfillment of each of the following conditions: (i) the Participant is good standing with the Company as determined by the
Committee; (ii) the voluntary termination by a Participant of such Participant’s employment or service to the Company and (B) that
at the time of such voluntary termination, the sum of: (1) the Participant’s age (calculated to the nearest month, with any resulting
fraction of a year being calculated as the number of months in the year divided by 12) and (2) the Participant’s years of employment
or service with the Company (calculated to the nearest month, with any resulting fraction of a year being calculated as the number of
months in the year divided by 12) equals at least 62 (provided that, in any case, the foregoing shall only be applicable if, at the time
of Retirement, the Participant shall be at least 55 years of age and shall have been employed by or served with the Company for no less
than 5 years).

 

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

 

(qq) “Restricted
Stock Unit” means an unfunded and unsecured promise to deliver Ordinary shares, cash, other securities or other property,
subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide
continuous services for a specified period of time), granted under Section 9 of this Plan.

 

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(rr) “Restricted
Stock” means Ordinary shares, subject to certain specified restrictions (including, without limitation, a requirement that
the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of
this Plan.

 

(ss) “SAR Period” has the meaning
given such term in Section 8(c) of this Plan.

 

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

 

(uu) “Stock
Appreciation Right” or “SAR” means an Award granted under Section 8 of this Plan which
meets all of the requirements of Section 1.409A-1(b)(5)(i) (B) of the Treasury Regulations.

 

(vv) “Stock Bonus Award” means
an Award granted under Section 10 of this Plan.

 

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

 

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

 

(i) any corporation,
association or other business entity of which more than 50% of the total voting power of shares of Outstanding Company Voting Securities
(without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person (or a combination thereof); and

 

(ii) any partnership
or limited liability company (or any comparable foreign entity) (a) the sole general partner or managing member (or functional equivalent
thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (b) the only general partners or managing
members (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

(yy) “Substitute Award” has the
meaning given such term in Section 5(e).

 

(zz) “Treasury
Regulations” means any regulations, whether proposed, temporary or final, promulgated by the U.S. Department of Treasury
under the Code, and any successor provisions.

 

3. Effective Date;
Duration. The Plan shall be effective as of the Effective Date, but no Award shall be exercised or paid (or, in the case of a stock
Award, shall be granted unless contingent on stockholder approval) unless and until this Plan has been approved by the stockholders of
the Company, which approval shall be within twelve (12) months after the Effective Date. The expiration date of this Plan, on and after
which date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however,
that such expiration shall not affect Awards then outstanding, and the terms and conditions of this Plan shall continue to apply to such
Awards.

 

4. Administration.

 

(a) The Committee shall administer
this Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not
acting as the Committee under this Plan) or necessary to obtain the exception for performance-based compensation under Section 162(m)
of the Code, as applicable, it is intended that each member of the Committee shall, at the time he takes any action with respect to an
Award under this Plan, be an Eligible Director. However, the fact that a Committee member shall fail to qualify as an Eligible Director
shall not invalidate any Award granted by the Committee that is otherwise validly granted under this Plan. The acts of a majority of
the members present at any meeting at which a quorum is present or acts approved in writing by a majority of the Committee shall be deemed
the acts of the Committee. Whether a quorum is present shall be determined based on the Committee’s charter as approved by the
Board.

 

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(b) Subject to the provisions
of this Plan and applicable law, the Committee shall have the sole and plenary authority, in addition to other express powers and authorizations
conferred on the Committee by this Plan and its charter, to: (i) designate Participants; (ii) determine the type or types of Awards to
be granted to a Participant; (iii) determine the number of Ordinary shares to be covered by, or with respect to which payments, rights,
or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine
whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Ordinary shares, other securities, other
Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled,
forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Ordinary shares, other
securities, other Awards or other property and other amounts payable with respect to an Award; (vii) interpret, administer, reconcile
any inconsistency in, settle any controversy regarding, correct any defect in and/or complete any omission in this Plan and any instrument
or agreement relating to, or Award granted under, this Plan; (viii) establish, amend, suspend, or waive any rules, conditions and regulations
and appoint such agents as the Committee shall deem appropriate for the proper administration of this Plan; (ix) accelerate the vesting
or exercisability of, payment for or lapse of restrictions on, Awards; and (x) make any other determination and take any other action
that the Committee deems necessary or desirable for the administration of this Plan.

 

(c) The Committee may delegate
to one or more officers of the Company or any Affiliate the authority to act on behalf of the Committee with respect to any matter, right,
obligation, or election that is the responsibility of or that is allocated to the Committee herein, and that may be so delegated as a
matter of law, except for grants of Awards to persons (i) subject to Section 16 of the Exchange Act or (ii) who are, or who are reasonably
expected to be, “covered employees” for purposes of Section 162(m) of the Code.

 

(d) Unless otherwise expressly
provided in this Plan, all designations, determinations, interpretations, and other decisions under or with respect to this Plan or any
Award or any documents evidencing Awards granted pursuant to this Plan shall be within the sole discretion of the Committee, may be made
at any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company, any Affiliate,
any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.

 

(e) No member of the Board,
the Committee, delegate of the Committee or any employee, advisor or agent of the Company or the Board or the Committee (each such person,
an “Indemnifiable Person”) shall be liable for any action taken or omitted to be taken or any determination
made in good faith with respect to this Plan or any Award hereunder. Each Indemnifiable Person shall be indemnified and held harmless
by the Company against and from (and the Company shall pay or reimburse on demand for) any loss, cost, liability, or expense (including
attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action,
suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of
any action taken or omitted to be taken under this Plan or any Award agreement and against and from any and all amounts paid by such Indemnifiable
Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment
in any such action, suit or proceeding against such Indemnifiable Person, provided, that the Company shall have the right, at its
own expense, to assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense,
the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification
shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not
subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable Person giving
rise to the indemnification claim resulted from such Indemnifiable Person’s bad faith, fraud or willful criminal act or omission
or that such right of indemnification is otherwise prohibited by law or by the Company’s Certificate of Incorporation or Bylaws.
The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Indemnifiable Persons
may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any other power
that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

 

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

 

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

 

(a) The Committee may, from
time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Bonus Awards and/or Performance
Compensation Awards to one or more Eligible Persons.

 

(b) Subject to Section 3, Section 11 and Section 12 of this Plan, the
Committee is authorized to deliver under this Plan an aggregate of Twelve Million (12,000,000) Ordinary Shares. Each Ordinary share subject
to an Option or a Stock Appreciation Right will reduce the number of Ordinary shares available for issuance by one share, and each Ordinary
share underlying an Award of Restricted Stock, Restricted Stock Units, Stock Bonus Awards and Performance Compensation Awards will reduce
the number of Ordinary shares available for issuance by one shares.

 

(c) Ordinary shares underlying
Awards under this Plan that are forfeited, cancelled, expire unexercised, or are settled in cash shall be available again for Awards under
this Plan at the same ratio at which they were previously granted. Notwithstanding the foregoing, the following Ordinary shares shall
not be available again for Awards under the Plan: (i) shares tendered or held back upon the exercise of an Option or settlement of an
Award to cover the Exercise Price of an Award; (ii) shares that are used or withheld to satisfy tax obligations of the Participant; and
(iii) shares subject to a Stock Appreciation Right that are not issued in connection with the stock settlement of the SAR upon exercise
thereof.

