Document:

Exhibit
10.8

 

ENOVIX
CORPORATION

 

2016
EQUITY INCENTIVE PLAN 

 

Adopted
by the Board of Directors: April 6, 2016 

Approved
by the Stockholders: April 6, 2016 

Amended
by the Board of Directors: August 18, 2016 

Approved
by the Stockholders: March 23, 2017 

Amended
by the Board of Directors: October 30, 2017 

Approved
by the Stockholders: December 14, 2017 

Amended
by the Board of Directors: July 30, 2018 

Approved
by the Stockholders: July 30, 2018 

Amended
by the Board of Directors: November 15, 2019 

Amended
by the Board of Directors: February 14, 2020 

Approved
by the Stockholders: March 24, 2020 

Amended
by the Board of Directors: August 14, 2020

Amended by the Board of
Directors: November 13, 2020 

Approved
by the Stockholders: December 17, 2020 

Termination
Date: April 5, 2026

 

		1.	General.

 

(a)          Successor
and Continuation. The Plan is intended as the successor to and continuation of the Enovix Corporation 2006 Equity Incentive
Plan (the “Prior Plan”). Following the Effective Date, no additional stock awards may be granted under
the Prior Plan. Any unallocated shares remaining available for issuance pursuant to the exercise of options or issuance or settlement
of stock awards not previously granted under the Prior Plan as of 12:01 a.m. Pacific time on the Effective Date (the “Prior
Plan’s Available Reserve”) will cease to be available under the Prior Plan at such time and will be added
to the Share Reserve (as further described in Section 3(a) below) and be then immediately available for issuance pursuant to Stock
Awards granted hereunder. In addition, from and after 12:01 a.m. Pacific time on the Effective Date, all outstanding stock awards
granted under the Prior Plan will remain subject to the terms of the Prior Plan; provided, however, that any shares subject
to outstanding stock awards granted under the Prior Plan that (i) expire or terminate for any reason prior to exercise or settlement;
(ii) are forfeited, cancelled or otherwise returned to the Company because of the failure to meet a contingency or condition required
to vest such shares; or (iii) are reacquired, withheld (or not issued) to satisfy a tax withholding obligation in connection with
an award or to satisfy the purchase price or exercise price of a stock award (the “Returning Shares”)
will immediately be added to the Share Reserve (as further described in Section 3(a) below) as and when such shares become Returning
Shares, and become available for issuance pursuant to Stock Awards granted hereunder. All Stock Awards granted on or after 12:01
a.m. Pacific time on the Effective Date will be subject to the terms of this Plan.

 

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

 

(c)          Available
Stock Awards. The Plan provides for the grant of the following types of Stock Awards: (i) Incentive Stock Options, (ii) Nonstatutory
Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards and (vi) Other
Stock Awards.

    1. 

     

    

(d)          Purpose.
The Plan, through the grant of Stock Awards, is intended to help the Company secure and retain the services of eligible award
recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and
provide a means by which the eligible recipients may benefit from increases in value of the Common Stock.

 

		2.	Administration.

 

(a)          Administration
by the Board. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees,
as provided in Section 2(c).

 

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

 

(i)        To
determine (A) who will be granted Stock Awards; (B) when and how each Stock Award will be granted; (C) what type of Stock Award
will be granted; (D) the provisions of each Stock Award (which need not be identical), including when a person will be permitted
to exercise or otherwise receive cash or Common Stock under the Stock Award; (E) the number of shares of Common Stock subject
to, or the cash value of, a Stock Award; and (F) the Fair Market Value applicable to a Stock Award.

 

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

 

(iii)      To
settle all controversies regarding the Plan and Stock Awards granted under it.

 

(iv)      To
accelerate, in whole or in part, the time at which a Stock Award may be exercised or vest (or the time at which cash or shares
of Common Stock may be issued in settlement thereof).

 

(v)       To
suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or a Stock Award Agreement, suspension or
termination of the Plan will not impair a Participant’s rights under the Participant’s then-outstanding Stock Award
without the Participant’s written consent except as provided in subsection (viii) below.

 

(vi)      To
amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating
to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or bringing the Plan
or Stock Awards granted under the Plan into compliance with the requirements for Incentive Stock Options or ensuring that they
are exempt from, or compliant with, the requirements for nonqualified deferred compensation under Section 409A of the Code, subject
to the limitations, if any, of applicable law. If required by applicable law or listing requirements, and except as provided in
Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that
(A) materially increases the number of shares of Common Stock available for issuance under the Plan, (B) materially expands the
class of individuals eligible to receive Stock Awards under the Plan, (C) materially increases the benefits accruing to Participants
under the Plan, (D) materially reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E)
materially extends the term of the Plan, or (F) materially expands the types of Stock Awards available for issuance under the
Plan. Except as otherwise provided in the Plan or a Stock Award Agreement, no amendment of the Plan will materially impair a Participant’s
rights under an outstanding Stock Award without the Participant’s written consent.

    2. 

     

    

(vii)     To
submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy
the requirements of Section 422 of the Code regarding Incentive Stock Options.

 

(viii)    To
approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards, including,
but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Stock Award
Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; provided however, that
a Participant’s rights under any Stock Award will not be impaired by any such amendment unless (A) the Company requests
the consent of the affected Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s
rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the
amendment, taken as a whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of
applicable law, if any, the Board may amend the terms of any one or more Stock Awards without the affected Participant’s
consent (A) to maintain the qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (B)
to change the terms of an Incentive Stock Option, if such change results in impairment of the Stock Award solely because it impairs
the qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner
of exemption from, or to bring the Stock Award into compliance with, Section 409A of the Code; or (D) to comply with other applicable
laws.

 

(ix)      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 or Stock Awards.

 

(x)       To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors
or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary
for immaterial modifications to the Plan or any Stock Award Agreement that are required for compliance with the laws of the relevant
foreign jurisdiction).

