<SEC-DOCUMENT>0001213900-26-059662.txt : 20260520
<SEC-HEADER>0001213900-26-059662.hdr.sgml : 20260520
<ACCEPTANCE-DATETIME>20260520172807
ACCESSION NUMBER:		0001213900-26-059662
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		21
FILED AS OF DATE:		20260520
DATE AS OF CHANGE:		20260520
EFFECTIVENESS DATE:		20260520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merlin, Inc.
		CENTRAL INDEX KEY:			0002028707
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-296087
		FILM NUMBER:		261005199

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		9177692999

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS
		STREET 2:		47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INFLECTION POINT ACQUISITION CORP. IV
		DATE OF NAME CHANGE:	20251021

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Bleichroeder Acquisition Corp. I
		DATE OF NAME CHANGE:	20240627
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>ea0291542-s8_merlin.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on May 20, 2026</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><I>Under
</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><I>The
Securities Act of 1933 </I></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Merlin, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1pt; vertical-align: bottom; font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>98-1797826</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(I.R.S. Employer</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 Causeway St., Floor 23</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boston, MA 02114</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Offices)(Zip
Code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Merlin, Inc. 2026 Incentive Award Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Merlin, Inc. 2018 Equity Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Merlin, Inc. 2026 Employee Stock Purchase Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Full title of the plan)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ryan Carrithers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Financial Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 Causeway St., Floor 23</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boston, MA 02114</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 226-9968</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, address, including zip code, and telephone
number, including area code, of agent for service) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to: </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Stephen W. Ranere</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Nick S. Dhesi</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>John J. Slater</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Latham&nbsp;&amp; Watkins LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>200 Clarendon Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boston, MA 02116</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 948-6000 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding: 0.25pt; font-size: 10pt; width: 40%"><FONT STYLE="font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; width: 43%"><FONT STYLE="font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Non-accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information specified in Item 1 and Item 2 of Part I of Form S-8
is omitted from this Registration Statement on Form S-8 (the &ldquo;<U>Registration Statement</U>&rdquo;) in accordance with the provisions
of Rule 428 under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), and the introductory note to Part
I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants as specified
by Rule 428(b)(1) under the Securities Act. Such documents are not required to be, and are not, filed with the Securities and Exchange
Commission (the &ldquo;<U>SEC</U>&rdquo;) either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant
to Rule 424 under the Securities Act. These documents and the documents incorporated by reference into this Registration Statement pursuant
to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a)
of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>References in this Registration Statement to &ldquo;we,&rdquo; &ldquo;us,&rdquo;
&ldquo;our,&rdquo; and the &ldquo;Registrant,&rdquo; or similar references, refer to Merlin, Inc. unless otherwise stated or the context
otherwise requires.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;3. Incorporation of Documents by Reference. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following documents, which have been filed by the Registrant with
the SEC pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), are hereby incorporated by
reference in, and shall be deemed to be a part of, this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.25in; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">the <A HREF="https://www.sec.gov/Archives/edgar/data/2028707/000121390026055861/ea0289173-02.htm">prospectus</A>, dated May 13, 2026, filed by the Company pursuant to Rule 424(b) under the Securities Act relating to the registration statement on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/2028707/000121390026052553/ea0289173-01.htm">Form S-1</A> filed May 6, 2026 (File No. 333-295578) (the &ldquo;424(b) Prospectus&rdquo;); </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Registrant&rsquo;s Current Reports on Form 8-K filed with
the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/2028707/000121390026026938/ea0281397-8k_inflection4.htm">March 12, 2026</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/2028707/000121390026032329/ea0282574-8k_merlin.htm">March 20, 2026</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/2028707/000121390026048884/ea0288180-8k_merlin.htm">April 29, 2026</A>;</P></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">the Registrant&rsquo;s Annual Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/2028707/000121390026027011/ea0279932-10k_inflection4.htm">Form 10-K</A> filed with the SEC on March 12, 2026;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">the Registrant&rsquo;s Quarterly Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/2028707/000121390026057138/ea0289176-10q_merlin.htm">Form 10-Q</A> filed with the SEC on May 15, 2026; and</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">the description of the Registrant&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<U>Common Stock</U>&rdquo;), contained in the Registrant&rsquo;s 424(b) Prospectus and any other amendment or report filed for the purpose of updating such description. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c),&nbsp;14, and 15(d)&nbsp;of the Exchange Act subsequent to the date of this Registration Statement and prior to the filing
of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters
all securities then remaining unsold, shall be deemed to be incorporated by reference into the Registration Statement and to be a part
