Document:

Exhibit
10.6

 

Enovix
Corporation 

 

2006
Equity Incentive Plan

 

Adopted:
December 14, 2006

Approved
By Stockholders: December 14, 2006

Termination
Date: December 13, 2016

Amended
by the Board of Directors on February 14, 2007

Approved
by the Stockholders on February 14, 2007

Amended
by the Board of Directors on January 31, 2011

Approved
by the Stockholders on January 31, 2011

Amended
by the Board of Directors on February 20, 2012

Approved
by the Stockholders on February 20, 2012

Amended
by the Board of Directors on March 31, 2014

Approved
by the Stockholders on March 31, 2014

Amended
by the Board of Directors on August 19, 2015

Approved
by the Stockholders on October 26, 2015

 

		1.	Purposes.

 

(a)         Eligible Stock Award Recipients. The persons eligible to receive Stock Awards are Employees, Directors and Consultants.

 

(b)         Available Stock Awards. The purpose of the Plan is to provide a means by which eligible recipients of Stock Awards may be
given an opportunity to benefit from increases in value of the Common Stock through the granting of the following Stock Awards:
(i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Restricted Stock Awards and (iv) Stock Appreciation Rights.

 

(c)        
General Purpose. The Company, by means of the Plan, seeks to retain the services of the group of persons eligible to receive
Stock Awards, to secure and retain the services of new members of this group and to provide incentives for such persons to exert
maximum efforts for the success of the Company and its Affiliates.

 

		2.	Definitions.

 

(a)         “Affiliate” means any parent corporation or subsidiary corporation of the Company, whether now or hereafter
existing, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.

 

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

 

(c)         “Capitalization Adjustment” has the meaning ascribed to that term in Section 11(a).

    1. 

     

    

(d)         “Change in Control” means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(i)             any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty
percent (50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger,
consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account
of the acquisition of securities of the Company by any institutional investor, any affiliate thereof or any other Exchange Act
Person that acquires the Company’s securities in a transaction or series of related transactions that are primarily a private
financing transaction for the Company or (B) solely because the level of Ownership held by any Exchange Act Person (the “Subject
Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or
other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in
Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company,
and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the
repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by
the Subject Person over the designated percentage threshold, then a Change in Control shall be deemed to occur;

 

(ii)            there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company if, immediately after
the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto
do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the
combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than
fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation
or similar transaction;

 

(iii)           the stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company,
or a complete dissolution or liquidation of the Company shall otherwise occur; or

 

(iv)          
there is consummated a sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of the voting
securities of which are Owned by stockholders of the Company in substantially the same proportion as their Ownership of the Company
immediately prior to such sale, lease, license or other disposition.

 

The
term Change in Control shall not include a sale of assets, merger or other transaction effected exclusively for the purpose of
changing the domicile of the Company.

    2. 

     

    

Notwithstanding
the foregoing or any other provision of this Plan, the definition of Change in Control (or any analogous term) in an individual
written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with respect
to Stock Awards subject to such agreement (it being understood, however, that if no definition of Change in Control or any analogous
term is set forth in such an individual written agreement, the foregoing definition shall apply).

 

(e)        
“Code” means the Internal Revenue Code of 1986, as amended.

 

(f)          “Committee” means a committee of one or more members of the Board appointed by the Board in accordance
with Section 3(c).

 

(g)         “Common Stock” means the common stock of the Company.

 

(h)         “Company” means Enovix Corporation, a Delaware corporation.

 

(i)          “Consultant” means any person, including an advisor, (i) engaged by the Company or an Affiliate to render
consulting or advisory services and who is compensated for such services or (ii) serving as a member of the Board of Directors
of an Affiliate and who is compensated for such services. However, the term “Consultant” shall not include Directors
who are not compensated by the Company for their services as Directors, and the payment of a director’s fee by the Company
for services as a Director shall not cause a Director to be considered a “Consultant” for purposes of the Plan.

 

(j)          “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether
as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders
service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant
renders such service, provided that there is no interruption or termination of the Participant’s service with the Company
or an Affiliate, shall not terminate a Participant’s Continuous Service. For example, a change in status from an employee
of the Company to a consultant to an Affiliate or to a Director shall not constitute an interruption of Continuous Service. The
Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service
shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave
or any other personal leave. Notwithstanding the foregoing, a leave of absence shall be treated as Continuous Service for purposes
of vesting in a Stock Award only to such extent as may be provided in the Company’s leave of absence policy or in the written
terms of the Participant’s leave of absence.

 

(k)         “Corporate
Transaction” means the occurrence, in a single transaction or in a series of related transactions, of any one or
more of the following events:

 

(i)              a sale or other disposition of all or substantially all, as determined by the Board in its discretion, of the consolidated
assets of the Company and its Subsidiaries;

    3. 

     

    

(ii)            a
sale or other disposition of at least ninety percent (90%) of the outstanding securities of the Company;

 

(iii)           a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)          
a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of
Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by
virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(l)          “Director”
means a member of the Board.

 

(m)        “Disability” means the inability of a person, in the opinion of a qualified physician acceptable to the
Company, to perform the major duties of that person’s position with the Company or an Affiliate because of the sickness
or injury of the person.

 

(n)         “Employee”
means any person employed by the Company or an Affiliate. Service as a Director or payment of a director’s fee by
the Company for such service or for service as a member of the Board of Directors of an Affiliate shall not be sufficient to constitute
 “employment” by the Company or an Affiliate.

 

(o)         “Entity”
means a corporation, partnership or other entity.

 

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

 

(q)         “Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d)
of the Exchange Act), except that “Exchange Act Person” shall not include (A) the Company or any Subsidiary of the
Company, (B) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any Subsidiary of the Company, (C) an underwriter temporarily holding
securities pursuant to an offering of such securities, or (D) an Entity Owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their Ownership of stock of the Company.

 

(r)         “Fair
Market Value” means, as of any date, the value of the Common Stock determined in good faith by the Board, and in
a manner consistent with Section 260.140.50 of Title 10 of the California Code of Regulations.

 

(s)          “Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422
of the Code and the regulations promulgated thereunder.

 

(t)          “Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

    4. 

     

    

(u)          “Officer” means any person designated by the Company as an officer.

 

(v)          “Option” means an Incentive Stock Option or a Nonstatutory Stock Option granted pursuant to the Plan.

 

(w)         “Option Agreement” means a written agreement between the Company and an Optionholder evidencing the terms
and conditions of an individual Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan.

 

(x)          “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such
other person who holds an outstanding Option.

 

(y)          “Own,” “Owned,” “Owner,” “Ownership” A person or Entity shall be deemed
to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(z)          “Participant” means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such
other person who holds an outstanding Stock Award.

 

(aa)        “Plan” means this Enovix Corporation 2006 Equity Incentive Plan.