 

(d) Ordinary shares delivered
by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased
on the open market or by private purchase, or a combination of the foregoing.

 

(e) Subject to compliance
with Section 1.409A-3(f) of the Treasury Regulations, Awards may, in the sole discretion of the Committee, be granted under this Plan
in assumption of, or in substitution for, outstanding awards previously granted by an entity acquired by the Company or with which the
Company combines (“Substitute Awards”). The number of Ordinary shares underlying any Substitute Awards shall
be counted against the aggregate number of Ordinary shares available for Awards under this Plan.

 

6. Eligibility.
Participation shall be limited to Eligible Persons who have entered into an Award agreement or who have received written notification
from the Committee, or from a person designated by the Committee, that they have been selected to participate in this Plan.

 

7. Options.

 

(a) Generally.
Each Option granted under this Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or
the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Option so granted shall be
subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with this Plan as may be reflected
in the applicable Award agreement. All Options granted under this Plan shall be Nonqualified Stock Options unless the applicable Award
agreement expressly states that the Option is intended to be an Incentive Stock Option. Notwithstanding any designation of an Option,
to the extent that the aggregate Fair Market Value of Ordinary shares with respect to which Options designated as Incentive Stock Options
are exercisable for the first time by any Participant during any calendar year (under all plans of the Company or any Subsidiary) exceeds
$100,000, such excess Options shall be treated as Nonqualified Stock Options. Incentive Stock Options shall be granted only to Eligible
Persons who are employees of the Company and its Affiliates, and no Incentive Stock Option shall be granted to any Eligible Person who
is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless this
Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of
Section 422(b)(1) of the Code, provided that any Option intended to be an Incentive Stock Option shall not fail to be effective solely
on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until
such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply
with such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option
(or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or
portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under this Plan.

 

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(b) Exercise Price.
The exercise price (“Exercise Price”) per Ordinary share for each Option shall not be less than 100% of the
Fair Market Value of such share determined as of the Date of Grant; provided, however, that in the case of an Incentive Stock Option
granted to an employee who, at the time of the grant of such Option, owns shares representing more than 10% of the voting power of all
classes of shares of the Company or any Affiliate, the Exercise Price per share shall not be less than 110% of the Fair Market Value per
share on the Date of Grant; and, provided further, that notwithstanding any provision herein to the contrary, the Exercise Price
shall not be less than the par value per Ordinary share.

 

(c) Vesting and
Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee and
as set forth in the applicable Award agreement, and shall expire after such period, not to exceed ten (10) years from the Date of Grant,
as may be determined by the Committee (the “Option Period”); provided, however, that the
Option Period shall not exceed five (5) years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant
who on the Date of Grant owns shares representing more than 10% of the voting power of all classes of shares of the Company or any Affiliate;
and, provided, further, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole
discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of such Option other
than with respect to exercisability. Unless otherwise provided by the Committee in an Award agreement:

 

(i) an Option shall vest
and become exercisable with respect to 100% of the Ordinary shares subject to such Option on the third (3rd) anniversary of
the Date of Grant;

 

(ii) the unvested portion
of an Option shall expire upon termination of employment or service of the Participant granted the Option, and the vested portion of such
Option shall remain exercisable for:

 

(A) one year following
termination of employment or service by reason of such Participant’s death or Disability (with the determination of Disability to
be made by the Committee on a case by case basis), but not later than the expiration of the Option Period;

 

(B) for directors, officers
and employees of the Company only, for the remainder of the Option Period following termination of employment or service by reason of
such Participant’s Retirement (it being understood that any Incentive Stock Option held by the Participant shall be treated as a
Nonqualified Stock Option if exercise is not undertaken within 90 days of the date of Retirement);

 

(C) 90 calendar days following
termination of employment or service for any reason other than such Participant’s death, Disability or Retirement, and other than
such Participant’s termination of employment or service for Cause, but not later than the expiration of the Option Period; and

 

(iii) both the unvested
and the vested portion of an Option shall immediately expire upon the termination of the Participant’s employment or service by
the Company for Cause.

 

(d) Method of
Exercise and Form of Payment. No Ordinary shares shall be delivered pursuant to any exercise of an Option until payment in
full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any
federal, state, local and non-U.S. income and employment taxes required to be withheld. Options that have become exercisable may be
exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award agreement
accompanied by payment of the Exercise Price. The Exercise Price shall be payable (i) in cash, check (subject to collection), cash
equivalent and/or vested Ordinary shares valued at the Closing Price at the time the Option is exercised (including, pursuant to
procedures approved by the Committee, by means of attestation of ownership of a sufficient number of Ordinary shares in lieu of
actual delivery of such shares to the Company); provided, however, that such Ordinary shares are not subject to any
pledge or other security interest and are Mature Shares and; (ii) by such other method as the Committee may permit in accordance
with applicable law, in its sole discretion, including without limitation: (A) in other property having a fair market value (as
determined by the Committee in its discretion) on the date of exercise equal to the Exercise Price or (B) if there is a public
market for the Ordinary shares at such time, by means of a broker-assisted “cashless exercise” pursuant to which the
Company is delivered a copy of irrevocable instructions to a stockbroker to sell the Ordinary shares otherwise deliverable upon the
exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price or (C) by a “net
exercise” method whereby the Company withholds from the delivery of the Ordinary shares for which the Option was exercised
that number of Ordinary shares having a Closing Price equal to the aggregate Exercise Price for the Ordinary shares for which the
Option was exercised. Any fractional Ordinary shares shall be settled in cash.

 

    	 	8	 

     

    

 

(e) Notification upon
Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under this Plan shall
notify the Company in writing immediately after the date he makes a disqualifying disposition of any Ordinary shares acquired pursuant
to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale)
of such Ordinary shares before the later of (A) two years after the Date of Grant of the Incentive Stock Option or (B) one year after
the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures
established by the Committee, retain possession of any Ordinary shares acquired pursuant to the exercise of an Incentive Stock Option
as agent for the applicable Participant until the end of the period described in the preceding sentence.

 

(f) Compliance With
Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner
that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other applicable law or the applicable
rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or
inter-dealer quotation system on which the securities of the Company are listed or traded.

 

8. Stock Appreciation Rights.

 

(a) Generally.
Each SAR granted under this Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or
the posting on a web site maintained by the Company or a third party under contract with the Company)). Each SAR so granted shall be
subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with this Plan as may be reflected
in the applicable Award agreement. Any Option granted under this Plan may include tandem SARs. The Committee also may award SARs to Eligible
Persons independent of any Option.