thereof from the date of the filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of this Registration Statement, any statement contained
in a document incorporated or deemed to be incorporated by reference shall be deemed to be modified or superseded to the extent that a
statement contained herein or in a subsequently filed document which also is or is deemed to be incorporated herein by reference modifies
or supersedes such statement.&nbsp;Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under no circumstances shall any information furnished under Item 2.02
or 7.01 of Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;4. Description of Securities. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;5. Interests of Named Experts and Counsel. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;6. Indemnification of Directors and Officers. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subsection (a) of Section 145 of the DGCL empowers a corporation to
indemnify any person who was or is a party or who is threatened to be made a party to any threatened, pending or completed action, suit
or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by
reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by
the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably
believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had
no reasonable cause to believe the person&rsquo;s conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subsection (b) of Section 145 empowers a corporation to indemnify any
person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right
of the corporation to procure a judgment in its favor by reason of the fact that the person acted in any of the capacities set forth above,
against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by the person in connection with the defense or settlement
of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the
best interests of the corporation, except that no indemnification shall be made in respect of any claim, issue or matter as to which such
person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court
in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery
or such other court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 145 further provides that to the extent a director or officer
of a corporation has been successful on the merits or otherwise in the defense of any action, suit or proceeding referred to in subsections
(a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including
attorneys&rsquo; fees) actually and reasonably incurred by such person in connection therewith; that indemnification provided for by Section
145 shall not be deemed exclusive of any other rights to which the indemnified party may be entitled; and the indemnification provided
for by Section 145 shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director,
officer, employee or agent and shall inure to the benefit of such person&rsquo;s heirs, executors and administrators. Section 145 also
empowers the corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent
of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in
any such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify such person
against such liabilities under Section 145. Section 102(b)(7) of the DGCL provides that a corporation&rsquo;s certificate of incorporation
may contain a provision eliminating or limiting the personal liability of a director to the corporation or its stockholders for monetary
damages for breach of fiduciary duty as a director, provided that such provision shall not eliminate or limit the liability of a director
(i) for any breach of the director&rsquo;s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good
faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the DGCL, or (iv) for any transaction
from which the director derived an improper personal benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, our Charter limits the liability of our directors to
the fullest extent permitted by the DGCL, and our by-laws provide that we will indemnify them to the fullest extent permitted by such
law. We have entered into and expect to continue to enter into agreements to indemnify our directors, executive officers and other employees
as determined by our board of directors. Under the terms of such indemnification agreements, we are required to indemnify each of our
directors and officers, to the fullest extent permitted by the laws of the state of Delaware, if the basis of the indemnitee&rsquo;s involvement
was by reason of the fact that the indemnitee is or was our director or officer or was serving at our request in an official capacity
for another entity. We must indemnify our officers and directors against all reasonable fees, expenses, charges and other costs of any
type or nature whatsoever, including any and all expenses and obligations paid or incurred in connection with investigating, defending,
being a witness in, participating in (including on appeal), or preparing to defend, be a witness or participate in any completed, actual,
pending or threatened action, suit, claim or proceeding, whether civil, criminal, administrative or investigative, or establishing or
enforcing a right to indemnification under the indemnification agreement. The indemnification agreements also require us, if so requested,
to advance all reasonable fees, expenses, charges and other costs that such director or officer incurred, provided that such person will
return any such advance if it is ultimately determined that such person is not entitled to indemnification by us. Any claims for indemnification
by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount
of money available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;7. Exemption from Registration Claimed. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;8. Exhibits. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Incorporated by Reference</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 6%; vertical-align: bottom"><B>Exhibit</B> <B>Number</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; width: 42%"><FONT STYLE="font-size: 10pt"><B>Description of Exhibit</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 6%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Form</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; width: 12%"><B>File</B> <B>No.</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; width: 12%"><B>Filing</B> <B>date</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: Black 1.5pt solid; width: 9%"><B>Filed</B> <B>Herewith</B></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/2028707/000121390026032329/ea028257401ex3-2.htm"><FONT STYLE="font-size: 10pt">Certificate</FONT> <FONT STYLE="font-size: 10pt">of Incorporation of Merlin, Inc.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">001-42392</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3/20/26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/2028707/000121390026032329/ea028257401ex3-3.htm">Bylaws of Merlin, Inc.