 

(xi)     
To effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price
of any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of
a new (1) Option or SAR, (2) Restricted Stock Award, (3) Restricted Stock Unit Award, (4) Other Stock Award, (5) cash and/or (6)
other valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the
same or a different number of shares of Common Stock as the cancelled Stock Award and (y) granted under the Plan or another equity
or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting
principles.

 

(c)          Delegation
to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration
of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers
theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee
of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the
Board will thereafter be to the Committee or subcommittee, as applicable). Any delegation of administrative powers will be reflected
in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable).
The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the
Board some or all of the powers previously delegated.

    3. 

     

    

(d)          Delegation
to an Officer. The Board may delegate to one or more Officers the authority to do one or both of the following: (i) designate
Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock
Awards) and, to the extent permitted by applicable law, the terms of such Stock Awards, and (ii) determine the number of shares
of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions
regarding such delegation will 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. Any such Stock Awards will be granted
on the form of Stock Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in
the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in
the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant to Section 13(t) below.

 

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

 

		3.	Shares
Subject to the Plan.

 

(a)          Share
Reserve.

 

(i)        Subject
to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant
to Stock Awards from and after the Effective Date will not exceed 84,953,793 shares (the “Share Reserve”),
which is the sum of (A) 4,286,524 shares subject to the Prior Plan’s Available Reserve, (B) an additional 75,704,594 new
shares and (C) the Returning Shares, if any, which become available for grant under this Plan from time to time, in an aggregate
amount not to exceed 4,962,675 shares.

 

(ii)       For
clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that may be issued pursuant
to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a).

 

(b)          Reversion
of Shares to the Share Reserve. If a Stock Award or any portion thereof (i) expires or otherwise terminates without all of
the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash
rather than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number of shares of Common
Stock that may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award are forfeited
back to or repurchased by the Company because of the failure to meet a contingency or condition required to vest such shares in
the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under
the Plan. Any shares reacquired by the Company in satisfaction of tax withholding obligations on a Stock Award or as consideration
for the exercise or purchase price of a Stock Award will again become available for issuance under the Plan.

 

(c)          Incentive
Stock Option Limit. Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments, the aggregate maximum
number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be a number of shares
of Common Stock equal to three multiplied by the Share Reserve.

    4. 

     

    

(d)          Source
of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including
shares repurchased by the Company on the open market or otherwise.

 

		4.	Eligibility.

 

(a)          Eligibility
for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent corporation”
or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards
other than Incentive Stock Options may be granted to Employees, Directors and Consultants; provided, however, that Stock
Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent”
of the Company, as such term is defined in Rule 405, unless (i) the stock underlying such Stock Awards is treated as “service
recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate
transaction such as a spin off transaction), (ii) the Company, in consultation with its legal counsel, has determined that such
Stock Awards are otherwise exempt from Section 409A of the Code, or (iii) the Company, in consultation with its legal counsel,
has determined that such Stock Awards comply with the distribution requirements of Section 409A of the Code.

 

(b)          Ten
Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of
such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration
of five years from the date of grant.

 

(c)          Consultants.
A Consultant will not be eligible for the grant of a Stock Award if, at the time of grant, either the offer or sale of the Company’s
securities to such Consultant is not exempt under 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 any other provision of Rule 701, unless the Company
determines that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the Securities
Act as well as comply with the securities laws of all other relevant jurisdictions.

 

		5.	Provisions
Relating to Options and Stock Appreciation Rights.

 

Each
Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will
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 will be issued for shares of Common Stock purchased on exercise of each type of
Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive
Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then
the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical;
provided, however, that each Stock Award Agreement will conform to (through incorporation of provisions hereof by reference
in the applicable Stock Award Agreement or otherwise) the substance of each of the following provisions:

 

(a)          Term.
Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration
of 10 years from the date of its grant or such shorter period specified in the Stock Award Agreement.

 

(b)          Exercise
Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each
Option or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date
the Stock Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower
than 100% of the Fair Market Value of the Common Stock subject to the Stock Award if such Stock Award is granted pursuant to an
assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner
consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated
in shares of Common Stock equivalents.

    5. 

     

    

(c)          Purchase
Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid, to the extent
permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment
set forth below. The Board will have the authority to grant Options that do not permit all of the following methods of payment
(or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use
a particular method of payment. The permitted methods of payment are as follows:

 

(i)         by
cash, check, bank draft or money order payable to the Company;

 

(ii)        pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock
subject to the Option, 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;

 

(iii)       by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv)       if
an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce
the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that
does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from
the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the
number of whole shares to be issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable
thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net
exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy
tax withholding obligations;

 

(v)        according
to a deferred payment or similar arrangement with the Optionholder; provided, however, that interest will compound at least
annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company
and compensation income to the Optionholder under any applicable provisions of the Code, and (B) the classification of the Option
as a liability for financial accounting purposes; or

 

(vi)       in
any other form of legal consideration that may be acceptable to the Board and specified in the applicable Stock Award Agreement.

 

(d)          Exercise
and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Company
in compliance with the provisions of the Stock Appreciation Right Agreement evidencing such SAR. The appreciation distribution
payable on the exercise of a SAR 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 SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents
in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date,
over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising
the SAR on such date. The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in
any other form of consideration, as determined by the Board and contained in the Stock Award Agreement evidencing such SAR.

    6. 

     

    

(e)          Transferability
of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability of Options and
SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions
on the transferability of Options and SARs will apply:

 

(i)        Restrictions
on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution (or pursuant
to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant.
The Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except
as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for consideration.

 

(ii)       Domestic
Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant
to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as
permitted by Treasury Regulation 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory
Stock Option as a result of such transfer.