 

(b) Vesting and Expiration.
A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration
provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable and shall expire in
such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may
be determined by the Committee (the “SAR Period”); provided, however, that notwithstanding any vesting
dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any SAR, which acceleration shall
not affect the terms and conditions of such SAR other than with respect to exercisability. Unless otherwise provided by the Committee
in an Award agreement:

 

(i) a SAR shall vest and
become exercisable with respect to 100% of the Ordinary shares subject to such SAR on the third anniversary of the Date of Grant;

 

(ii) the unvested portion
of a SAR shall expire upon termination of employment or service of the Participant granted the SAR, and the vested portion of such SAR
shall remain exercisable for:

 

(A) one year following
termination of employment or service by reason of such Participant’s death or Disability (with the determination of Disability to
be made by the Committee on a case by case basis), but not later than the expiration of the SAR Period;

 

(B) for directors, officers
and employees of the Company only, for the remainder of the SAR Period following termination of employment or service by reason of such
Participant’s Retirement;

 

    	 	9	 

     

    

 

(C) 90 calendar days following
termination of employment or service for any reason other than such Participant’s death, Disability or Retirement, and other than
such Participant’s termination of employment or service for Cause, but not later than the expiration of the SAR Period; and

 

(iii) both the unvested
and the vested portion of a SAR shall expire immediately upon the termination of the Participant’s employment or service by the
Company for Cause.

 

(c) Method of Exercise.
SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance
with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded. Notwithstanding
the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an option, the SAR Period), the Closing
Price exceeds the Strike Price, the Participant has not exercised the SAR or the corresponding Option (if applicable), and neither the
SAR nor the corresponding Option (if applicable) has expired, such SAR shall be deemed to have been exercised by the Participant on such
last day and the Company shall make the appropriate payment therefor.

 

(d) Payment.
Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR that
are being exercised multiplied by the excess, if any, of the Closing Price of one Ordinary share on the exercise date over the Strike
Price, less an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld. The Company
shall pay such amount in cash, in Ordinary shares valued at fair market value, or any combination thereof, as determined by the Committee.
Any fractional Ordinary share shall be settled in cash.

 

9. Restricted Stock and Restricted Stock Units.

 

(a) Generally.
Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award agreement (whether in paper or electronic medium
(including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each such
grant shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with this Plan as
may be reflected in the applicable Award agreement.

 

(b) Restricted Accounts;
Escrow or Similar Arrangement. Upon the grant of Restricted Stock, a book entry in a restricted account shall be established
in the Participant’s name at the Company’s transfer agent and, if the Committee determines that the Restricted Stock shall
be held by the Company or in escrow rather than held in such restricted account pending the release of the applicable restrictions, the
Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the
Committee, if applicable, and (ii) the appropriate share power (endorsed in blank) with respect to the Restricted Stock covered by such
agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow
agreement and blank share power within the amount of time specified by the Committee, the Award shall be null and void ab initio.
Subject to the restrictions set forth in this Section 9 and the applicable Award agreement, the Participant generally shall have the
rights and privileges of a stockholder as to such Restricted Stock, including without limitation the right to vote such Restricted Stock
and the right to receive dividends, if applicable. To the extent shares of Restricted Stock are forfeited, any share certificates issued
to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and as a
stockholder with respect thereto shall terminate without further obligation on the part of the Company.

 

(c) Vesting; Acceleration
of Lapse of Restrictions. Unless otherwise provided by the Committee in an Award agreement: (i) the Restricted Period shall lapse
with

respect to 100% of the Restricted Stock and
Restricted Stock Units on the third (3rd) anniversary of the Date of Grant; and (ii) the unvested portion of Restricted Stock
and Restricted Stock Units shall terminate and be forfeited upon termination of employment or service of the Participant granted the applicable
Award.

 

(d) Delivery of Restricted
Stock and Settlement of Restricted Stock Units. (i) Upon the expiration of the Restricted Period with respect to any shares of
Restricted Stock, the restrictions set forth in the applicable certificate shall be of no further force or effect with respect to such
shares, except as set forth in the applicable Award agreement. If an escrow arrangement is used, upon such expiration, the Company shall
deliver to the Participant, or his beneficiary, without charge, the share certificate evidencing the shares of Restricted Stock that
have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest full share). Dividends,
if any, that may have been withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed
to the Participant in cash or, at the sole discretion of the Committee, in Ordinary shares having a Closing Price equal to the amount
of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right
to such dividends (except as otherwise set forth by the Committee in the applicable Award agreement).

 

    	 	10	 

     

    

 

(ii) Unless otherwise
provided by the Committee in an Award agreement, upon the expiration of the Restricted Period with respect to any outstanding Restricted
Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one Ordinary share for each such outstanding
Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion and subject to the requirements
of Section 409A of the Code, elect to (i) pay cash or part cash and part Ordinary share in lieu of delivering only Ordinary shares in
respect of such Restricted Stock Units or (ii) defer the delivery of Ordinary shares (or cash or part Ordinary shares and part cash, as
the case may be) beyond the expiration of the Restricted Period if such delivery would result in a violation of applicable law until such
time as is no longer the case. If a cash payment is made in lieu of delivering Ordinary shares, the amount of such payment shall be equal
to the Closing Price of the Ordinary shares as of the date on which the Restricted Period lapsed with respect to such Restricted Stock
Units, less an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld.

 

10. Stock Bonus Awards.
The Committee may issue unrestricted Ordinary shares, or other Awards denominated in Ordinary shares, under this Plan to Eligible Persons,
either alone or in tandem with other awards, in such amounts as the Committee shall from time to time in its sole discretion determine.
Each Stock Bonus Award granted under this Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including
email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Stock Bonus Award
so granted shall be subject to such conditions not inconsistent with this Plan as may be reflected in the applicable Award agreement.

 

11. Performance
Compensation Awards.

 

(a) Generally.
The Committee shall have the authority, at the time of grant of any Award described in Sections 7 through 10 of this Plan, to designate
such Award as a Performance Compensation Award intended to qualify as “performance-based compensation” under Section 162(m)
of the Code. The Committee shall have the authority to make an award of a cash bonus to any Participant and designate such Award as a
Performance Compensation Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code.

 

(b) Discretion of Committee
with Respect to Performance Compensation Awards. With regard to a particular Performance Period, the Committee shall have
sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards to be issued, the Performance
Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) that is (are)
to apply and the Performance Formula. Within the first 90 calendar days of a Performance Period (or, if longer or shorter, within the
maximum period allowed under Section 162(m) of the Code, if applicable), the Committee shall, with regard to the Performance Compensation
Awards to be issued for such Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately
preceding sentence and record the same in writing.

 

(c) Performance Criteria.
The Performance Criteria that will be used to establish the Performance Goal(s) shall be based on the attainment of specific levels of
performance of the Company and/or one or more Affiliates, divisions or operational units, or any combination of the foregoing, as determined
by the Committee. Any one or more of the Performance Criteria adopted by the Committee may be used on an absolute or relative basis to
measure the performance of the Company and/or one or more Affiliates as a whole or any business unit(s) of the Company and/or one or
more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared
to the performance of a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion,
deems appropriate, or as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting
of any Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. To the extent
required under Section 162(m) of the Code, the Committee shall, within the first 90 calendar days of a Performance Period (or, if longer
or shorter, within the maximum period allowed under Section 162(m) of the Code), define in an objective fashion the manner of calculating
the Performance Criteria it selects to use for such Performance Period and thereafter promptly communicate such Performance Criteria
to the Participant.