 

(bb)        “Restricted Stock Award” means an award of shares of Common Stock, which is granted pursuant to the terms
and conditions of Section 7(a).

 

(cc)        “Securities Act” means the Securities Act of 1933, as amended.

 

(dd)        “Stock Appreciation Right” means a right to receive the appreciation of Common Stock, which is granted
pursuant to the terms and conditions of Section 7(c).

 

(ee)        “Stock Award” means any right granted under the Plan, including an Option, a Restricted Stock Award and
a Stock Appreciation Right.

 

(ff)         “Stock Award Agreement” means a written agreement between the Company and a holder of a Stock Award evidencing
the terms and conditions of an individual Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions
of the Plan.

 

(gg)        “Subsidiary” means, with respect to the Company, (i) any corporation of which more than fifty percent (50%)
of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation
(irrespective of whether, at the time, stock of any other class or classes of such corporation shall have or might have voting
power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any
partnership in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits
or capital contribution) of more than fifty percent (50%).

    5. 

     

    

(hh)       “Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the
Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or
of any of its Affiliates.

 

		3.	Administration.

 

(a)          Administration by Board. The Board shall administer the Plan unless and until the Board delegates administration to a Committee,
as provided in Section 3(c).

 

(b)         
Powers of Board. The Board shall have the power, subject to, and within the limitations of, the express provisions of the
Plan:

 

(i)             
To determine from time to time which of the persons eligible under the Plan shall be granted Stock Awards; when and how each
Stock Award shall be granted; what type or combination of types of Stock Award shall be granted; the provisions of each Stock
Award granted (which need not be identical), including the time or times when a person shall be permitted to receive Common Stock
pursuant to a Stock Award; and the number of shares of Common Stock with respect to which a Stock Award shall be granted to each
such person.

 

(ii)           
To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations
for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan
or in any Stock Award Agreement, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.

 

(iii)           
To effect, at any time and from time to time, with the consent of any adversely affected Optionholders, (1) the reduction
in the exercise price of any outstanding Options under the Plan and/or (2) the cancellation of any outstanding Options under the
Plan and the grant in substitution therefor of new Options under the Plan covering the same or a different numbers of shares of
Common Stock. The exercise price per share of Common Stock shall be not less than that specified under the Plan for newly granted
Stock Awards except that the Board may grant an Option with a lower exercise price if such Option is granted as part of a transaction
to which Section 424(a) of the Code applies.

 

(iv)           
To amend the Plan or a Stock Award as provided in Section 12.

 

(v)            
To terminate or suspend the Plan as provided in Section 13.

 

(vi)           
Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best
interests of the Company and that are not in conflict with the provisions of the Plan.

 

(c)          Delegation to Committee. The Board may delegate administration of the Plan to a Committee or Committees of one (1) or more
members of the Board, and the term “Committee” shall apply to any person or persons to whom such authority has been
delegated. If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the
Plan, the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative
powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter be to the Committee
or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from
time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan.

    6. 

     

    

(d)         Delegation to an Officer. The Board may delegate to one or more Officers of the Company the authority to do one or both of
the following: (i) designate Officers and Employees of the Company or any of its Subsidiaries to be recipients of Stock Awards
and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Officers and Employees
of the Company; provided, however, that the Board resolutions regarding such delegation shall specify the total number
of shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant
a Stock Award to himself or herself. Notwithstanding the foregoing, the Board may not delegate authority to an Officer to determine
the Fair Market Value of the Common Stock.

 

(e)         Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith shall
not be subject to review by any person and shall be final, binding and conclusive on all persons.

 

(f)          Arbitration. Any dispute or claim concerning any Stock Awards granted (or not granted) pursuant to the Plan or any disputes
or claims relating to or arising out of the Plan shall be fully, finally and exclusively resolved by binding and confidential
arbitration conducted pursuant to the rules of Judicial Arbitration and Mediation Services, Inc. (“JAMS”) in California.
The Company shall pay all arbitration fees. In addition to any other relief, the arbitrator may award to the prevailing party
recovery of its attorneys’ fees and costs. By accepting a Stock Award, Participants and the Company waive their respective
rights to have any such disputes or claims tried by a judge or jury.

 

		4.	Shares
Subject to the Plan.

 

(a)         Share Reserve. Subject to the provisions of Section 11(a) relating to Capitalization Adjustments, the Common Stock that may
be issued pursuant to Stock Awards shall not exceed in the aggregate 10,200,000 shares of Common Stock.

 

(b)         Reversion of Shares to the Share Reserve. If any Stock Award shall for any reason expire or otherwise terminate, in whole
or in part, without having been exercised in full, or if any shares of Common Stock issued to a Participant pursuant to a Stock
Award are forfeited back to or repurchased by the Company, including, but not limited to, any repurchase or forfeiture caused
by the failure to meet a contingency or condition required for the vesting of such shares, then the shares of Common Stock not
acquired under such Stock Award shall revert to and again become available for issuance under the Plan. If any shares subject
to a Stock Award are not delivered to a Participant because such shares are withheld for the payment of taxes or the Stock Award
is exercised through a reduction of shares subject to the Stock Award (i.e., “net exercised”), then the number
of shares that are not delivered shall revert to and again become available for issuance under the Plan. If the exercise price
of any Stock Award is satisfied by tendering shares of Common Stock held by the Participant (either by actual delivery or attestation),
then the number of such tendered shares shall revert to and again become available for issuance under the Plan. Notwithstanding
the foregoing and subject to the provisions of Section 11(a) relating to Capitalization Adjustments, the aggregate number of shares
of Common Stock that may be issued as Incentive Stock Options shall be 10,200,000 shares of Common Stock.

    7. 

     

    

(c)          Source of Shares. The shares of Common Stock subject to the Plan may be unissued shares or reacquired shares, bought on the
market or otherwise.

 

(d)         Share Reserve Limitation. To the extent required by Section 260.140.45 of Title 10 of the California Code of Regulations,
the total number of shares of Common Stock issuable upon exercise of all outstanding Options and the total number of shares of
Common Stock provided for under any stock bonus or similar plan of the Company shall not exceed the applicable percentage as calculated
in accordance with the conditions and exclusions of Section 260.140.45 of Title 10 of the California Code of Regulations, based
on the shares of Common Stock of the Company that are outstanding at the time the calculation is made.

 

		5.	Eligibility.

 

(a)        
Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only to Employees. Stock Awards other than Incentive
Stock Options may be granted to Employees, Directors and Consultants.

 

(b)        
Ten Percent Stockholders.

 

(i)             A
Ten Percent Stockholder shall not be granted an Incentive Stock Option unless the exercise price of such Option is at least one
hundred ten percent (110%) of the Fair Market Value of the Common Stock on the date of grant and the Option is not exercisable
after the expiration of five (5) years from the date of grant.