</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8-K</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">001-42392</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3/20/26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/2028707/000121390026013897/ea025816305ex4-5_inflect4.htm">Specimen Common Stock Certificate of Merlin, Inc.</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-4/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">333-292719</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">02/12/26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex5-1.htm">Opinion of Latham &amp; Watkins LLP.</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex23-1.htm">Consent of WithumSmith+Brown, PC.</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex23-2.htm">Consent of BDO USA, P.C. (formerly HORNE LP).</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex5-1.htm">Consent of Latham &amp; Watkins LLP (included in Exhibit 5.1).</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_001">Power of Attorney (included on signature page).</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex99-1.htm">Merlin, Inc. 2026 Incentive Award Plan.</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left; vertical-align: top">99.1.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex99-1i.htm">Form of Stock Option Grant Notice and Stock Option Agreement under the Merlin, Inc. 2026 Incentive Award Plan.</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">99.1.2</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex99-1ii.htm"><FONT STYLE="font-size: 10pt">Form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement under the Merlin, Inc. 2026 Incentive Award Plan.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex99-2.htm"><FONT STYLE="font-size: 10pt">Merlin, Inc. 2026 Employee Stock Purchase Plan.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex99-3.htm"><FONT STYLE="font-size: 10pt">Merlin, Inc. 2018 Equity Incentive Plan.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">99.3.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex99-3i.htm"><FONT STYLE="font-size: 10pt">Form of Stock Option Grant Notice and Stock Option Agreement under the 2018 Equity Incentive Plan.</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">107.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="ea029154201ex-fee.htm">Filing Fee Table.</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;9. Undertakings. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(A) The undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section&nbsp;10(a)(3)
of the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising after
the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the Registration Statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">To include any material information with respect to the plan
of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration
Statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Provided, however,</I> that paragraphs (A)(1)(i) and (A)(1)(ii)
do not apply if the Registration Statement is on Form S-8, and the information required to be included in a post-effective amendment by
those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)
of the Exchange Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under
the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(B) The undersigned Registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)
or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant
to Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new
Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(C) Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston,
State of Massachusetts, on this 20th day of May, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Merlin, Inc.</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt; width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0.25pt 0.25pt 0.4pt 10pt; text-indent: -10pt; width: 34%"><FONT STYLE="font-size: 10pt">/s/ Matthew George</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Name</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Matthew George</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Title</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer and President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>POWER OF ATTORNEY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each person whose signature appears below constitutes and appoints
each of Matthew George and Ryan Carrithers, acting alone or together with another attorney-in-fact, as his or her true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, for such person and in his or her name, place and stead, in any and all
capacities, to sign any or all further amendments (including post-effective amendments) to this registration statement (and any additional
registration statement related hereto permitted by Rule 462(b) promulgated under the Securities Act of 1933 (and all further amendments,
including post-effective amendments, thereto)), and to file the same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the capacities held on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ Matthew
    George</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Matthew George</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer, President and Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(<I>Principal Executive Officer</I>)</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 20, 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ Ryan Carrithers</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ryan Carrithers</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(<I>Principal Financial and Accounting Officer</I>)</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 20, 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">/s/ Michael
    Blitzer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Michael Blitzer</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 20, 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Kelyn Brannon</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Kelyn Brannon</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 20, 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Michael
    Montelongo</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Michael Montelongo</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 20, 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Dr. Robert
    H. Smith</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dr. Robert H. Smith</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 20, 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Carolyn
    Trabuco</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Carolyn Trabuco</P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 20, 2026</FONT></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ea029154201ex5-1.htm