 

    	 	11	 

     

    

 

(d) Modification of
Performance Goal(s). In the event that applicable tax and/or securities laws change to permit Committee discretion to alter the
governing Performance Criteria without obtaining stockholder approval of such alterations, the Committee shall have sole discretion to
make such alterations without obtaining stockholder approval. The Committee is authorized at any time during the first 90 calendar days
of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code, if applicable),
or at any time thereafter to the extent the exercise of such authority at such time would not cause the Performance Compensation Awards
granted to any Participant for such Performance Period to fail to qualify as “performance-based compensation” under Section
162(m) of the Code, in its sole discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period, based
on and in order to appropriately reflect the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements;
(iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any
reorganization and restructuring programs; (v) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No.
30 (or any successor pronouncement thereto) and/or in management’s discussion and analysis of financial condition and results of
operations appearing in the Company’s annual report to stockholders for the applicable year; (vi) acquisitions or divestitures;
(vii) any other specific unusual or nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange gains
and losses; and (ix) a change in the Company’s fiscal year.

 

(e) Payment of Performance
Compensation Awards.

 

(i) Condition
to Receipt of Payment. Unless otherwise provided in the applicable Award agreement, a Participant must be employed by the Company
on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance
Period.

 

(ii) Limitation.
A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that: (A) the Performance
Goals for such period are achieved; and (B) all or some of the portion of such Participant’s Performance Compensation Award has
been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goals.

 

(iii) Certification.
Following the completion of a Performance Period, the Committee shall review and certify in writing whether, and to what extent, the
Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing that amount of the Performance
Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine the amount of each Participant’s
Performance Compensation Award actually payable for the Performance Period and, in so doing, may apply Negative Discretion.

 

(iv) Use of
Negative Discretion. In determining the actual amount of an individual Participant’s Performance Compensation Award for
a Performance Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned under the Performance
Formula in the Performance Period through the use of Negative Discretion if, in its sole judgment, such reduction or elimination is appropriate.
The Committee shall not have the discretion, except as is otherwise provided in this Plan, to (A) grant or provide payment in respect
of Performance Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not been attained;
or (B) increase a Performance Compensation Award above the applicable limitations set forth in Section 5 of this Plan.

 

(f) Timing of Award
Payments. Performance Compensation Awards granted for a Performance Period shall be paid to Participants as soon as administratively
practicable following completion of the certifications required by this Section 11, but in no event later than two-and-one-half months
following the end of the fiscal year during which the Performance Period is completed in order to comply with the short-term deferral
rules under Section 1.409A-1(b)(4) of the Treasury Regulations. Notwithstanding the foregoing, payment of a Performance Compensation
Award may be delayed, as permitted by Section 1.409A-2(b)(7)(i) of the Treasury Regulations, to the extent that the Company reasonably
anticipates that if such payment were made as scheduled, the Company’s tax deduction with respect to such payment would not be
permitted due to the application of Section 162(m) of the Code.

 

    	 	12	 

     

    

 

 

12. Changes in Capital
Structure and Similar Events. In the event of (a) any dividend or other distribution (whether in the form of cash, Ordinary shares,
other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation, consolidation,
split-up, split-off, combination, repurchase or exchange of Ordinary shares or other securities of the Company, issuance of warrants or
other rights to acquire Ordinary shares or other securities of the Company, or other similar corporate transaction or event (including,
without limitation, a Change in Control) that affects the Ordinary shares, or (b) unusual or nonrecurring events (including, without limitation,
a Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in
applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer quotation
system, accounting principles or law, such that in either case an adjustment is determined by the Committee in its sole discretion to
be necessary or appropriate, then the Committee shall make any such adjustments that are equitable, including without limitation any or
all of the following:

 

(i) adjusting any or all
of (A) the number of Ordinary shares or other securities of the Company (or number and kind of other securities or other property) that
may be delivered in respect of Awards or with respect to which Awards may be granted under this Plan (including, without limitation, adjusting
any or all of the limitations under Section 5 of this Plan) and (B) the terms of any outstanding Award, including, without limitation,
(1) the number of Ordinary shares or other securities of the Company (or number and kind of other securities or other property) subject
to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to any Award or (3) any
applicable performance measures (including, without limitation, Performance Criteria and Performance Goals);

 

(ii) providing for a substitution
or assumption of Awards, accelerating the exercisability of, lapse of restrictions on, or termination of, Awards or providing for a period
of time for exercise prior to the occurrence of such event; and

 

( ) subject to the requirements
of Section 409A of the Code, canceling any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Ordinary
shares, other securities or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee
(which if applicable may be based upon the price per Ordinary share received or to be received by other stockholders of the Company in
such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess,
if any, of the fair market value (as of a date specified by the Committee) of the Ordinary shares subject to such Option or SAR over the
aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR
having a per share Exercise Price or Strike Price equal to, or in excess of, the fair market value of a Ordinary share subject thereto
may be canceled and terminated without any payment or consideration therefor);

 

provided, however, that
in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 123 (revised 2004) or ASC Topic 718, or any successor thereto), the Committee shall make an equitable or proportionate
adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment in Incentive Stock Options under this Section 12
(other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a “modification”
within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 12 shall be made in a manner that does not
adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice
of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

 

13. Effect of Change
in Control. Except to the extent otherwise provided in an Award agreement or as determined by the Committee in its sole discretion,
in the event of a Change in Control, notwithstanding any provision of this Plan to the contrary, with respect to all or any portion of
a particular outstanding Award or Awards:

 

(a) all of the then outstanding Options and SARs may immediately
vest and may become immediately exercisable as of a time prior to the Change in Control;

 

(b) the Restricted Period may expire as of a time prior to
the Change in Control (including without limitation a waiver of any applicable Performance Goals);

 

    	 	13	 

     

    

 

(c) Performance Periods
in effect on the date the Change in Control occurs may end on such date, and the Committee (i) shall determine the extent to which Performance
Goals with respect to each such Performance Period have been met based upon such audited or unaudited financial information or other information
then available as it deems relevant and (ii) may cause the Participant to receive partial or full payment of Awards for each such Performance
Period based upon the Committee’s determination of the degree of attainment of the Performance Goals, or assuming that the applicable
“target” levels of performance have been attained or on such other basis determined by the Committee.

 

To the extent practicable,
any actions taken by the Committee under the immediately preceding clauses (a) through (c) shall occur in a manner and at a time which
allows affected Participants the ability to participate in the Change in Control transactions with respect to the Ordinary shares subject
to their Awards. In the event no action is taken by the Committee to allow for the changes set forth in immediately preceding clauses
(a) through (c), then no changes to the Award shall be effected.

 

14. Amendments and Termination.

 

(a) Amendment and Termination
of this Plan. The Board may amend, alter, suspend, discontinue, or terminate this Plan or any portion thereof at any time; provided,
that (i) no amendment to the definition of Eligible Employee in Section 2, Section 5(i), Section 11(c) or Section 14(b) (to the extent
required by the proviso in such Section 14(b)) shall be made without stockholder approval and (ii) no such amendment, alteration, suspension,
discontinuation or termination shall be made without stockholder approval if such approval is necessary to comply with any tax or regulatory
requirement applicable to this Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities
exchange or inter-dealer quotation system on which the Ordinary shares may be listed or quoted or to prevent the Company from being denied
a tax deduction under Section 162(m) of the Code); and, provided, further, that any such amendment, alteration,
suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary
of any Award theretofore granted shall not to that extent be effective without the prior written consent of the affected Participant,
holder or beneficiary.