 

(ii)            A Ten Percent Stockholder shall not be granted a Nonstatutory Stock Option unless the exercise price of such Option is at
least (i) one hundred ten percent (110%) of the Fair Market Value of the Common Stock on the date of grant or (ii) such lower
percentage of the Fair Market Value of the Common Stock on the date of grant as is permitted by Section 260.140.41 of Title 10
of the California Code of Regulations at the time of the grant of the Option.

 

(iii)           A Ten Percent Stockholder shall not be granted a Restricted Stock Award or Stock Appreciation Right (if such award could be
settled in shares of Common Stock), unless the purchase price of the restricted stock is at least (i) one hundred percent (100%)
of the Fair Market Value of the Common Stock on the date of grant or (ii) such lower percentage of the Fair Market Value of the
Common Stock on the date of grant as is permitted by Section 260.140.42 of Title 10 of the California Code of Regulations at the
time of the grant of the award.

    8. 

     

    

(c)          Consultants. A Consultant shall not be eligible for the grant of a Stock Award if, at the time of grant, either the offer
or the sale of the Company’s securities to such Consultant is not exempt under Rule 701 of the Securities Act (“Rule
701”) because of the nature of the services that the Consultant is providing to the Company, because the Consultant is not
a natural person, or because of some other provision of Rule 701.

 

		6.	Option
Provisions.

 

Each
Option shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. All Options shall
be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are
issued, a separate certificate or certificates shall be issued for shares of Common Stock purchased on exercise of each type of
Option. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions
hereof by reference in the Option or otherwise) the substance of each of the following provisions:

 

(a)          Term. Subject to the provisions of Section 5(b) regarding Ten Percent Stockholders, no Option shall be exercisable after the
expiration of ten (10) years from the date it was granted.

 

(b)          Exercise Price of an Incentive Stock Option. Subject to the provisions of Section 5(b) regarding Ten Percent Stockholders,
the exercise price of each Incentive Stock Option shall be not less than one hundred percent (100%) of the Fair Market Value of
the Common Stock subject to the Option on the date the Option is granted. Notwithstanding the foregoing, an Incentive Stock Option
may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant to
an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code.

 

(c)          Exercise Price of a Nonstatutory Stock Option. Subject to the provisions of Section 5(b) regarding Ten Percent Stockholders,
the exercise price of each Nonstatutory Stock Option shall be not less than eighty-five percent (85%) of the Fair Market Value
of the Common Stock subject to the Option on the date the Option is granted. Notwithstanding the foregoing, a Nonstatutory Stock
Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant
to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code.

 

(d)         Consideration. The purchase price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by
applicable statutes and regulations, either (i) in cash at the time the Option is exercised or (ii) at the discretion of the Board
at the time of the grant of the Option (or subsequently in the case of a Nonstatutory Stock Option) (1) by delivery to the Company
of other Common Stock, (2) according to a deferred payment or other similar arrangement with the Optionholder or (3) in any other
form of legal consideration that may be acceptable to the Board. Unless otherwise specifically provided in the Option, the purchase
price of Common Stock acquired pursuant to an Option that is paid by delivery to the Company of other Common Stock acquired, directly
or indirectly from the Company, shall be paid only by shares of the Common Stock of the Company.

    9. 

     

    

In
the case of any deferred payment arrangement, interest shall be compounded at least annually and shall be charged at the minimum
rate of interest necessary to avoid (1) the treatment as interest, under any applicable provisions of the Code, of any amounts
other than amounts stated to be interest under the deferred payment arrangement and (2) the classification of the Option as a
liability for financial accounting purposes.

 

(e)         
Transferability of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the
laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding
the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate
a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

(f)          
Transferability of a Nonstatutory Stock Option. A Nonstatutory Stock Option shall not be transferable except by will or by
the laws of descent and distribution and, to the extent provided in the Option Agreement, to such further extent as permitted
by Section 260.140.41(d) of Title 10 of the California Code of Regulations at the time of the grant of the Option, and shall be
exercisable during the lifetime of the Optionholder only by the Optionholder. If the Nonstatutory Stock Option does not provide
for transferability, then the Nonstatutory Stock Option shall not be transferable except by will or by the laws of descent and
distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing,
the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party
who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

 

(g)          Vesting Generally. The total number of shares of Common Stock subject to an Option may, but need not, vest and therefore become
exercisable in periodic installments that may, but need not, be equal. The Option may be subject to such other terms and conditions
on the time or times when it may be exercised (which may be based on performance or other criteria) as the Board may deem appropriate.
The vesting provisions of individual Options may vary. The provisions of this Section 6(g) are subject to any Option provisions
governing the minimum number of shares of Common Stock as to which an Option may be exercised.

 

(h)        
Minimum Vesting. Notwithstanding the foregoing Section 6(g), to the extent that the following restrictions on vesting are
required by Section 260.140.41(f) of Title 10 of the California Code of Regulations at the time of the grant of the Option, then:

 

(i)             Options
granted to an Employee who is not an Officer, Director or Consultant shall provide for vesting of the total number of shares of
Common Stock at a rate of at least twenty percent (20%) per year over five (5) years from the date the Option was granted, subject
to reasonable conditions such as continued employment; and

    10. 

     

    

(ii)            Options
granted to Officers, Directors or Consultants may be made fully exercisable, subject to reasonable conditions such as continued
employment, at any time or during any period established by the Company.

 

(i)         
Termination of Continuous Service. In the event that an Optionholder’s Continuous Service terminates (other than upon
the Optionholder’s death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder
was entitled to exercise such Option as of the date of termination) but only within such period of time ending on the earlier
of (i) the date three (3) months following the termination of the Optionholder’s Continuous Service (or such longer or shorter
period specified in the Option Agreement, which period shall not be less than thirty (30) days unless such termination is for
cause), or (ii) the expiration of the term of the Option as set forth in the Option Agreement. If, after termination, the Optionholder
does not exercise his or her Option within the time specified in the Option Agreement, the Option shall terminate.

 

(j)         
Extension of Termination Date. An Optionholder’s Option Agreement may also provide that if the exercise of the Option
following the termination of the Optionholder’s Continuous Service (other than upon the Optionholder’s death or Disability)
would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements
under the Securities Act, then the Option shall terminate on the earlier of (i) the expiration of the term of the Option set forth
in Section 6(a) or (ii) the expiration of a period of three (3) months after the termination of the Optionholder’s Continuous
Service during which the exercise of the Option would not be in violation of such registration requirements.

 

(k)         Disability of Optionholder. In the event that an Optionholder’s Continuous Service terminates as a result of the Optionholder’s
Disability, the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of termination), but only within such period of time ending on the earlier of (i) the date twelve (12) months
following such termination (or such longer or shorter period specified in the Option Agreement, which period shall not be less
than six (6) months) or (ii) the expiration of the term of the Option as set forth in the Option Agreement. If, after termination,
the Optionholder does not exercise his or her Option within the time specified herein, the Option shall terminate.