<DESCRIPTION>OPINION OF LATHAM & WATKINS LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">200 Clarendon Street</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Boston, Massachusetts&nbsp;&nbsp;02116</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tel: +1.617.948.6000&nbsp;&nbsp;Fax: +1.617.948.6001</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">www.lw.com</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><IMG SRC="ea029154201_ex5-1img1.jpg" ALT=""></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">FIRM / AFFILIATE OFFICES</FONT></P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Austin</FONT></TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Milan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Beijing</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Munich</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Boston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">New York</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Brussels</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Orange County</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chicago</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Paris</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dubai</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Riyadh</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">D&uuml;sseldorf</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">San Diego</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Frankfurt</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">San Francisco</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Hamburg</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Seoul</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Hong Kong</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Silicon Valley</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Houston</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Singapore</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">London</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tel Aviv</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Los Angeles</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tokyo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Madrid</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Washington, D.C.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 20, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merlin, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 Causeway St., Floor 23<BR>
Boston, MA 02114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">Re:</TD><TD><U>Registration Statement on Form S-8</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the addressee set forth above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as special counsel to Merlin, Inc.,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the preparation and filing by the Company with the Securities
and Exchange Commission of a registration statement on Form S&ndash;8 (the &ldquo;<U>Registration Statement</U>&rdquo;) under the Securities
Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), relating to the issuance of up to 42,546,878 shares of the Company&rsquo;s
common stock, par value $0.0001 per share (the &ldquo;<U>Shares</U>&rdquo;), which may be issued pursuant to the Company&rsquo;s 2026
Incentive Award Plan (the &ldquo;<U>2026 Plan</U>&rdquo;), the Company&rsquo;s 2018 Equity Incentive Plan (the &ldquo;<U>2018 Plan</U>&rdquo;),
and the Company&rsquo;s 2026 Employee Stock Purchase Plan (the &ldquo;<U>ESPP</U>,&rdquo; and together with the 2026 Plan and the 2018
Plan, (the &ldquo;<U>Plans</U>&rdquo;). This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation
S-K under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement
or the prospectus forming a part thereof, other than as expressly stated herein with respect to the issuance of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As such counsel, we have examined such matters
of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon the
foregoing and upon certificates and other assurances of officers of the Company and others as to factual matters without having independently
verified such factual matters. We are opining herein only as to the General Corporation Law of the State of Delaware, as amended (the
&ldquo;<U>DCGL</U>&rdquo;), and we express no opinion with respect to any other laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our examination, we have assumed the genuineness
of all signatures, the authenticity of all documents submitted to us as originals and the conformity of authentic original documents of
all documents submitted to us as copies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the foregoing and the other matters
set forth herein, it is our opinion that, as of the date hereof, when the Shares shall have been duly registered on the books of the transfer
agent and registrar therefor in the name or on behalf of the recipients thereof, and subject to the Company completing all actions and
proceedings required on its part to be taken prior to the issuance of the Shares, and when the Shares have been issued by the Company
for legal consideration in excess of par value in the circumstances contemplated by the Plans, assuming that the individual grants or
awards under the Plans are duly authorized by all necessary corporate action and duly granted or awarded and exercised in accordance with
the requirements of law and the Plans (and the agreements and awards duly adopted thereunder and in accordance therewith), the issue and
sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the Shares will be validly issued,
fully paid and nonassessable. In rendering the foregoing opinion, we have assumed that the Company will comply with all applicable notice
requirements regarding uncertificated shares provided in the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion is for your benefit in connection
with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions
of the Securities Act. We consent to your filing this opinion as an exhibit to the Registration Statement. In giving such consent, we
do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the
rules and regulations of the Securities and Exchange Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%">&nbsp;</TD>
  <TD STYLE="width: 40%">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>/s/ Latham &amp; Watkins LLP</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ea029154201ex23-1.htm
<DESCRIPTION>CONSENT OF WITHUMSMITH+BROWN, PC
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consent
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the incorporation by reference in the Prospectus constituting a part of this Registration Statement on Form S-8 of
our report dated March 12, 2026 which includes an explanatory paragraph relating to the Inflection Point Acquisition Corp. IV (f/k/a
Bleichroeder Acquisition Corp.&nbsp;I) ability to continue as a going concern, relating to the consolidated financial statements of Inflection
Point Acquisition Corp. IV (f/k/a Bleichroeder Acquisition Corp.&nbsp;I), as of December 31, 2025 and 2024 and for the year ended December
31, 2025 and the period from June 24, 2024 (Inception) through December 31, 2024, which is contained in this Registration Statement.