 

(b) Amendment of Award
Agreements. The Committee may, to the extent consistent with the terms of any applicable Award agreement, waive any conditions
or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated
Award agreement, prospectively or retroactively; provided, however that any such waiver, amendment, alteration,
suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with
respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant; and,
provided, further, that without stockholder approval, except as otherwise permitted under Section 12 of this Plan,
(i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any SAR, (ii) the Committee may not
cancel any outstanding Option or SAR and replace it with a new Option or SAR, another Award or cash or take any action that would have
the effect of treating such Award as a new Award for tax or accounting purposes and (iii) the Committee may not take any other action
that is considered a “repricing” for purposes of the stockholder approval rules of the applicable securities exchange or
inter-dealer quotation system on which the Ordinary shares are listed or quoted.

 

15. General.

 

(a) Award Agreements.
Each Award under this Plan shall be evidenced by an Award agreement, which shall be delivered to the Participant (whether in paper or
electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company))
and shall specify the terms and conditions of the Award and any rules applicable thereto, including without limitation, the effect on
such Award of the death, Disability or termination of employment or service of a Participant, or of such other events as may be determined
by the Committee. The Company’s failure to specify any term of any Award in any particular Award agreement shall not invalidate
such term, provided such terms was duly adopted by the Board or the Committee.

 

    	 	14	 

     

    

  

(b) Nontransferability;
Trading Restrictions.

 

(i) Each Award shall be
exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable law, by the Participant’s
legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered
by a Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that the designation
of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

(ii) Notwithstanding the
foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant,
with or without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award agreement to preserve
the purposes of this Plan, to: (A) any person who is a “family member” of the Participant, as such term is used in the instructions
to Form S-8 under the Securities Act (collectively, the “Immediate Family Members”); (B) a trust solely
for the benefit of the Participant and his or her Immediate Family Members; or (C) a partnership or limited liability company whose only
partners or stockholders are the Participant and his or her Immediate Family Members; or (D) any other transferee as may be approved either
(I) by the Board or the Committee in its sole discretion, or (II) as provided in the applicable Award agreement (each transferee described
in clauses (A), (B) (C) and (D) above is hereinafter referred to as a “Permitted Transferee”); provided,
that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee
notifies the Participant in writing that such a transfer would comply with the requirements of this Plan.

 

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

 

(iii) The Committee shall
have the right, either on an Award-by-Award basis or as a matter of policy for all Awards or one or more classes of Awards, to condition
the delivery of vested Ordinary shares received in connection with such Award on the Participant’s agreement to such restrictions
as the Committee may determine.

 

(c) Tax Withholding.

 

(i) A Participant shall
be required to pay to the Company or any Affiliate, or the Company or any Affiliate shall have the right and is hereby authorized to withhold,
from any cash, Ordinary shares, other securities or other property deliverable under any Award or from any compensation or other amounts
owing to a Participant, the amount (in cash, Ordinary shares, other securities or other property) of any required withholding taxes in
respect of an Award, its exercise, or any payment or transfer under an Award or under this Plan and to take such other action as may be
necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such withholding and taxes.

 

(ii) Without limiting the
generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the
foregoing withholding liability by (A) the delivery of Ordinary shares (which are not subject to any pledge or other security interest
and are Mature Shares) owned by the Participant having a fair market value equal to such withholding liability or (B) having the Company
withhold from the number of Ordinary shares otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number
of shares with a fair market value equal to such withholding liability (but no more than the minimum required statutory withholding liability). 

 

    	 	15	 

     

    

 

(d) No Claim to Awards;
No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other person, shall have any
claim or right to be granted an Award under this Plan or, having been selected for the grant of an Award, to be selected for a grant
of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms
and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with
respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated.
Neither this Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ
or service of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service on the
Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment or discontinue any consulting relationship,
free from any liability or any claim under this Plan, unless otherwise expressly provided in this Plan or any Award agreement. By accepting
an Award under this Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award
or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under this Plan or any Award
agreement, notwithstanding any provision to the contrary in any written employment contract or other agreement between the Company and
its Affiliates and the Participant, whether any such agreement is executed before, on or after the Date of Grant.

 

(e) International Participants.
With respect to Participants who reside or work outside of the United States of America and who are not (and who are not expected to
be) “covered employees” within the meaning of Section 162(m) of the Code, the Committee may in its sole discretion amend
the terms of this Plan or outstanding Awards (or establish a sub-plan) with respect to such Participants in order to conform such terms
with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or its Affiliates.

 

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

 

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

 

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

 

    	 	16	 

     

    

 

(i) Government and Other Regulations.

 

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

 

(ii) The Committee may
cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage
and/or other market considerations would make the Company’s acquisition of Ordinary shares from the public markets, the Company’s
issuance of Ordinary shares to the Participant, the Participant’s acquisition of Ordinary shares from the Company and/or the Participant’s
sale of Ordinary shares to the public markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any
portion of an Award in accordance with the foregoing, unless doing so would violate Section 409A of the Code, the Company shall pay to
the Participant an amount equal to the excess of (A) the aggregate fair market value of the Ordinary shares subject to such Award or portion
thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable),
over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition
of delivery of Ordinary shares (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable
following the cancellation of such Award or portion thereof. The Committee shall have the discretion to consider and take action to mitigate
the tax consequence to the Participant in cancelling an Award in accordance with this clause.

 

(j) Payments to Persons
Other Than Participants. If the Committee shall find that any person to whom any amount is payable under this Plan is unable to
care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his estate (unless
a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to
his spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee
to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the
liability of the Committee and the Company therefor.

 

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

 

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

 

    	 	17	 

     

    

 

(m) Reliance on Reports.
Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as the case may be, and
shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant
of the Company and its Affiliates and/or any other information furnished in connection with this Plan by any agent of the Company or
the Committee or the Board, other than himself.

 

(n) Relationship to
Other Benefits. No payment under this Plan shall be taken into account in determining any benefits under any pension, retirement,
profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.

 

(o) Governing Law.
The Plan shall be governed by and construed in accordance with the internal laws of the Cayman Islands, without giving effect to the
conflict of laws provisions.

 

(p) Severability.
If any provision of this Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in
any jurisdiction or as to any person or entity or Award, or would disqualify this Plan or any Award under any law deemed applicable by
the Committee, such provision shall be construed or deemed amended to conform to the applicable laws in the manner that most closely
reflects the original intent of the Award or the Plan, or if it cannot be construed or deemed amended without, in the determination of
the Committee, materially altering the intent of this Plan or the Award, such provision shall be construed or deemed stricken as to such
jurisdiction, person or entity or Award and the remainder of this Plan and any such Award shall remain in full force and effect.

 

(q) Obligations
Binding on Successors. The obligations of the Company under this Plan shall be binding upon any successor corporation
or organization resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or upon any successor
corporation or organization succeeding to substantially all of the assets and business of the Company.

 

(r) Code Section 162(m)
Approval. If so determined by the Committee, the provisions of this Plan regarding Performance Compensation Awards shall be
disclosed and reapproved by stockholders no later than the first stockholder meeting that occurs in the fifth year following the year
in which stockholders previously approved such provisions, in each case in order for certain Awards granted after such time to be exempt
from the deduction limitations of Section 162(m) of the Code. Nothing in this clause, however, shall affect the validity of Awards granted
after such time if such stockholder approval has not been obtained.