 

(iii)      Beneficiary
Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice
to the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the death of the
Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting
from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or administrator of
the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration
resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any
conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.

 

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

 

(g)          Termination
of Continuous Service. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the
Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon
the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant
was entitled to exercise such Stock Award as of the date of termination of Continuous Service) within the period of time ending
on the earlier of (i) the date three months following the termination of the Participant’s Continuous Service (or such longer
or shorter period specified in the applicable Stock Award Agreement, which period will not be less than 30 days if necessary to
comply with applicable laws unless such termination is for Cause) and (ii) the expiration of the term of the Option or SAR as
set forth in the Stock Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or
her Option or SAR (as applicable) within the applicable time frame, the Option or SAR will terminate.

    7. 

     

    

(h)          Extension
of Termination Date. If the exercise of an Option or SAR following the termination of the Participant’s Continuous Service
(other than for Cause and other than upon the Participant’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 or SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal
to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during
which the exercise of the Option or SAR would not be in violation of such registration requirements, and (ii) the expiration of
the term of the Option or SAR as set forth in the applicable Stock Award Agreement. In addition, unless otherwise provided in
a Participant’s Stock Award Agreement, if the sale of any Common Stock received upon exercise of an Option or SAR following
the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider
trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of the period of time (that need not
be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous
Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the
Company’s insider trading policy, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable
Stock Award Agreement.

 

(i)           Disability
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant
and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the
Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or
SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the
date 12 months following such termination of Continuous Service (or such longer or shorter period specified in the Stock Award
Agreement, which period will not be less than six months if necessary to comply with applicable laws unless such termination is
for Cause), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination
of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option
or SAR (as applicable) will terminate.

 

(j)           Death
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant
and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii)
the Participant dies within the period (if any) specified in the Stock Award Agreement for exercisability after the termination
of the Participant’s Continuous Service (for a reason other than death), then the Option or SAR may be exercised (to the
extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate,
by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise
the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date 18 months
following the date of death (or such longer or shorter period specified in the Stock Award Agreement, which period will not be
less than six months if necessary to comply with applicable laws unless such termination is for Cause), and (ii) the expiration
of the term of such Option or SAR as set forth in the Stock Award Agreement. If, after the Participant’s death, the Option
or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.

 

(k)        
Termination for Cause. Except as explicitly provided otherwise in a Participant’s Stock Award Agreement or other individual
written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated
for Cause, the Option or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and the
Participant will be prohibited from exercising his or her Option or SAR from and after the date of such termination of Continuous
Service.

    8. 

     

    

(l)           Non-Exempt
Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards
Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six months
following the date of grant of the Option or SAR (although the Stock Award may vest prior to such date). Consistent with the provisions
of the Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction
in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s
retirement (as such term may be defined in the Participant’s Stock Award Agreement, in another agreement between the Participant
and the Company, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines),
the vested portion of any Options and SARs may be exercised earlier than six months following the date of grant. The foregoing
provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting
of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance
with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise,
vesting or issuance of any shares under any other Stock Award will be exempt from the employee’s regular rate of pay, the
provisions of this Section 5(l) will apply to all Stock Awards and are hereby incorporated by reference into such Stock Award
Agreements.

 

(m)         Early
Exercise of Options. An 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 8(l),
any unvested shares of Common Stock so purchased may be subject to a repurchase right in favor of the Company or to any other
restriction the Board determines to be appropriate. Provided that the “Repurchase Limitation” in Section 8(l) is not
violated, the Company will not be required to exercise its repurchase right until at least six 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 Agreement.

 

(n)          Right
of Repurchase. Subject to the “Repurchase Limitation” in Section 8(l), the Option or SAR may include a provision
whereby the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Participant pursuant
to the exercise of the Option or SAR.

 

(o)          Right
of First Refusal. The Option or SAR may include a provision whereby the Company may elect to exercise a right of first refusal
following receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common Stock received
upon the exercise of the Option or SAR. Such right of first refusal will be subject to the “Repurchase Limitation”
in Section 8(l). Except as expressly provided in this Section 5(o) or in the Stock Award Agreement, such right of first refusal
will otherwise comply with any applicable provisions of the bylaws of the Company.

    9. 

     

    

		6.	Provisions
of Stock Awards Other than Options and SARs.

 

(a)          Restricted
Stock Awards. Each Restricted Stock Award Agreement will be in such form and will contain such terms and conditions as the
Board will deem appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of
Common Stock underlying a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions
until any restrictions relating to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate will
be held in such form and manner as determined by the Board. The terms and conditions of 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. Each
Restricted Stock Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement
or otherwise) the substance of each of the following provisions:

 

(i)         Consideration.
A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company,
(B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that
may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)        Vesting.
Subject to the “Repurchase Limitation” in Section 8(l), shares of Common Stock awarded under the Restricted Stock
Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board.

 

(iii)       Termination
of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may receive
through a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant that have
not vested as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

(iv)       Transferability.
Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement will be transferable by the Participant only
upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole
discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted
Stock Award Agreement.

 

(v)        Dividends.
A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock will be subject to the same vesting
and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

 

(b)          Restricted
Stock Unit Awards. Each Restricted Stock Unit Award Agreement will be in such form and will contain such terms and conditions
as the will Board deem appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to
time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical. Each Restricted Stock
Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise)
the substance of each of the following provisions:

 

(i)         Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant
upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any)
by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration
that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)        Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting
of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii)       Payment.
A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.

 

(iv)       Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such
restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted
Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

    10. 

     

    

(v)         Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit
Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board,
such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in
such manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of
such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock Unit Award
Agreement to which they relate.

 

(vi)       Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement,
such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination
of Continuous Service.