We also consent to the reference to us under the caption &ldquo;Experts&rdquo; in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
WithumSmith+Brown, PC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">East
Brunswick, New Jersey</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
20, 2026</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>ea029154201ex23-2.htm
<DESCRIPTION>CONSENT OF BDO USA, P.C. (FORMERLY HORNE LP)
<TEXT>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>Consent of Independent
Registered Public Accounting Firm</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the incorporation by reference
in the Prospectus constituting a part of this Registration Statement of our report dated March 20, 2026, relating to the consolidated
financial statements of Merlin Labs, Inc. and Subsidiaries, which is contained in the Form 8-K filed on March 20, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">/s/ BDO USA, P.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">(formerly HORNE LLP)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Ridgeland,
Mississippi&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">May 20, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>ea029154201ex99-1.htm
<DESCRIPTION>MERLIN, INC. 2026 INCENTIVE AWARD PLAN
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>


<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal; text-transform: uppercase">MERLIN,
INC.</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2026 INCENTIVE AWARD PLAN&nbsp;</P>

</DIV>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">ARTICLE
I.<BR>
Purpose</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Plan&rsquo;s purpose is
to enhance the Company&rsquo;s ability to attract, retain and motivate persons who make (or are expected to make) important contributions
to the Company by providing these individuals with equity ownership opportunities and/or equity-linked compensatory opportunities. Capitalized
terms used in the Plan are defined in Article&nbsp;XI.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">ARTICLE
II.<BR>
Eligibility</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Service Providers are eligible
to be granted Awards under the Plan, subject to the limitations described herein.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">ARTICLE
III.<BR>
Administration and Delegation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.1&nbsp;<U>Administration</U>.
The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers receive Awards, grant
Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator also has the authority
to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements and to adopt, amend and repeal
Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities, supply
omissions and reconcile inconsistencies in the Plan or any Award Agreement as it deems necessary or appropriate to administer the Plan
and any Awards. The Administrator&rsquo;s determinations under the Plan are in its sole discretion and will be final and binding on all
persons having or claiming any interest in the Plan or any Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.2&nbsp;<U>Appointment of
Committees</U><FONT STYLE="font-size: 10pt"></FONT>. To the extent Applicable Laws permit, the Board or the Administrator may delegate
any or all of its powers under the Plan to one or more Committees or committees of officers of the Company or any of its Subsidiaries.
The Board or the Administrator, as applicable, may rescind any such delegation, abolish any such committee or Committee and/or re-vest
in itself any previously delegated authority at any time.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">ARTICLE
IV.<FONT STYLE="font-weight: normal"><BR>
</FONT>Stock Available for Awards</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.1&nbsp;<U>Number of Shares</U><FONT STYLE="font-size: 10pt"></FONT>.
Subject to adjustment under Article&nbsp;VIII and the terms of this Article&nbsp;IV, the maximum number of Shares that may be issued
pursuant to Awards under the Plan shall be equal to the Overall Share Limit. As of the Effective Date, the Company will cease granting
awards under the Prior Plan; however, the Prior Plan Awards will remain subject to the terms of the Prior Plan. Shares issued under the
Plan may consist of authorized but unissued Shares, Shares purchased on the open market or treasury Shares. Shares issued under the Plan
will be shares of Common Stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.2&nbsp;<U>Share Recycling</U><FONT STYLE="font-size: 10pt"></FONT>.