 

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

 

    	 	18	 

     

    

 

(t) Other Agreements.
Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt of Ordinary shares under an Award,
that the Participant execute lock-up, stockholder or other agreements, as it may determine in its sole and absolute discretion.

 

(u) Section 409A. 
The Plan and all Awards granted hereunder are intended to comply with, or otherwise be exempt from, the requirements of Section 409A
of the Code. The Plan and all Awards granted under this Plan shall be administered, interpreted, and construed in a manner consistent
with Section 409A of the Code to the extent necessary to avoid the imposition of additional taxes under Section 409A(a)(1)(B) of the
Code. Notwithstanding anything in this Plan to the contrary, in no event shall the Committee exercise its discretion to accelerate the
payment or settlement of an Award where such payment or settlement constitutes deferred compensation within the meaning of Section 409A
of the Code unless, and solely to the extent that, such accelerated payment or settlement is permissible under Section 1.409A-3(j)(4)
of the Treasury Regulations. If a Participant is a “specified employee” (within the meaning of Section 1.409A-1(i) of the
Treasury Regulations) at any time during the twelve (12)-month period ending on the date of his termination of employment, and any Award
hereunder subject to the requirements of Section 409A of the Code is to be satisfied on account of the Participant’s termination
of employment, satisfaction of such Award shall be suspended until the date that is six (6) months after the date of such termination
of employment.

 

(v) Payments. Participants
shall be required to pay, to the extent required by applicable law, any amounts required to receive Ordinary shares under any Award made
under this Plan.

 

 

    	 	19Exhibit 10.1

 

SEVERANCE AGREEMENT AND RELEASE

 

This Severance Agreement and
Release (this “Agreement”) is entered into by and between
Eric N. Berg (“Employee”) and Midwest Holding Inc. (the
“Company”). Employee and the Company are sometimes collectively
referred to as the “Parties.” All terms not otherwise defined
herein shall have the same meaning as set forth in the Employment Agreement between the Parties effective as January 31, 2022 (the
 “Employment Agreement”).

 

1.             Employee’s
employment with the Company is terminated effective May 16, 2022 (the “Termination
Date”). The Parties have agreed to avoid and resolve any alleged existing or potential disagreements between them arising out of
or connected with Employee’s employment with the Company and the
termination of such employment. The Company expressly disclaims any wrongdoing or any liability to Employee.

 

2.             The
Company acknowledges that it will pay Employee for Base Salary earned through the Termination Date and reimburse Employee for properly
documented and timely submitted business expenses, if any, pursuant to the Company’s
expense reimbursement policies. All benefits that Employee currently receives from the Company shall terminate on the Termination Date;
provided, however, that Employee’s health and dental benefits (if
applicable) may continue, consistent with Company policy, through the last day of the month that includes the Termination Date. Moreover,
the termination of any health insurance benefits is subject to Employee’s
rights under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”).

 

3.              In
exchange for Employee’s execution of this Agreement, and Employee’s
performance of his obligations hereunder, the Company agrees to provide Employee the following severance benefits after the expiration
of the revocation period described in Paragraph 20, below, at which time this Agreement becomes effective (“Effective
Date”), provided Employee has not revoked this Agreement as described in Paragraph 20:

 

		(a)	Continued payment of an annual amount equal to Employee’s Base Salary, on a semi-monthly basis,
subject to applicable withholding and authorized deductions and in accordance with the Company’s usual and customary payroll practices,
through a projected date of May 15, 2023, for a total of an additional Two Hundred Seventy-Five Thousand and 00/100 Dollars ($275,000.00);

 

    

     

    

 

		(b)	Payment of a lump sum amount equal to Employee’s pro-rata Target Bonus through the Termination Date
in the amount of Thirty-Seven Thousand Five Hundred and 00/100 Dollars ($37,500.00), subject to applicable withholding and authorized
deductions and in accordance with the Company’s usual and customary payroll practices, such payment to be made within two payroll
periods of the Effective Date; and

 

		(c)	Subject to Employee’s timely election of coverage under COBRA, the Company will reimburse Employee
the monthly premium payable to continue his participation in the Company’s group health plan (to the extent permitted under applicable
law and the terms of such plan) which covers the Employee for a period of six (6) months through November 30, 2022; provided,
that Employee properly completes the enrollment paperwork received from vendor US Admin, and is both eligible and remains eligible for
COBRA coverage.

 

The Parties further
acknowledge agreement to the following:

 

		(x)	Employee’s duty of cooperation will continue in, for example, assisting with crafting the language
of any public statements or filings – specifically, language such as the following: “Mr. Berg has confirmed that this
transition is not related to any disagreement with us [the Company] on any matter relating to our accounting, strategy, management, operations,
policies, regulatory matters, or practices (financial or otherwise)”; and

 

		(y)	Employee’s options to purchase 20,000 shares of the Company’s common stock, all of which options
are unvested, will be terminated and forfeited as of Employee’s Termination Date.

 

Employee specifically
acknowledges and agrees that this consideration exceeds the amount Employee would otherwise be entitled to receive upon termination of
Employee’s employment and that such severance benefits are in exchange
for entering into and performing this Agreement. Employee agrees that Employee will not at any time seek consideration from the Company
other than what is set forth in this Agreement. Employee specifically acknowledges and agrees that the Company has made no representations
to Employee regarding the tax consequences of any amounts received by Employee or for Employee’s
benefit pursuant to this Agreement, and Employee has not relied on any representation or lack of representation by the Company. Employee
remains wholly responsible for the tax consequences regarding the amounts to be received.

 

    2

     

    

 

4.             Except
to the extent prohibited by law, Employee and Employee’s heirs, executors, administrators, successors and assigns hereby fully RELEASE
the Company and each of its direct and indirect subsidiaries, affiliates and parents and each of their respective predecessors, successors
and past and present direct and indirect stakeholders, directors, officers, employees, contractors, representatives, agents and assigns
(in this context, the “Company Releasees”) from any and all claims, complaints, causes of action or demands, of whatever kind
or nature, that Employee now has or has ever had against the Company or any of the Company Releasees, arising from or relating to Employee’s
employment with or discharge from the Company, whether known or unknown to Employee at the time of Employee’s execution of this
Agreement, including, but not limited to: wrongful or tortious termination, specifically including, but not limited to, actual or constructive
termination in violation of public policy; military leave, reinstatement, or related rights; claims under common law, statute or contract,
specifically including, but not limited to, implied or express employment contracts and/or estoppel; discrimination, retaliation and/or
any other claims under any federal, state or local statute or regulation, specifically including but not limited to any claims Employee
may have under the WARN Act, the Fair Labor Standards Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection
Act, the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, 42 U.S.C.
Section 1981, the Family and Medical Leave Act, and the Employee Retirement Income Security Act, all as amended; any and all claims
brought under any applicable state or local employment, discrimination or other statutes; any claims brought under any federal, state
or local statute or regulation with respect to nonpayment of wages, severance pay, or other compensation (including, but not limited to,
bonuses); and libel, slander, fraud, misrepresentation, or breach of contract other than a breach of this Agreement. THIS AGREEMENT CONTAINS
A GENERAL RELEASE OF ALL CLAIMS. This release specifically excludes claims, charges, complaints, causes of action or demands of whatever
kind or nature: (a) that arise after the Termination Date, including the right to enforce this Agreement; (b) that cannot be
released as a matter of law, including Employee’s rights to COBRA, workers’ compensation, and unemployment insurance; (c) to
accrued, vested benefits under any employee benefit, stock, savings, insurance or pension plan of the Company; or (d) to indemnification,
contribution, advancement or defense as provided by and in accordance with the terms of the Company by-laws, articles of incorporation,
liability insurance coverage, or applicable law.