 

(l)         
Death of Optionholder. In the event that (i) an Optionholder’s Continuous Service terminates as a result of the Optionholder’s
death or (ii) the Optionholder dies within the period (if any) specified in the Option Agreement after the termination of the
Optionholder’s Continuous Service for a reason other than death, then the Option may be exercised (to the extent the Optionholder
was entitled to exercise such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the
right to exercise the Option by bequest or inheritance or by a person designated to exercise the option upon the Optionholder’s
death pursuant to Section 6(e) or 6(f), but only within the period ending on the earlier of (1) the date eighteen (18) months
following the date of death (or such longer or shorter period specified in the Option Agreement, which period shall not be less
than six (6) months) or (2) the expiration of the term of such Option as set forth in the Option Agreement. If, after death, the
Option is not exercised within the time specified herein, the Option shall terminate.

    11. 

     

    

(m)        Early Exercise. The Option may, but need not, include a provision whereby the Optionholder may elect at any time before the
Optionholder’s Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock
subject to the Option prior to the full vesting of the Option. Subject to the “Repurchase Limitation” in Section 10(h),
any unvested shares of Common Stock so purchased may be subject to a repurchase option in favor of the Company or to any other
restriction the Board determines to be appropriate. Provided that the “Repurchase Limitation” in Section 10(h) is
not violated, the Company will not exercise its repurchase option until at least six (6) months (or such longer or shorter period
of time required to avoid classification of the Option as a liability for financial accounting purposes) have elapsed following
exercise of the Option unless the Board otherwise specifically provides in the Option.

 

(n)        
Right of Repurchase. Subject to the “Repurchase Limitation” in Section 10(h), the Option may, but need not, include
a provision whereby the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Optionholder
pursuant to the exercise of the Option. Provided that the “Repurchase Limitation” in Section 10(h) is not violated,
the Company will not exercise its repurchase option until at least six (6) months (or such longer or shorter period of time required
to avoid classification of the Option as a liability for financial accounting purposes) have elapsed following exercise of the
Option unless otherwise specifically provided in the Option.

 

(o)         
Right of First Refusal. The Option may, but need not, include a provision whereby the Company may elect to exercise a right
of first refusal following receipt of notice from the Optionholder of the intent to transfer all or any part of the shares of
Common Stock received upon the exercise of the Option. Except as expressly provided in this Section 6(o) or in the Stock Award
Agreement for the Option, such right of first refusal shall otherwise comply with any applicable provisions of the Bylaws of the
Company. The Company will not exercise its right of first refusal until at least six (6) months (or such longer or shorter period
of time required to avoid a classification of the Option as a liability for financial accounting purposes) have elapsed following
exercise of the Option unless otherwise specifically provided in the Option.

    12. 

     

    

		7.	Provisions
of Stock Awards Other Than Options.

 

(a)        
Restricted Stock Awards. Each Restricted Stock Award shall be in such form and shall contain such terms and conditions as
the Board shall deem appropriate. The terms and conditions of the Restricted Stock Award agreements may change from time to time,
and the terms and conditions of separate Restricted Stock Award agreements need not be identical; provided, however, that
each Restricted Stock Award agreement shall include (through incorporation of provisions hereof by reference in the agreement
or otherwise) the substance of each of the following provisions:

 

(i)             Purchase Price. At the time of grant of a Restricted Stock Award, the Board will determine the price to be paid by the Participant
for each share subject to the Restricted Stock Award. Subject to the provisions of Section 5(b) regarding Ten Percent Stockholders,
the price to be paid by the Participant for each share subject to the Restricted Stock Award shall not be less than eighty-five
percent (85%) of the Common Stock’s Fair Market Value on the date such award is made or at the time the purchase is consummated.
A Restricted Stock Award may be awarded as a stock bonus (i.e., with no cash purchase price to be paid) to the extent permissible
under applicable law.

 

(ii)          
Consideration. At the time of the grant of a Restricted Stock Award, the Board will determined the consideration permissible
for the payment of the purchase price of the Restricted Stock Award. The purchase price of Common Stock acquired pursuant to the
Restricted Stock Award shall be paid in one of the following ways: (i) in cash at the time of purchase; (ii) at the discretion
of the Board, according to a deferred payment or other similar arrangement with the Participant; (iii) by services rendered or
to be rendered to the Company; (iv) in any other form of legal consideration that may be acceptable to the Board; provided,
however, that at any time that the Company is incorporated in Delaware, then payment of the Common Stock’s “par
value,” as defined in the Delaware General Corporation Law, shall not be made by deferred payment and must be paid in a
form of consideration that is permissible under the Delaware General Corporation Law.

 

(iii)         
Vesting. Subject to the “Repurchase Limitation” in Section 10(h), shares of Common Stock acquired under a Restricted
Stock Award may, but need not, be subject to a share repurchase option in favor of the Company in accordance with a vesting schedule
to be determined by the Board.

 

(iv)          
Termination of Participant’s Continuous Service. Subject to the “Repurchase Limitation” in Section 10(h),
in the event that a Participant’s Continuous Service terminates, the Company may repurchase or otherwise reacquire any or
all of the shares of Common Stock held by the Participant that have not vested as of the date of termination under the terms of
the Restricted Stock Award agreement. Provided that the “Repurchase Limitation” in Section 10(h) is not violated,
the Company will not exercise its repurchase option until at least six (6) months (or such longer or shorter period of time required
to avoid classification of the Stock Award as a liability for financial accounting purposes) have elapsed following the purchase
of the restricted stock unless otherwise determined by the Board or provided in the Restricted Stock Award agreement.

 

(v)           
Transferability. Rights to acquire shares of Common Stock under the Restricted Stock Award agreement shall not be transferable
except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only
by the Participant.

    13. 

     

    

(b)         Stock Appreciation Rights. Each Stock Appreciation Right agreement shall be in such form and shall contain such terms and
conditions as the Board shall deem appropriate. The terms and conditions of Stock Appreciation Right agreements may change from
time to time, and the terms and conditions of separate Stock Appreciation Right agreements need not be identical, but each Stock
Appreciation Right agreement shall include (through incorporation of the provisions hereof by reference in the agreement or otherwise)
the substance of each of the following provisions: 

 

(i)             Calculation of Appreciation. Each Stock Appreciation Right will be denominated in shares of Common Stock equivalents. The
appreciation distribution payable on the exercise of a Stock Appreciation Right will be not greater than an amount equal to the
excess of (A) the aggregate Fair Market Value (on the date of the exercise of the Stock Appreciation Right) of a number of shares
of Common Stock equal to the number of share of Common Stock equivalents in which the Participant is vested under such Stock Appreciation
Right and with respect to which the Participant is exercising the Stock Appreciation Right on such date, over (B) an amount that
will be determined by the Committee at the time of grant of the Stock Appreciation Right (subject to the provisions Section 5(b)
regarding Ten Percent Stockholders).