 

(vii)      Compliance
with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any Restricted Stock Unit Award
granted under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such provisions so that
such Restricted Stock Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions, if any, shall
be determined by the Board and contained in the Restricted Stock Unit Award Agreement evidencing such Restricted Stock Unit Award.
For example, such restrictions may include, without limitation, a requirement that any Common Stock that is to be issued in a
year following the year in which the Restricted Stock Unit Award vests must be issued in accordance with a fixed pre-determined
schedule.

 

(c)          Other
Stock Awards. Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock,
including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100%
of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock Awards
provided for under Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board
will have sole and complete authority to determine the persons to whom and the time or times at which such Other Stock Awards
will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock
Awards and all other terms and conditions of such Other Stock Awards.

 

		7.	Covenants
of the Company.

 

(a)          Availability
of Shares. The Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy
then-outstanding Stock Awards.

 

(b)          Securities
Law Compliance. The Company will 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 will 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 and
at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel
for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will 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. A Participant will not be eligible for the grant of a Stock Award or the subsequent issuance of cash or Common Stock
pursuant to the Stock Award if such grant or issuance would be in violation of any applicable securities law.

    11. 

     

    

(c)          No
Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder
as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise
advise such holder of a pending termination or expiration of a Stock Award or a possible period in which the Stock Award may not
be exercised. The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock
Award.

 

		8.	Miscellaneous.

 

(a)          Use
of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards will constitute
general funds of the Company.

 

(b)          Corporate
Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the Company of a Stock Award to any Participant
will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when
the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received or accepted by, the
Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate
action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent
with those in the Stock Award Agreement or related grant documents as a result of a clerical error in the papering of the Stock
Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding
right to the incorrect term in the Stock Award Agreement or related grant documents.

 

(c)          Stockholder
Rights. No Participant will 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 a Stock Award unless and until (i) such Participant has satisfied all requirements for exercise of,
or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms, and (ii) the issuance of the Common Stock
subject to the Stock Award has been entered into the books and records of the Company.

 

(d)          No
Employment or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or any other instrument executed thereunder
or in connection with any Stock Award granted pursuant thereto will 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 will 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.

 

(e)          Change
in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or her services
for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company
and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence)
after the date of grant of any Stock Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding
reduction in the number of shares subject to any portion of such Stock Award that is scheduled to vest or become payable after
the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or
payment schedule applicable to such Stock Award. In the event of any such reduction, the Participant will have no right with respect
to any portion of the Stock Award that is so reduced or extended.

    12. 

     

    

(f)           Incentive
Stock Option Limitations. 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 any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise
does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according
to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options,
notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(g)          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 the Participant 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, will be inoperative if (A) the issuance of the shares 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 (B) 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.

 

(h)          Withholding
Obligations. Unless prohibited by the terms of a Stock Award Agreement, the Company may, in its sole discretion, satisfy any
federal, state or local tax withholding obligation relating to a Stock Award by any of the following means or by a combination
of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of
Common Stock issued or otherwise issuable to the Participant in connection with 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
lesser amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes);
(iii) withholding cash from a Stock Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the
Participant; or (v) by such other method as may be set forth in the Stock Award Agreement.

 

(i)           Electronic
Delivery. Any reference herein to a “written” agreement or document will include any agreement or document delivered
electronically or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which
the Participant has access).

 

(j)           Deferrals.
To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock
or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be deferred and may
establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in
accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while
a Participant is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals of
Stock Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments,
following the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent
with the provisions of the Plan and in accordance with applicable law.

    13. 

     

    

(k)          Compliance
with Section 409A of the Code. To the extent that the Board determines that any Stock Award granted hereunder is subject to
Section 409A of the Code, the Stock Award Agreement evidencing such Stock Award shall incorporate the terms and conditions necessary
to avoid the consequences specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Stock Award Agreements
shall be interpreted in accordance with Section 409A of the Code. Notwithstanding anything to the contrary in the Plan (and unless
the Stock Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant
holding a Stock Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified
employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation
from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued
or paid before the date that is six months following the date of such Participant’s “separation from service”
(as defined in Section 409A of the Code without regard to alternative definitions thereunder) or, if earlier, the date of the
Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the
Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance
paid thereafter on the original schedule.

 

(l)           Repurchase
Limitation. The terms of any repurchase right will be specified in the Stock Award Agreement. The repurchase price for vested
shares of Common Stock will be the Fair Market Value of the shares of Common Stock on the date of repurchase. The repurchase price
for unvested shares of Common Stock will be 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. However, the Company will not exercise its repurchase right until at least six
months (or such longer or shorter period of time necessary to avoid classification of the Stock Award as a liability for financial
accounting purposes) have elapsed following delivery of shares of Common Stock subject to the Stock Award, unless otherwise specifically
provided by the Board.

 

		9.	Adjustments
upon Changes in Common Stock; Other Corporate Events.

 

(a)          Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the
class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number
of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), and (iii) the class(es)
and number of securities and price per share of stock subject to outstanding Stock Awards. The Board will make such adjustments,
and its determination will be final, binding and conclusive.

 

(b)          Dissolution
or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution or liquidation of
the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock
not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to the completion
of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject
to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Stock
Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion, cause some or all
Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock
Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

    14. 

     

    

(c)          Corporate
Transaction. The following provisions will apply to Stock Awards in the event of a Corporate Transaction unless otherwise
provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any Affiliate and
the Participant or unless otherwise expressly provided by the Board at the time of grant of a Stock Award. In the event of a Corporate
Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with
respect to Stock Awards, contingent upon the closing or completion of the Corporate Transaction:

 

(i)        arrange
for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume
or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award
to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction);

 

(ii)       arrange
for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to
the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent
company);

 

(iii)      accelerate
the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised)
to a date prior to the effective time of such Corporate Transaction as the Board determines (or, if the Board does not determine
such a date, to the date that is five days prior to the effective date of the Corporate Transaction), with such Stock Award terminating
if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction; provided, however, that
the Board may require Participants to complete and deliver to the Company a notice of exercise before the effective date of a
Corporate Transaction, which exercise is contingent upon the effectiveness of such Corporate Transaction;

 

(iv)       arrange
for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Stock Award;

 

(v)        cancel
or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the
Corporate Transaction, in exchange for such cash consideration (including no consideration) as the Board, in its sole discretion,
may consider appropriate; and

 

(vi)       make
a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant
would have received upon the exercise of the Stock Award immediately prior to the effective time of the Corporate Transaction,
over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment may be zero ($0)
if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the
same extent that payment of consideration to the holders of the Company’s Common Stock in connection with the Corporate
Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.