 

Except to the extent
prohibited by law, the Company and each of its direct and indirect subsidiaries, affiliates and parents and each of their respective predecessors,
successors and past and present direct and indirect stakeholders, directors, officers, employees, contractors, representatives, agents
and assigns (in this context, the “Company Releasors”) hereby fully RELEASE Employee and Employee’s heirs, executors,
administrators, successors and assigns (in this context, the “Employee Releasees”) from any and all claims, complaints, causes
of action or demands, of whatever kind or nature, that the Company Releasors now have or have ever had against Employee or any of the
Employee Releasees, arising from or relating to Employee’s employment with or termination of employment with the Company, whether
known or unknown to the Company Releasors at the time of the Company’s execution of this Agreement. THIS AGREEMENT CONTAINS A GENERAL
RELEASE OF ALL CLAIMS. This release specifically excludes claims, charges, complaints, causes of action or demands of whatever kind or
nature: (a) that arise after the Termination Date, including the right to enforce this Agreement; (b) that cannot be released
as a matter of law; or (c) to indemnification, contribution, advancement or defense as provided by and in accordance with the terms
of the Company by-laws, articles of incorporation, liability insurance coverage, or applicable law.

 

    3

     

    

 

5.             Nothing
in this Agreement shall preclude or interfere with Employee’s rights
under federal, state or local civil rights or employment discrimination laws to file a complaint with any federal, state or local agency
or self-regulatory organization charged with enforcing such laws, including, but not limited, to the Equal Employment Opportunity Commission
(“EEOC”). Nor shall this Agreement be construed to prevent
Employee from assisting in, cooperating with or participating in any investigations or proceedings by such agency or self-regulatory organization
pursuant to a lawful subpoena or equivalent order. None of the foregoing acts by Employee shall constitute a breach of any non-disparagement,
confidentiality or cooperation clauses or any other clause of this Agreement. Notwithstanding the foregoing, Employee acknowledges and
agrees that Employee hereby waives any and all rights Employee may have to recovery of any damages (whether monetary or otherwise) in
connection with any complaint or charge Employee may file pursuant to this Paragraph and that the amount specified in Paragraph 3 herein
is sufficient consideration for any such claims.

  

6.             Employee
represents and warrants that Employee has no pending disputes, differences, grievances, charges, complaints, litigation, lawsuits, or
actions against any of the Company Releasees or with any local, state or federal agency or court arising from or related to Employee’s
employment relationship with or separation from the Company. Employee hereby warrants and represents that Employee has not assigned, alienated,
hypothecated or in any other way transferred (in whole or in part) to any other person, organization or entity any claims, demands, losses,
actions or rights of action against the Company, known or unknown, of whatever character and nature, arising from or related in any way
to Employee’s employment with or separation from the Company, or
any claim Employee may have against any of the Company Releasees.

 

7.             Employee
affirmatively states and represents that upon Employee’s receipt
of pay for Employee’s hours worked through Termination Date, as
provided in Paragraph 2 above, Employee will have received all compensation to which Employee became entitled during Employee’s
employment with the Company and that no other wages or compensation remain payable to Employee.

 

8.             Employee
will not make any disparaging remarks in public regarding the Company, its business, products and services, or any of its directors, officers,
employees, contractors, representatives, agents and assigns, to any third party. The Company will direct its directors and senior management
not to make any disparaging remarks in public regarding Employee. Nothing in this Paragraph is intended to restrict Employee from engaging
in activity protected by the National Labor Relations Act or prohibit Employee, the Company or any of its directors or senior managers
from testifying truthfully under oath.

 

    4

     

    

 

9.             Employee
will not disclose any Confidential Information (as herein defined) and (a) shall not permit any third party access to the Confidential
Information; (b) shall use the same degree of care to protect the Confidential Information as the Company uses to protect its Confidential
Information; and (c) shall take any other actions that are reasonable, necessary or appropriate to ensure the continued confidentiality
and protection of the Confidential Information. “Confidential Information”
means proprietary information of the Company, including, but not limited to, customer information, customer or vendor lists or information
obtained through customer, customer or vendor contacts, trade secrets, business plans, marketing plans, financial information or reports
and any other information relating to the business of the Company or any affiliate that would be detriment of the Company if disclosed
or to any other third party; provided, however, that “Confidential
Information” shall not include information that is (i) part of the public domain (other than as a result of a breach of this
Agreement); (ii) generally known within the industry; or (iii) known to Employee prior to his employment with the Company. Employee
shall treat all Confidential Information and all other nonpublic information obtained during Employee’s
employment by the Company as confidential and shall not, without written authorization from the Company, release or share such information
with any third party, except as may be required by law or pursuant to an order by any court or tribunal of competent jurisdiction.

  

10.           Employee
affirmatively states and represents that the Company has not taken any retaliatory personnel action against Employee because Employee
disclosed, or threatened to disclose, to any appropriate governmental agency, an activity, policy, or practice of the Company that Employee
believes to be in violation of a law, rule, or regulation; for providing information to, or testifying before, any appropriate governmental
agency, person, or entity conducting an investigation, hearing, or inquiry into an alleged violation of a law, rule, or regulation by
the Company; or for objecting to, or refusing to participate in, any activity, policy, or practice by the Company which Employee believes
to be in violation of a law, rule, or regulation.

 

11.           Employee
warrants that Employee has, or, prior to becoming entitled to any payment hereunder, Employee shall, deliver to the Company all memoranda,
notes, plans, records, reports, computer files, printouts and software and other documents and data (and copies thereof) relating to the
Confidential Information, or the business of the Company that Employee may then possess or have under his control; provided, however,
nothing herein shall prevent Employee from retaining documents related to his compensation and benefits. If Employee fails or refuses
to comply with the provisions of this Paragraph, the Company may, at its option, cancel and revoke this Agreement.

 

12.           The
Company requests that prior to reporting any actual or perceived violation of law to any governmental entity, Employee first notify the
Company of any potential legal or compliance issue to allow the Company the opportunity to investigate and appropriately report any compliance
matter brought to its attention by Employee. Nothing in this Paragraph is intended to impede Employee’s
right to report possible violations of law that are protected under the whistleblower provisions of local, state or federal law, including
reports to any governmental agency or entity, and Employee is not required to seek the Company’s
permission prior to making such reports.

 

    5

     

    

 

13.           Employee
acknowledges receipt of notice that an individual may not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney
solely for the purpose of reporting or investigating a suspected violation of law. In addition, Employee has been given notice that an
individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret
that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Finally, Employee
acknowledges receipt of notice that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation
of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if
the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court
order.