 

(ii)            Vesting. At the time of the grant of a Stock Appreciation Right, the Board may impose such restrictions or conditions to the
vesting of such Right as it deems appropriate; provided, however, that a Stock Appreciation Right that could be settled in shares
of Common Stock shall be subject to the provision of Section 10(h).

 

(iii)           Exercise. To exercise any outstanding Stock Appreciation Right, the Participant must provide written notice of exercise to
the Company in compliance with the provisions of the Stock Appreciation Rights agreement evidencing such Right.

 

(iv)          
Payment. The appreciation distribution in respect of a Stock Appreciation Right may be paid in Common Stock, in cash, or any
combination of the two, as the Board deems appropriate.

 

(c)          Termination of Continuous Service. If a Participant’s Continuous Service terminates for any reason, any unvested Stock
Appreciation Rights shall be forfeited and any vested Stock Appreciation Rights shall be automatically redeemed.

 

		8.	Covenants
of the Company.

 

(a)          Availability of Shares. During the terms of the Stock Awards, the Company shall keep available at all times the number of
shares of Common Stock required to satisfy such Stock Awards.

 

(b)          Securities Law Compliance. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction
over the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise
of the Stock Awards; provided, however, that this undertaking shall not require the Company to register under the Securities
Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts,
the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for the Company deems
necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved from any liability for
failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained.

    14. 

     

    

		9.	Use
of Proceeds from Stock.

 

Proceeds
from the sale of Common Stock pursuant to Stock Awards shall constitute general funds of the Company.

 

		10.	Miscellaneous.

 

(a)          Acceleration of Exercisability and Vesting. The Board shall have the power to accelerate the time at which a Stock Award may
first be exercised or the time during which a Stock Award or any part thereof will vest in accordance with the Plan, notwithstanding
the provisions in the Stock Award stating the time at which it may first be exercised or the time during which it will vest.

 

(b)          Stockholder Rights. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect
to, any shares of Common Stock subject to such Stock Award unless and until such Participant has satisfied all requirements for
exercise of the Stock Award pursuant to its terms.

 

(c)          No Employment or other Service Rights. Nothing in the Plan or any instrument executed or Stock Award granted pursuant thereto
shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the
time the Stock Award was granted or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an
Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s
agreement with the Company or an Affiliate or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate,
and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the
case may be.

 

(d)          Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of
grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during
any calendar year (under all plans of the Company and its Affiliates) exceeds one hundred thousand dollars ($100,000), the Options
or portions thereof that exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory
Stock Options, notwithstanding any contrary provision of a Stock Award Agreement.

 

(e)          Investment Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under
any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience
in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable
and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company
stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own account and
not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances
given pursuant to such requirements, shall be inoperative if (1) the issuance of the shares of Common Stock upon the exercise
or acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement
under the Securities Act or (2) as to any particular requirement, a determination is made by counsel for the Company that such
requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel
to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order
to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

    15. 

     

    

(f)          Withholding Obligations. To the extent provided by the terms of a Stock Award Agreement, the Participant may satisfy any federal,
state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under a Stock Award by any of
the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant by the
Company) or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold shares of Common
Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common
Stock under the Stock Award; provided, however, that no shares of Common Stock are withheld with a value exceeding the
minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid classification of the
Stock Award as a liability for financial accounting purposes); or (iii) delivering to the Company owned and unencumbered shares
of Common Stock.

 

(g)         Information Obligation. To the extent required by Section 260.140.46 of Title 10 of the California Code of Regulations, the
Company shall deliver financial statements to Participants at least annually. This Section 10(g) shall not apply to key Employees
whose duties in connection with the Company assure them access to equivalent information.

 

(h)         Repurchase Limitation. The terms of any repurchase option shall be specified in the Stock Award, and the repurchase price
may be either the Fair Market Value of the shares of Common Stock on the date of termination of Continuous Service or the lower
of (i) the Fair Market Value of the shares of Common Stock on the date of repurchase or (ii) their original purchase price. To
the extent required by Section 260.140.41 and Section 260.140.42 of Title 10 of the California Code of Regulations at the time
a Stock Award is made, any repurchase option contained in a Stock Award granted to a person who is not an Officer, Director or
Consultant shall be upon the terms described below:

 

(i)             Fair Market Value. If the repurchase option gives the Company the right to repurchase the shares of Common Stock upon termination
of Continuous Service at not less than the Fair Market Value of the shares of Common Stock to be purchased on the date of termination
of Continuous Service, then (i) the right to repurchase shall be exercised for cash or cancellation of purchase money indebtedness
for the shares of Common Stock within ninety (90) days of termination of Continuous Service (or in the case of shares of Common
Stock issued upon exercise of Stock Awards after such date of termination, within ninety (90) days after the date of the exercise)
or such longer period as may be agreed to by the Company and the Participant (for example, for purposes of satisfying the requirements
of Section 1202(c)(3) of the Code regarding “qualified small business stock”) and (ii) the right terminates when the
shares of Common Stock become publicly traded.

    16. 

     

    

(ii)           Original Purchase Price. If the repurchase option gives the Company the right to repurchase the shares of Common Stock upon
termination of Continuous Service at the lower of (i) the Fair Market Value of the shares of Common Stock on the date of repurchase
or (ii) their original purchase price, then (x) the right to repurchase at the original purchase price shall lapse at the rate
of at least twenty percent (20%) of the shares of Common Stock per year over five (5) years from the date the Stock Award is granted
(without respect to the date the Stock Award was exercised or became exercisable) and (y) the right to repurchase shall be exercised
for cash or cancellation of purchase money indebtedness for the shares of Common Stock within ninety (90) days of termination
of Continuous Service (or in the case of shares of Common Stock issued upon exercise of Options after such date of termination,
within ninety (90) days after the date of the exercise) or such longer period as may be agreed to by the Company and the Participant
(for example, for purposes of satisfying the requirements of Section 1202(c)(3) of the Code regarding “qualified small business
stock”).

 

		11.	Adjustments
upon Changes in Stock.

 

(a)         Capitalization Adjustments. If any change is made in, or other event occurs with respect to, the Common Stock subject to the
Plan or subject to any Stock Award without the receipt of consideration by the Company (through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in property other than cash, stock split, liquidating distribution,
combination of shares, exchange of shares, change in corporate structure or other transaction not involving the receipt of consideration
by the Company (each a “Capitalization Adjustment”), the Plan will be appropriately adjusted in the class(es) and
maximum number of securities subject to the Plan pursuant to Sections 4(a) and 4(b) and the outstanding Stock Awards will be appropriately
adjusted in the class(es) and number of securities and price per share of Common Stock subject to such outstanding Stock Awards.
The Board shall make such adjustments, and its determination shall be final, binding and conclusive. (The conversion of any convertible
securities of the Company shall not be treated as a transaction “without receipt of consideration” by the Company.)