 

The
Board need not take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants.
The Board may take different actions with respect to the vested and unvested portions of a Stock Award.

 

(d)          Change
in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in
Control 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 will occur.

    15. 

     

    

		10.	Plan
Term; Earlier Termination or Suspension of the Plan.

 

(a)          Plan
Term. The Board may suspend or terminate the Plan at any time. Unless terminated sooner by the Board, the Plan will automatically
terminate on the day before the 10th anniversary of the earlier of (i) the date the Plan is adopted by the Board, or (ii) the
date the Plan is approved by the stockholders of the Company. 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 will not impair rights and obligations under any Stock Award granted
while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan.

 

		11.	Effective
Date of Plan.

 

This
Plan will become effective on the Effective Date.

 

		12.	Choice
of Law.

 

The
laws of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan,
without regard to that state’s conflict of laws rules.

 

		13.	Definitions.
As used in the Plan, the following definitions
will apply to the capitalized terms indicated below:

 

(a)          “Affiliate”
means, at the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such
terms are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent”
or “majority-owned subsidiary” status is determined within the foregoing definition.

 

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

 

(c)          “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject
to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through
merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash,
large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares,
change in corporate structure, or any similar equity restructuring transaction, as that term is used in Statement of Financial
Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing,
the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

(d)          “Cause”
will have the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term
and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following
events: (i) such Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under
the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in,
a fraud or act of dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract
or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s
unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (v) such Participant’s
gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without
Cause will be made by the Company, in its sole discretion. Any determination by the Company that the Continuous Service of a Participant
was terminated with or without Cause for the purposes of outstanding Stock Awards held by such Participant will have no effect
upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

    16. 

     

    

(e)         
“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 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 will not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor,
any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series
of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities
or (C) 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 will be deemed to occur;

 

(ii)       there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, 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 50% of the combined
outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of
the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction,
in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately
prior to such transaction; or

 

(iii)      there
is consummated a sale, lease, exclusive 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 50% of the combined voting power of the voting securities of
which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting
securities of the Company immediately prior to such sale, lease, license or other disposition; or

 

(f)           “Code”
means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(g)          “Committee”
means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 

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

    17. 

     

    

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

 

(j)           “Consultant”
means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services
and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated
for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be
considered a “Consultant” for purposes of the Plan.

 

(k)          “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, Director or Consultant 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, will
not terminate a Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is
rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant’s
Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example,
a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption
of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s
sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence
approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers
between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will 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, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required
by law.

 

(l)           “Corporate
Transaction” means the consummation, 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 sole discretion, of the consolidated
assets of the Company and its Subsidiaries;

 

(ii)       a
sale or other disposition of at least 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.

 

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

 

(n)          “Disability”
means, with respect to a Participant, the inability of such Participant 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 that has lasted or can
be expected to last for a continuous period of not less than twelve (12) months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i)
of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the
circumstances.

    18. 

     

    

(o)           “Effective
Date” means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved
by the Company’s stockholders, and (ii) the date this Plan is adopted by the Board.

 

(p)          “Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such
services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(q)          “Entity”
means a corporation, partnership, limited liability company or other entity.

 

(r)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(s)          “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” will not include (i) the Company or any Subsidiary of the
Company, (ii) 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, (iii) an underwriter temporarily holding
securities pursuant to a registered public offering of such securities, (iv) 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; or (v) any natural person, Entity
or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the
Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s
then outstanding securities.

 

(t)           “Fair
Market Value” means, as of any date, the value of the Common Stock determined by the Board in compliance with Section
409A of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code.

 

(u)          “Incentive
Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and that qualifies
as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

(v)           “Nonstatutory
Stock Option” means an option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock
Option.

 

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

 

(x)          “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

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

 

(z)          “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.

    19. 

     

    

(aa)
       “Other Stock Award” means an award based in whole or in
part by reference to the Common Stock which is granted pursuant to the terms and conditions of Section 6(c).

 

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

 

(cc)        “Own,”
 “Owned,” “Owner,” “Ownership” A person or Entity
will 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.

 

(dd)        “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.

 

(ee)        “Plan”
means this 2015 Equity Incentive Plan.

 

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

 

(gg)       “Restricted
Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing
the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement will be subject to the terms
and conditions of the Plan.

 

(hh)       “Restricted
Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions
of Section 6(b).

 

(ii)         “Restricted
Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit
Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement will
be subject to the terms and conditions of the Plan.

 

(jj)         “Rule
405” means Rule 405 promulgated under the Securities Act.

 

(kk)      “Rule
701” means Rule 701 promulgated under the Securities Act.

 

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

 

(mm)     “Stock
Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock
that is granted pursuant to the terms and conditions of Section 5.

 

(nn)       “Stock
Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation
Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be
subject to the terms and conditions of the Plan.

 

(oo)        “Stock
Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right or any Other Stock Award.

    20. 

     

    

(pp)        “Stock
Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions
of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan.

 

(qq)        “Subsidiary”
means, with respect to the Company, (i) any corporation of which more than 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 will 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, limited liability company or other entity
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 50%.

 

(rr)        “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 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.