 

14.           In
response to inquiries regarding Employee’s employment with the Company,
the Company, by and through its speaking agent(s), agrees to provide a neutral reference and to report the following information: Employee’s
date of hire and the date Employee’s employment ended.

 

15.           Employee
warrants that no promise or inducement has been offered for this Agreement other than as set forth herein and that this Agreement is executed
without reliance upon any other promises or representations, oral or written.

 

16.           This
Agreement constitutes the entire understanding between the Parties on the subject matter contained herein and supersedes all negotiations,
representations, prior discussions and preliminary agreements between the Parties with respect to the subject matter herein. This Agreement
does not supersede any agreements, including, but not limited to, the Proprietary Matters Agreement or any restrictive covenants that
were in effect immediately prior to the date of this Agreement and which, by their terms, survive the termination of Employee’s
employment. Employee acknowledges that provisions contained within any agreements that Employee signed with the Company, and which expressly
survive Employee’s employment, shall remain in full force and effect
and survive his employment with the Company as provided by the terms of any such agreements. Such terms are expressly incorporated herein.
The Parties hereby acknowledge that, by the terms of Section 12 of the Employment Agreement ("Section 12"), for a
period of twelve (12) months following Employee’s Termination Date, Employee is not allowed, in any capacity, to engage in a Competitive
Business (with certain exceptions); however, the Parties hereby further agree that, if Employee does violate Section 12, the Company’s
sole remedy shall be for the Company to cease making any further severance payments to Employee under Section 3 of this Agreement
(the “Section 3 Severance Payments”). The Parties also agree that the Company hereby waives its right under Section 8
of the Employment Agreement to terminate Employee’s Section 3 Severance Payments by unilaterally releasing Employee from his
non-competition obligations under Section 12.

 

    6

     

    

 

17.           If
any provision of this Agreement or compliance by Employee or the Company with any provision of this Agreement constitutes a violation
of any law, or is or becomes unenforceable or void, then such provision, to the extent only that it is in violation of law, unenforceable
or void, shall be modified to the extent necessary so that it is no longer in violation of law, unenforceable or void, and such provision
will be enforced to the fullest extent permitted by law. If such modification is not possible, such provision, to the extent it is in
violation of law, unenforceable or void, will be deemed severable from the remaining provisions of this Agreement, which remaining provisions
will remain binding on both Employee and the Company.

 

18.           This
Agreement will be governed by the laws of the State of Delaware (without regard to its choice-of-law provisions), which Employee agrees
bears a substantial relationship to the Parties and to this Agreement. The state and federal courts located in Wilmington, Delaware shall
have exclusive jurisdiction of any lawsuit arising from or relating to Employee’s
employment with, or termination from, the Company, or arising from or relating to this Agreement, and Employee expressly consents to personal
jurisdiction in Delaware courts and waives any right to contest the same. The prevailing party in any such lawsuit will be entitled to
an award of attorneys’ fees and reasonable litigation costs. The foregoing excludes any claim challenging the validity of Employee’s
waiver of rights under the Age Discrimination in Employment Act or charge asserting age discrimination.

 

19.           Employee
agrees that Employee will indemnify and hold the Company harmless from and against any and all losses, liabilities, costs, damages or
expenses incurred by the Company or any Company Releasee (including, without limitation, reasonable attorneys’ fees) arising out
of or resulting from any breach of this Agreement by Employee. Employee further agrees that if Employee challenges this Agreement, files
any claims against the Company arising from or relating to Employee’s
employment with, or termination from, the Company, excluding any claim challenging the validity of Employee’s
waiver of rights under the Age Discrimination in Employment Act, or otherwise fails to abide by the terms of this Agreement, as determined
by a court of competent jurisdiction, (a) Employee will return all moneys and benefits received by Employee from the Company pursuant
to this Agreement and (b) the Company may elect, at its option and without waiver of any other rights or remedies it may have, not
to pay or provide any unpaid moneys or benefits.

 

The Company agrees that the Company will
indemnify and hold Employee harmless from and against any and all losses, liabilities, costs, damages or expenses incurred by Employee
or any Employee Releasee (including, without limitation, reasonable attorneys’ fees) arising out of or resulting from any breach
of this Agreement by the Company.

 

    7

     

    

 

20.           Employee
specifically agrees and acknowledges that (A) Employee’s waiver
of rights under this Agreement is knowing and voluntary as required under the Older Workers Benefit Protection Act and Age Discrimination
in Employment Act; (B) Employee understands the terms of this Agreement; (C) Employee has been advised in writing by the Company
to consult with an attorney prior to executing this Agreement; (D) the Company has given Employee a period of up to twenty-one (21)
days within which to consider this Agreement and that if Employee executes this Agreement within such period, Employee waives the remainder
of the period and that modifications to this Agreement during such period, whether material or immaterial, do not restart the running
of such period; (E) following Employee’s execution of this
Agreement, Employee has seven (7) days in which to revoke Employee’s
agreement to this Agreement and that if Employee chooses not to so revoke, this Agreement shall then become effective and enforceable
and the payment and extension of benefits listed below shall then be made to Employee in accordance with the terms of this Agreement;
and (F) nothing in this Agreement shall be construed to prohibit Employee from filing a charge or complaint, including a challenge
to the validity of the waiver provision of this Agreement, with the Equal Employment Opportunity Commission or participating in any investigation
conducted by the Equal Employment Opportunity Commission; provided, however, that Employee has waived any right to monetary relief. To
cancel this Agreement, Employee understands that Employee must deliver a written revocation to 2900 South 70th Street, Suite 400,
Lincoln, Nebraska 68510, Attention: General Counsel, by 5:00 p.m. on the seventh day after Employee executes this Agreement. If Employee
revokes this Agreement, it will not become effective or enforceable and Employee will not be entitled to any of the benefits set forth
in this Agreement.

  

21.           EMPLOYEE
ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS CAREFULLY READ AND VOLUNTARILY SIGNED THIS AGREEMENT, THAT EMPLOYEE HAS HAD AN OPPORTUNITY TO
CONSULT WITH AN ATTORNEY OF EMPLOYEE’S CHOICE, AND THAT EMPLOYEE
SIGNS THIS AGREEMENT WITH THE INTENT OF RELEASING THE COMPANY AND ITS OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, REPRESENTATIVES, AGENTS
AND ASSIGNS FROM ANY AND ALL CLAIMS.

 

22.           This
Severance Agreement and Release shall inure to the benefit of and be binding upon the Parties, as well as their successors, heirs and
assigns.

 

23.           This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, including any signed electronic
facsimile copies of this Agreement, and all such counterparts together shall be deemed to constitute one and the same instrument.

 

    8

     

    

 

24.           Changes
in this Agreement, whether by additions, waivers, deletions, amendments or modifications, may be accomplished only by a writing signed
by both Employee and the Company.

 

[Remainder of Page Intentionally Left Blank
 – Signature Page Follows]

 

    9

     

    

 

ACCEPTED AND AGREED TO:

  

	Midwest Holding Inc.	 	Eric
N. Berg
		 	 	 
	 	 	 	 
	By:	/s/ Georgette Nicholas	 	By: 	/s/ Eric N. Berg
		Georgette Nicholas	 	 	Eric N. Berg
		Chief Executive Officer	 	
	 	 	 	 
	Date: May 13, 2022	 	Date:
May 13, 2022

 

    10

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