 

(b)         Dissolution or Liquidation. In the event of a dissolution or liquidation of the Company, then all outstanding Options shall
terminate immediately prior to the completion of such dissolution or liquidation, and shares of Common Stock subject to the Company’s
repurchase option may be repurchased by the Company notwithstanding the fact that the holder of such stock is still in Continuous
Service.

    17. 

     

    

(c)         Corporate Transaction. In the event of a Corporate Transaction, any surviving corporation or acquiring corporation may assume
or continue any or all Stock Awards outstanding under the Plan or may substitute similar stock awards for Stock Awards outstanding
under the Plan (it being understood that similar stock awards include, but are not limited to, awards to acquire the same consideration
paid to the stockholders or the Company, as the case may be, pursuant to the Corporate Transaction), and any reacquisition or
repurchase rights held by the Company in respect of Common Stock issued pursuant to Stock Awards may be assigned by the Company
to the successor of the Company (or such successor’s parent company), if any, in connection with such Corporate Transaction.
In the event that any surviving corporation or acquiring corporation does not assume or continue any or all such outstanding Stock
Awards or substitute similar stock awards for such outstanding Stock Awards, then with respect to Stock Awards that have not been
assumed, continued or substituted and that are held by Participants whose Continuous Service has not terminated prior to the effective
time of the Corporate Transaction, the vesting of such Stock Awards (and, if applicable, the time at which such Stock Awards may
be exercised) shall (contingent upon the effectiveness of the Corporate Transaction) be accelerated in full to a date prior to
the effective time of such Corporate Transaction as the Board shall determine (or, if the Board shall not determine such a date,
to the date that is five (5) days prior to the effective time of the Corporate Transaction), the Stock Awards shall terminate
if not exercised (if applicable) at or prior to such effective time, and any reacquisition or repurchase rights held by the Company
with respect to such Stock Awards held by Participants whose Continuous Service has not terminated shall (contingent upon the
effectiveness of the Corporate Transaction) lapse. With respect to any other Stock Awards outstanding under the Plan that have
not been assumed, continued or substituted, the vesting of such Stock Awards (and, if applicable, the time at which such Stock
Award may be exercised) shall not be accelerated, unless otherwise provided in a written agreement between the Company or any
Affiliate and the holder of such Stock Award, and such Stock Awards shall terminate if not exercised (if applicable) prior to
the effective time of the Corporate Transaction.

 

(d)         Change in Control. A Stock Award held by any Participant whose Continuous Service has not terminated prior to the effective
time of a Change in Control may be subject to additional acceleration of vesting and exercisability upon or after such event as
may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between
the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration shall occur.

 

		12.	Amendment
of the Plan and Stock Awards.

 

(a)         Amendment of Plan. The Board at any time, and from time to time, may amend the Plan. However, except as provided in Section
11(a) relating to Capitalization Adjustments, no amendment shall be effective unless approved by the stockholders of the Company
to the extent stockholder approval is necessary to satisfy the requirements of Section 422 of the Code.

 

(b)         Stockholder Approval. The Board, in its sole discretion, may submit any other amendment to the Plan for stockholder approval.

 

(c)         Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary
or advisable to provide eligible Employees with the maximum benefits provided or to be provided under the provisions of the Code
and the regulations promulgated thereunder relating to Incentive Stock Options and/or to bring the Plan and/or Incentive Stock
Options granted under it into compliance therewith.

    18. 

     

    

(d)         No Impairment of Rights. Rights under any Stock Award granted before amendment of the Plan shall not be impaired by any amendment
of the Plan unless (i) the Company requests the consent of the Participant and (ii) the Participant consents in writing.

 

(e)         Amendment of Stock Awards. The Board at any time, and from time to time, may amend the terms of any one or more Stock Awards;
provided, however, that the rights under any Stock Award shall not be impaired by any such amendment unless (i) the Company
requests the consent of the Participant and (ii) the Participant consents in writing.

 

		13.	Termination
or Suspension of the Plan.

 

(a)         Plan Term. The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on
the day before the tenth (10th) anniversary of the date the Plan is adopted by the Board or approved by the stockholders of the
Company, whichever is earlier. No Stock Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

 

(b)         No Impairment of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Stock Award
granted while the Plan is in effect except with the written consent of the Participant.

 

		14.	Effective
Date of Plan.

 

The
Plan shall become effective as determined by the Board, but no Stock Award shall be exercised unless and until the Plan has been
approved by the stockholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan
is adopted by the Board.

 

		15.	Choice
of Law.

 

The
law of the State of California shall govern all questions concerning the construction, validity and interpretation of this Plan,
without regard to such state’s conflict of laws rules.

    19.Exhibit
10.7

 

Enovix
Corporation

2006 Equity Incentive Plan

Option Agreement

(Incentive Stock Option or Nonstatutory Stock Option)

 

Pursuant
to your Stock Option Grant Notice (“Grant Notice”) and this Option Agreement, Enovix Corporation (the
 “Company”) has granted you an option under its 2006 Equity Incentive Plan (the “Plan”)
to purchase the number of shares of the Company’s Common Stock indicated in your Grant Notice at the exercise price indicated
in your Grant Notice. Defined terms not explicitly defined in this Option Agreement but defined in the Plan shall have the same
definitions as in the Plan.

 

The
details of your option are as follows:

 

1.           Vesting.
Subject to the limitations contained herein, your option will vest as provided in your Grant Notice, provided that
vesting will cease upon the termination of your Continuous Service.

 

2.           Number of Shares and Exercise Price. The number of shares of Common Stock subject
to your option and your exercise price per share referenced in your Grant Notice may be adjusted from time to time for Capitalization
Adjustments.

 

3.           Exercise
Restriction for Non-Exempt Employees. In the event that you are an Employee eligible for overtime compensation under
the Fair Labor Standards Act of 1938, as amended (i.e., a “Non-Exempt Employee”), you may not
exercise your option until you have completed at least six (6) months of Continuous Service measured from the Date of Grant specified
in your Grant Notice, notwithstanding any other provision of your option.

 

4.           Exercise prior to Vesting (“Early Exercise”). If permitted in your
Grant Notice (i.e., the “Exercise Schedule” indicates that “Early Exercise” of your option is permitted)
and subject to the provisions of your option, you may elect at any time that is both (i) during the period of your Continuous
Service and (ii) during the term of your option, to exercise all or part of your option, including the nonvested portion of your
option; provided, however, that:

 

(a)           
a partial exercise of your option shall be deemed to cover first vested shares of Common Stock and then the earliest vesting
installment of unvested shares of Common Stock;

 

(b)           
any shares of Common Stock so purchased from installments that have not vested as of the date of exercise shall be subject
to the purchase option in favor of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement;
and

 

(c)           
you shall enter into the Company’s form of Early Exercise Stock Purchase Agreement with a vesting schedule that will
result in the same vesting as if no early exercise had occurred.