    21.Exhibit
10.9

 

Enovix
Corporation

2016 Equity Incentive Plan

Option Agreement

(Incentive Stock Option or Nonstatutory Stock Option)

 

Pursuant
to your Stock Option Grant Notice (“Stock Option Grant Notice”) and this Option Agreement (this “Option
Agreement”), Enovix Corporation (the “Company”) has granted you an option under its 2016
Equity Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s Common Stock
indicated in your Stock Option Grant Notice at the exercise price indicated in your Stock Option Grant Notice. The option is granted
to you effective as of the date of grant set forth in the Stock Option Grant Notice (the “Date of Grant”).
If there is any conflict between the terms in this Option Agreement and the Plan, the terms of the Plan will control. Capitalized
terms not explicitly defined in this Option Agreement or in the Stock Option Grant Notice but defined in the Plan will have the
same definitions as in the Plan.

 

The
details of your option, in addition to those set forth in the Stock Option Grant Notice and the Plan, are as follows:

 

1.           Vesting.
Your option will vest as provided in your Stock Option Grant Notice. 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 in your Stock Option Grant Notice will be adjusted for Capitalization Adjustments.

 

3.           Exercise
Restriction for Non-Exempt Employees. If you are an Employee eligible for overtime compensation under the Fair Labor
Standards Act of 1938, as amended (that is, a “Non-Exempt Employee”), and except as otherwise provided
in the Plan, you may not exercise your option until you have completed at least six (6) months of Continuous Service measured
from the Date of Grant, even if you have already been an employee for more than six (6) months. Consistent with the provisions
of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such six (6) month anniversary
in the case of (i) your death or disability, (ii) a Corporate Transaction in which your option is not assumed, continued or substituted,
(iii) a Change in Control or (iv) your termination of Continuous Service on your “retirement” (as defined in the Company’s
benefit plans).

 

4.           Incentive
Stock Option Limitation. If your option is an Incentive Stock Option, then, to the extent that the aggregate Fair Market
Value (determined at the Date of Grant) of the shares of Common Stock with respect to which your option plus all other Incentive
Stock Options you hold are exercisable for the first time by you during any calendar year (under all plans of the Company and
its Affiliates) exceeds one hundred thousand dollars ($100,000), your option(s) or portions thereof that exceed such limit (according
to the order in which they were granted) will be treated as Nonstatutory Stock Options.

     

     

    

 

5.           Method
of Payment. You must pay the full amount of the exercise price for the shares you wish to exercise. You may pay the
exercise price in cash or by check, bank draft, wire transfer or money order payable to the Company or in any other manner permitted
by your Stock Option Grant Notice, which may include one or more of the following:

 

(a)          Provided
that at the time of exercise the Common Stock is publicly traded, 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.
This manner of payment is also known as a “broker-assisted exercise”, “same day sale”, or “sell
to cover”.

 

(b)          Provided
that at the time of exercise the Common Stock is publicly traded, 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. “Delivery” for these purposes, in the sole discretion
of the Company at the time you exercise your option, will include delivery to the Company of your attestation of ownership of
such shares of Common Stock in a form approved by the Company. You may not exercise your option by delivery to the Company of
Common Stock if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s
stock.

 

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

 

7.           Securities
Law Compliance. In no event may you exercise your option unless the shares of Common Stock issuable upon exercise are
then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the issuance
of the shares would be exempt from the registration requirements of the Securities Act. The exercise of your option also must
comply with all 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 (including any restrictions on
exercise required for compliance with Treas. Reg. 1.401(k)-1(d)(3), if applicable).

 

8.           Term.
    You may not exercise your option before the Date of Grant or after the expiration of the option’s term. The term
of your option expires, subject to the provisions of Section 5(h) of the Plan, upon the earliest of the following:

 

(a)          immediately
upon the termination of your Continuous Service for Cause;

 

(b)          thirty
(30) days after the termination of your Continuous Service for any reason other than Cause, your Disability, or your death (except
as otherwise provided in Section 8(d) below); provided, however, that if during any part of such three-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 will not expire until the earlier of the Expiration Date or until it has been exercisable for an
aggregate period of three (3) months after the termination of your Continuous Service; provided further, that if (i) you
are a Non-Exempt Employee, (ii) your Continuous Service terminates within six (6) months after the Date of Grant, and (iii) you
have vested in a portion of your option at the time of your termination of Continuous Service, your option will not expire until
the earlier of (x) the later of (A) the date that is seven (7) months after the Date of Grant, and (B) the date that is three
(3) months after the termination of your Continuous Service, and (y) the Expiration Date;

 

(c)          twelve
(12) months after the termination of your Continuous Service due to your Disability (except as otherwise provided in Section 8(d))
below;

     

     

    

 

(d)          twelve
(12) months after your death if you die either during your Continuous Service or within three (3) months after your Continuous
Service terminates for any reason other than Cause;

 

(e)          the
Expiration Date indicated in your Stock Option Grant Notice; and

 

(f)           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 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
Disability. 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.

 

9.           Exercise.

 

(a)         You
may exercise the vested portion of your option during its term by (i) delivering a Notice of Exercise (in a form designated by
the Company) or completing such other documents and/or procedures designated by the Company for exercise and (ii) paying the exercise
price and any applicable withholding taxes to the Company’s Secretary, stock plan administrator, or such other person as
the Company may designate, 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 (i) the exercise of your option, or (ii) the disposition of shares of Common Stock acquired upon such exercise.

 

(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 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 will 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 with respect to 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 the underwriters or the Company will request to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any
successor or similar rule or regulation (the “Lock-Up Period”); provided, however,
that nothing contained in this section will 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 or the underwriters 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. You also agree that any transferee of any shares of Common Stock (or other
securities) of the Company held by you will be bound by this Section 9(d). The underwriters of the Company’s stock are
intended third party beneficiaries of this Section 9(d) and will have the right, power and authority to enforce the
provisions hereof as though they were a party hereto.