    1. 

     

    

5.           ISO Exercise Limitation. The aggregate Fair Market Value of the shares of Common
Stock with respect to which you may exercise your option for the first time during any calendar year, when added to the aggregate
Fair Market Value of the shares of Common Stock subject to any other options designated as Incentive Stock Options and granted
to you under any stock option plan of the Company or an Affiliate prior to the Date of Grant with respect to which such options
are exercisable for the first time during the same calendar year, shall not exceed $100,000 (the “ISO Exercise Limitation”)
unless applicable law requires that your option be exercisable sooner. For purposes of this Section 4, your options designated
as Incentive Stock Options shall be taken into account in the order in which they were granted to you, and the Fair Market Value
of shares of Common Stock shall be determined as of the time the option with respect to such shares of Common Stock is granted.
If Section 422 of the Code is amended to provide for a different limitation from that set forth in this provision, the ISO Exercise
Limitation shall be deemed amended effective as of the date required or permitted by such amendment to the Code.

 

6.           Method
of Payment. Payment of the exercise price is due in full upon exercise of all or any part of your option. You may elect
to make payment of the exercise price in cash or by check or in any other manner permitted by your Grant Notice, which may include
the following:

 

(a)           
Provided that at the time of exercise the Common Stock is publicly traded and quoted regularly in The Wall Street Journal,
pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of
Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay
the aggregate exercise price to the Company from the sales proceeds.

 

(b)           
Provided that at the time of exercise the Common Stock is publicly traded and quoted regularly in The Wall Street Journal,
by delivery to the Company (either by actual delivery or attestation) of already-owned shares of Common Stock that are owned free
and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise.
Notwithstanding the foregoing, you may not exercise your option by tender to the Company of Common Stock to the extent such tender
would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock.

 

7.           Whole
Shares. You may exercise your option only for whole shares of Common Stock.

 

8.           Securities
Law Compliance. Notwithstanding anything to the contrary contained herein, you may not exercise your option unless
the shares of Common Stock issuable upon such exercise are then registered under the Securities Act or, if such shares of Common
Stock are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration
requirements of the Securities Act. The exercise of your option also must comply with other applicable laws and regulations governing
your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance
with such laws and regulations.

    2. 

     

    

9.           Term.
You may not exercise your option before the commencement or after the expiration of its term. The term of your option
commences on the Date of Grant and expires upon the earliest of the following:

 

(a)           
three (3) months after the termination of your Continuous Service for any reason other than your Disability or death, provided
that if during any part of such three (3) month period your option is not exercisable solely because of the condition set forth
in the section above relating to “Securities Law Compliance,” your option shall not expire until the earlier of the
Expiration Date or until it shall have been exercisable for an aggregate period of three (3) months after the termination of your
Continuous Service;

 

(b)           
twelve (12) months after the termination of your Continuous Service due to your Disability;

 

(c)           
eighteen (18) months after your death if you die either during your Continuous Service or within three (3) months after your
Continuous Service terminates;

 

(d)           
the Expiration Date indicated in your Grant Notice; or

 

(e)           
the day before the tenth (10th) anniversary of the Date of Grant.

 

If
your option is an Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock
Option, the Code requires that at all times beginning on the date of grant of your option and ending on the day three (3) months
before the date of your option’s exercise, you must be an employee of the Company or an Affiliate, except in the event of
your death or your permanent and total disability, as defined in Section 22(e) of the Code. (The definition of disability in Section
22(e) of the Code is different from the definition of the Disability under the Plan). The Company has provided for extended exercisability
of your option under certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated
as an Incentive Stock Option if you continue to provide services to the Company or an Affiliate as a Consultant or Director after
your employment terminates or if you otherwise exercise your option more than three (3) months after the date your employment
with the Company or an Affiliate terminates.

 

10.         Exercise.

 

(a)           
You may exercise the vested portion of your option (and the unvested portion of your option if your Grant Notice so permits)
during its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the
Secretary of the Company, or to such other person as the Company may designate, during regular business hours, together with such
additional documents as the Company may then require.

 

(b)           
By exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to enter
into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by
reason of (1) the exercise of your option, (2) the lapse of any substantial risk of forfeiture to which the shares of Common Stock
are subject at the time of exercise, or (3) the disposition of shares of Common Stock acquired upon such exercise.

    3. 

     

    

(c)           
If your option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing
within fifteen (15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your
option that occurs within two (2) years after the date of your option grant or within one (1) year after such shares of Common
Stock are transferred upon exercise of your option.

 

(d)           
By exercising your option you agree that you shall not sell, dispose of, transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common
Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days following the effective date
of a registration statement of the Company filed under the Securities Act or such longer period as necessary to permit compliance
with NASD Rule 2711 and similar or successor regulatory rules and regulations (the “Lock-Up Period”);
provided, however, that nothing contained in this section shall prevent the exercise of a repurchase option, if any, in
favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably
requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further
effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to
your shares of Common Stock until the end of such period. The underwriters of the Company’s stock are intended third party
beneficiaries of this Section 9(d) and shall have the right, power and authority to enforce the provisions hereof as though they
were a party hereto.

 

11.         Transferability.
Your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during
your life only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the
Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option.
In addition, if permitted by the Company you may transfer your option to a trust if you are considered to be the sole beneficial
owner (determined under Section 671 of the Code and applicable state law) while the option is held in the trust, provided that
you and the trustee enter into a transfer and other agreements required by the Company.

 

12.         Right of First Refusal. Shares of Common Stock that you acquire upon exercise
of your option are subject to any right of first refusal that may be described in the Company’s bylaws in effect at such
time the Company elects to exercise its right; provided, however, that if your option is an Incentive Stock Option and
the right of first refusal described in the Company’s bylaws in effect at the time the Company elects to exercise its right
is more beneficial to you than the right of first refusal described in the Company’s bylaws on the Date of Grant, then the
right of first refusal described in the Company’s bylaws on the Date of Grant shall apply. The Company’s right of
first refusal shall expire on the Listing Date. For purposes of this Agreement, Listing Date shall mean the first date upon which
any security of the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation
system.

 

13.         Right
of Repurchase. To the extent provided in the Company’s bylaws in effect at such time the Company elects to exercise
its right, the Company shall have the right to repurchase all or any part of the shares of Common Stock you acquire pursuant to
the exercise of your option.

    4. 

     

    

14.         Option
not a Service Contract. Your option is not an employment or service contract, and nothing in your option shall be deemed
to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the
Company or an Affiliate to continue your employment. In addition, nothing in your option shall obligate the Company or an Affiliate,
their respective stockholders, Boards of Directors, Officers or Employees to continue any relationship that you might have as
a Director or Consultant for the Company or an Affiliate.