     

     

    

 

10.         Transferability.
Except as otherwise provided in this Section 10, 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.

 

(a)          Certain
Trusts. Upon receiving written permission from the Board or its duly authorized designee, 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. You and the trustee must enter into transfer and other agreements required by the Company.

 

(b)          Domestic
Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and provided that you
and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your option pursuant
to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as
permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to effectuate the transfer.
You are encouraged to discuss the proposed terms of any division of this option with the Company prior to finalizing the domestic
relations order or marital settlement agreement to help ensure the required information is contained within the domestic relations
order or marital settlement agreement. If this option is an Incentive Stock Option, this option may be deemed to be a Nonstatutory
Stock Option as a result of such transfer.

 

(c)          Beneficiary
Designation. Upon receiving written permission from the Board or its duly authorized designee, you may, by delivering written
notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises,
designate a third party who, on your death, will thereafter be entitled to exercise this option and receive the Common Stock or
other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your
estate will be entitled to exercise this option and receive, on behalf of your estate, the Common Stock or other consideration
resulting from such exercise.

 

11.         Limitations
on Transfer. In addition to any other limitation on transfer created by applicable securities laws, you will not assign,
encumber or dispose of any interest in the shares of Common Stock you acquire pursuant to the exercise of your option except in
compliance with the provisions below and applicable securities laws.

 

(a)          Right
of First Refusal. Before any shares held by you or any transferee of yours (either
being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer
by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the shares on the
terms and conditions set forth in this Section 11 (the “Right of First Refusal”).

 

(i)       Notice
of Proposed Transfer. The Holder of the shares shall deliver to the Company a written notice (the “Notice”)
stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed
purchaser or other transferee (“Proposed Transferee”); (iii) the number of shares to be transferred
to each Proposed Transferee; and (iv) the terms and conditions of each proposed sale or transfer. The Holder shall offer the shares
at the same price (the “Offered Price”) and upon the same terms (or terms as similar as reasonably possible)
to the Company or its assignee(s).

     

     

    
 

(ii)      Exercise
of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s)
may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the shares proposed to be transferred
to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (iii) below.

 

(iii)     Purchase
Price. The purchase price (“Purchase Price”) for the shares purchased by the Company or its assignee(s)
under this Section 11(a) shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent
value of the non-cash consideration shall be determined by the Board in good faith.

 

(iv)      Payment.
Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation
of all or a portion of any outstanding indebtedness, or by any combination thereof within 30 days after receipt of the Notice
or in the manner and at the times set forth in the Notice.

 

(v)       Holder’s
Right to Transfer. If all of the shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased
by the Company and/or its assignee(s) as provided in this Section 11(a), then the Holder may sell or otherwise transfer such shares
to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated
within 60 days after the date of the Notice and provided further that any such sale or other transfer is effected in accordance
with any applicable securities laws and the Proposed Transferee agrees in writing that the provisions of this Section 11 shall
continue to apply to the shares in the hands of such Proposed Transferee. If the shares described in the Notice are not transferred
to the Proposed Transferee within such period, or if the Holder proposes to change the price or other terms to make them more
favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the Company and/or its assignees shall again
be offered the Right of First Refusal before any shares held by the Holder may be sold or otherwise transferred.

 

(vi)      Exception
for Certain Family Transfers. Anything to the contrary contained in this Section 11(a) notwithstanding, the transfer of any
or all of the shares during your lifetime or on your death by will or intestacy to your Immediate Family or a trust for the benefit
of your Immediate Family shall be exempt from the provisions of this Section 11(a). “Immediate Family”
as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee
or other recipient shall receive and hold the shares so transferred subject to the provisions of this Section, and there shall
be no further transfer of such shares except in accordance with the terms of this Section 11.

 

(b)          Involuntary
Transfer. 

 

(i)       Company’s
Right to Purchase upon Involuntary Transfer. In the event, at any time after the date of this Option Agreement, of any transfer
by operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as
set forth in Section 11(a)(vi) above) of all or a portion of the shares by the record holder thereof, the Company shall have an
option to purchase all of the shares transferred at the greater of the exercise price paid by you for the shares or the Fair Market
Value of the shares on the date of transfer. Upon such a transfer, the person acquiring the shares shall promptly notify the Secretary
of the Company of such transfer. The right to purchase such shares shall be provided to the Company for a period of thirty (30)
days following receipt by the Company of written notice by the person acquiring the shares.

     

     

    
 

(ii)      Price
for Involuntary Transfer. With respect to any stock to be transferred pursuant to Section 11(b)(i), the price per share will
be a price set by the Board that will reflect the current value of the stock in terms of present earnings and future prospects
of the Company. The Company will notify you or your executor of the price so determined within thirty (30) days after receipt
by it of written notice of the transfer or proposed transfer of Shares. However, if you do not agree with the valuation as determined
by the Board, you will be entitled to have the valuation determined by an independent appraiser to be mutually agreed upon by
the Company and you and whose fees shall be borne equally by the Company and you.

 

(c)          Assignment.
The right of the Company to purchase any part of the shares may be assigned in whole or in part to any shareholder or shareholders
of the Company or other persons or organizations.

 

(d)          Restrictions
Binding on Transferees. All transferees of shares or any interest therein will receive and hold such shares or interest subject
to the provisions of this Option Agreement. Any sale or transfer of the Company’s shares shall be void unless the provisions
of this Option Agreement are satisfied.

 

(e)          Termination
of Rights. The right of first refusal granted the Company by Section 11(a) above and the option to repurchase the shares in
the event of an involuntary transfer granted the Company by Section 11(b) above shall terminate upon the first sale of Common
Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities
and Exchange Commission under the Securities Act. Upon termination of the right of first refusal described in Section 11(a) above,
a new certificate or certificates representing the shares not repurchased shall be issued, on request, without the legend referred
to in Section 11(a)(ii) herein and delivered to you.