 

15.         Withholding
Obligations.

 

(a)            
At the time you exercise your option, in whole or in part, or at any time thereafter as requested by the Company, you hereby
authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including
by means of a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal
Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax
withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option.

 

(b)            
Upon your request and subject to approval by the Company, in its sole discretion, and compliance with any applicable legal
conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the
exercise of your option a number of whole shares of Common Stock having a Fair Market Value, determined by the Company as of the
date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary
to avoid classification of your option as a liability for financial accounting purposes). If the date of determination of any
tax withholding obligation is deferred to a date later than the date of exercise of your option, share withholding pursuant to
the preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering
the aggregate number of shares of Common Stock acquired upon such exercise with respect to which such determination is otherwise
deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option. Notwithstanding
the filing of such election, shares of Common Stock shall be withheld solely from fully vested shares of Common Stock determined
as of the date of exercise of your option that are otherwise issuable to you upon such exercise. Any adverse consequences to you
arising in connection with such share withholding procedure shall be your sole responsibility.

 

(c)            
You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied.
Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company shall
have no obligation to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow
provided for herein unless such obligations are satisfied.

 

16.         Notices.
Any notices provided for in your option or the Plan shall be given in writing and shall be deemed effectively given
upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States
mail, postage prepaid, addressed to you at the last address you provided to the Company.

    5. 

     

    

17.         Governing
Plan Document. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a
part of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to
time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your option and those
of the Plan, the provisions of the Plan shall control.

    6. 

     

    

Enovix
Corporation

Stock Option Grant Notice

2006 Equity Incentive Plan

 

Enovix
Corporation (the “Company”), pursuant to its 2006 Equity Incentive Plan (the “Plan”), hereby grants to
Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option is subject
to all of the terms and conditions as set forth herein and in the Option Agreement, the Plan, and the Notice of Exercise, all
of which are attached hereto and incorporated herein in their entirety.

 

	Optionholder:	 	 	 	 
	Date of Grant:	 	 	 	 
	Vesting Commencement Date:	 	 	 	 
	Number of Shares Subject to Option:	 	 	 	 
	Exercise Price (Per Share):	 	$	
	 
	Total Exercise Price:	 	$	
	 
	Expiration Date:	 	 	 	 

 

	Type of Grant:	☐	Incentive Stock Option1	 ☐	Nonstatutory Stock Option
	 	 	 	 	 
	Exercise Schedule:	☐	Same as Vesting Schedule	 ☐	Early Exercise Permitted

 

	Vesting
Schedule:	[1/4th
of the shares subject to the option shall vest on the one-year anniversary of the Vesting Commencement Date, as set forth above,
and 1/48th of the shares subject to the option shall vest monthly thereafter over the next three years, subject to Optionholder’s
Continuous Service as of each such date.]

 

	Payment:	By
one or a combination of the following items (described in the Option Agreement):

 

		þ	By
cash or check

		þ	Pursuant
to a Regulation T Program if the Shares are publicly traded

		þ	By
delivery of already-owned shares if the Shares are publicly traded

		☐	By
net exercise

 

Additional
Terms/Acknowledgements: The undersigned Optionholder acknowledges receipt of, and understands and agrees to, this Stock Option
Grant Notice, the Option Agreement and the Plan. Optionholder further acknowledges that as of the Date of Grant, this Stock Option
Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding
the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject with the exception
of (i) options previously granted and delivered to Optionholder under the Plan, and (ii) the following agreements only:

 

	 	Other Agreements:	 
	 	 	 

 

	Enovix
    Corporation	Optionholder

	 	 
	By:	 	 	 
	 	Harrold Rust	 	Signature
	 	President and Chief Executive Officer	 	 

 

	Date:	 	 	Date:	 

 

Attachments:
Option Agreement, Enovix Corporation 2006 Equity Incentive Plan and Notice of Exercise

 

 

1
       If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock
Options) cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar year.
Any excess over $100,000 is a Nonstatutory Stock Option.

     

     

    

Attachment
I

Option
Agreement

     

     

    

Attachment
II

 

Enovix
Corporation 2006 Equity Incentive Plan

     

     

    

Attachment
III

Notice
of Exercise

     

     

    

NOTICE
OF EXERCISE

 

Enovix
Corporation

3501
W. Warren Avenue

	Fremont,
    CA  94538	Date
    of Exercise: _______________

 

Ladies
and Gentlemen:

 

This
constitutes notice under my stock option that I elect to purchase the number of shares for the price set forth below.

 

	Type
    of option (check one):	Incentive  ☐	Nonstatutory  ☐

 

	Stock
    option dated:	 	 
	 	 	 
	Number
    of shares as to which option is exercised:	 	 
	 	 	 
	Certificates
    to be issued in name of:	 

 

	Total
    exercise price:	$	 	 
	 	 	 	 
	Cash
    payment delivered herewith:	$	 	 

 

By
this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the Enovix Corporation
2006 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding
obligation, if any, relating to the exercise of this option, and (iii) if this exercise relates to an incentive stock option,
to notify you in writing within fifteen (15) days after the date of any disposition of any of the shares of Common Stock issued
upon exercise of this option that occurs within two (2) years after the date of grant of this option or within one (1) year after
such shares of Common Stock are issued upon exercise of this option.

 

I
hereby make the following certifications and representations with respect to the number of shares of Common Stock of the Company
listed above (the “Shares”), which are being acquired by me for my own account upon exercise of the Option as set
forth above:

 

I
acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
and are deemed to constitute “restricted securities” under Rule 701 and “control securities” under Rule
144 promulgated under the Securities Act. I warrant and represent to the Company that I have no present intention of distributing
or selling said Shares, except as permitted under the Securities Act and any applicable state securities laws.

    1. 

     

    

I
further acknowledge that I will not be able to resell the Shares for at least ninety days (90) after the stock of the Company
becomes publicly traded (i.e., subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934) under Rule 701 and that more restrictive conditions apply to affiliates of the Company under Rule 144.

 

I
further acknowledge that all certificates representing any of the Shares subject to the provisions of the Option shall have endorsed
thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the
Company’s Articles of Incorporation, Bylaws and/or applicable securities laws.

 

I
further agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten
registration of the offering of any securities of the Company under the Securities Act, I will not sell or otherwise transfer
or dispose of any shares of Common Stock or other securities of the Company during such period (not to exceed one hundred eighty
(180) days (or such longer period, not to exceed 18 days after the expiration of the 180-day period, as the underwriters or the
Company shall request in order to facilitate compliance with FINRA Rule 2711)) following the effective date of the registration
statement of the Company filed under the Securities Act as may be requested by the Company or the representative of the underwriters.
I further agree that the Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions
until the end of such period.

 

		Very
truly yours,

 

	 	 

	 	Signature

 

	 	Print Name:	 

 

	 	Address:	 
	 	 	 
	 	 	 
	 	 

	 	Social Security No.:	 

 

	 	Email:	 

    2.

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