 

12.         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 will have the right to repurchase all or any part of the shares of Common Stock you acquire pursuant to
the exercise of your option. In addition, the Company will have the right to repurchase all of the shares of Common Stock you
acquire pursuant to the exercise of your option upon termination of your Continuous Service for Cause. Such repurchase will be
at the exercise price you paid to acquire the shares and will be effected pursuant to such other terms and conditions, and at
such time, as the Company shall determine.

 

13.         Option
not a Service Contract. Your option is not an employment or service contract, and nothing in your option will 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 will 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.

 

14.         Withholding
Obligations.

 

(a)          At
the time you exercise your option, in whole or in part, and 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 “same day sale” 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)          If
this option is a Nonstatutory Stock Option, then upon your request and subject to approval by the Company, 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). 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 will 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,
if applicable, unless such obligations are satisfied.

 

15.         Tax
Consequences. You hereby agree that the Company does not have a duty to design or administer the Plan or its other
compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any
of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation.
In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified
in the Stock Option Grant Notice is at least equal to the “fair market value” per share of the Common Stock on the
Date of Grant and there is no other impermissible deferral of compensation associated with the option. Because the Common Stock
is not traded on an established securities market, the Fair Market Value is determined by the Board, perhaps in consultation with
an independent valuation firm retained by the Company. You acknowledge that there is no guarantee that the Internal Revenue Service
will agree with the valuation as determined by the Board, and you will not make any claim against the Company, or any of its Officers,
Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that the valuation determined by the
Board is less than the “fair market value” as subsequently determined by the Internal Revenue Service.

 

16.         Notices.
Any notices provided for in your option or the Plan will be given in writing (including electronically) and will 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. The Company
may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic
means or to request your consent to participate in the Plan by electronic means. By accepting this option, you consent to receive
such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained
by the Company or another third party designated by the Company.

     

     

    

Enovix
Corporation

Stock Option Grant Notice

(2016 Equity Incentive Plan)

 

Enovix
Corporation (the “Company”), pursuant to its 2016 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 in this stock option grant notice (this “Stock
Option Grant Notice”), in the Option Agreement, the Plan and the Notice of Exercise, all of which are attached hereto
and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Option
Agreement will have the same definitions as in the Plan or the Option Agreement. If there is any conflict between the terms herein
and the Plan, the terms of the Plan will control.

 

	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):
	 	 	 
	 	x	By cash, check, bank draft, wire transfer or money order payable to the Company
	 	x	Pursuant to a Regulation T Program if the shares are publicly traded
	 	x	By delivery of already-owned shares if the shares are publicly traded
	 	 ̈	By deferred payment
	 	x	If and only to the extent this Option is a Nonstatutory Stock Option, and subject to the Company’s consent at the time of exercise, by a “net exercise” arrangement

 

Additional
Terms/Acknowledgements: Optionholder acknowledges receipt of, and understands and agrees to, this Stock Option Grant Notice,
the Option Agreement and the Plan. Optionholder acknowledges and agrees that this Stock Option Grant Notice and the Option Agreement
may not be modified, amended or revised except as provided in 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 this option award and supersede all prior oral and written agreements, promises and/or representations
on that subject with the exception of (i) options previously granted and delivered to Optionholder, (ii) any compensation recovery
policy that is adopted by the Company or is otherwise required by applicable law and (iii) any written employment or severance
arrangement that would provide for vesting acceleration of this option upon the terms and conditions set forth therein.

 

	Other Agreements:	 	 
	 	 	 

 

 

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.

     

     

    

By
accepting this option, Optionholder consents to receive such documents by electronic delivery and to participate in the Plan through
an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 

	Enovix Corporation	 	Optionholder
	 	 	 	 
	By:	 	 	 	 
	 	Harrold Rust	 	Signature
	 	President and Chief Executive Officer	 	 	 

 

	Date:	 	 	Date:	 

 

Attachments:
Option Agreement, 2016 Equity Incentive Plan and Notice of Exercise

     

     

    

Attachment
I

 

Option
Agreement

     

     

    

Attachment
II

 

Enovix
Corporation 2016 Equity Incentive Plan

     

     

    

Attachment
III

 

Notice
of Exercise

     

     

    

NOTICE
OF EXERCISE

 

Enovix
Corporation

3501
W. Warren Avenue

	Fremont, CA
94538 	Date of Exercise: _______________

 

This
constitutes notice to Enovix Corporation (the “Company”) under my stock option that I elect to purchase
the below number of shares of Common Stock of the Company (the “Shares”) for the exercise 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:	$	 	$	 
	 	 	 
	Regulation T Program (cashless exercise1):	$	 	$	 
	 	 	 
	Value of ________ Shares delivered herewith2:	$	 	$		]

 

By
this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the Enovix Corporation
2016 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 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
are issued upon exercise of this option.

 

I
hereby make the following certifications and representations with respect to the number of Shares listed above, which are being
acquired by me for my own account upon exercise of the option as set forth above:

 

 

1
Shares must meet the public trading requirements set forth in the option agreement.

2
Shares must meet the public trading requirements set forth in the option. Shares must be valued in accordance with the terms
of the option being exercised, and must be owned free and clear of any liens, claims, encumbrances or security interests. Certificates
must be endorsed or accompanied by an executed assignment separate from certificate.

     

     

    

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 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.

 

I
further acknowledge that I will not be able to resell the Shares for at least ninety (90) days 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, 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 with respect to any shares of Common Stock or other securities of the Company 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 the underwriters or the Company shall request to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472
or any successor or similar rule or regulation) (the “Lock-Up Period”). I further agree to execute and
deliver such other agreements as may be reasonably requested by the Company or the underwriters 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 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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