If all or any part of an Award or a Prior Plan Award expires, lapses or is terminated, exchanged for or settled in cash, surrendered,
repurchased, canceled without having been fully exercised or forfeited, in any case, in a manner that results in the Company acquiring
Shares covered by the Award or Prior Plan Award at a price not greater than the price (as adjusted to reflect any Equity Restructuring)
paid by the Participant for such Shares or not issuing any Shares covered by the Award or Prior Plan Award, the unused Shares covered
by the Award or Prior Plan Award will, as applicable, become or again be available for Award grants under the Plan. Further, the following
Shares will, as applicable, become or again be available for Award grants under the Plan: (a) Shares delivered (either by actual delivery
or attestation) to the Company by a Participant to satisfy the applicable exercise or purchase price of an Award or Prior Plan Award
and/or to satisfy any applicable tax withholding obligation with respect to an Award or Prior Plan Award (including Shares retained by
the Company from the Award or Prior Plan Award being exercised or purchased and/or creating the tax obligation), (b) Shares subject to
a Stock Appreciation Right that are not issued in connection with the stock settlement of the Stock Appreciation Right on exercise thereof
and (c) Shares purchased on the open market with the cash proceeds from the exercise of Options . The payment of Dividend Equivalents
in cash in conjunction with any outstanding Awards shall not count against the Overall Share Limit. Further notwithstanding anything
to the contrary contained herein, no Shares shall again be available for future grants of Awards under the Plan pursuant to this Article
IV to the extent that such return of shares would cause the Plan to be a &ldquo;formula&rdquo; plan or constitute a &ldquo;material revision&rdquo;
or &ldquo;material amendment&rdquo; subject to stockholder approval under the requirements of the established stock exchange on which
the Company&rsquo;s securities are traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.3&nbsp;<U>Incentive Stock
Option Limitations</U><FONT STYLE="font-size: 10pt"></FONT>. Notwithstanding anything to the contrary herein, no more than 100,000,000
Shares may be issued pursuant to the exercise of Incentive Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.4&nbsp;<U>Substitute Awards</U><FONT STYLE="font-size: 10pt"></FONT>.
In connection with an entity&rsquo;s merger or consolidation with the Company or the Company&rsquo;s acquisition of an entity&rsquo;s
property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards granted before
such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms as the Administrator deems
appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against the Overall Share Limit (nor
shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan as provided above), except that
Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued
pursuant to the exercise of Incentive Stock Options under the Plan. Additionally, in the event that a company acquired by the Company
or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders
and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing
plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such
acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition
or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares
subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards
using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing
plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees, Consultants or Directors prior
to such acquisition or combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.5&nbsp;<U>Non-Employee
Director Compensation</U><FONT STYLE="font-size: 10pt"></FONT>. Notwithstanding any provision to the contrary in the Plan, the
Administrator may establish compensation for non-employee Directors from time to time, subject to the limitations in the Plan. The Administrator
will from time to time determine the terms, conditions and amounts of all such non-employee Director compensation in its discretion and
pursuant to the exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem
relevant from time to time, provided that, commencing with the calendar year following the calendar year in which the Effective Date
occurs, the sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance with Financial
Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto) of Awards granted to a non-employee
Director as compensation for services as a non-employee Director with respect to any fiscal year of the Company may not exceed $750,000
(increased to $1,000,000 in a non-employee Director&rsquo;s initial calendar year of service as a non-employee director or any calendar
year during which a non-employee Director serves as chair of the Board or lead independent Director), which limits shall not apply to
the compensation for any non-employee Director of the Company who serves in any capacity in addition to that of a non-employee Director
for which he or she receives additional compensation. The Administrator may make exceptions to this limit for individual non-employee
Directors in extraordinary circumstances, as the Administrator may determine in its discretion, provided that the non-employee Director
receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous compensation
decisions involving non-employee Directors.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
V.<BR>
Stock Options and Stock Appreciation Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.1&nbsp;<U>General</U><FONT STYLE="font-size: 10pt"></FONT>.
The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations in the Plan, including
any limitations in the Plan that apply to Incentive Stock Options. A Stock Appreciation Right will entitle the Participant (or other
person entitled to exercise the Stock Appreciation Right) to receive from the Company upon exercise of the exercisable portion of the
Stock Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share on the date of
exercise over the exercise price per Share of the Stock Appreciation Right by the number of Shares with respect to which the Stock Appreciation
Right is exercised. Such amount shall be subject to any limitations of the Plan or that the Administrator may impose and payable in cash,
Shares valued at Fair Market Value or a combination of the two as the Administrator may determine or provide in the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.2&nbsp;<U>Exercise Price</U><FONT STYLE="font-size: 10pt"></FONT>.
The Administrator will establish each Option&rsquo;s and Stock Appreciation Right&rsquo;s exercise price and specify the exercise price
in the Award Agreement. The exercise price will not be less than 100% of the Fair Market Value on the grant date of the Option (subject
to Section 5.6) or Stock Appreciation Right. Notwithstanding the foregoing, in the case of an Option or a Stock Appreciation Right that
is a Substitute Award, the exercise price per share of the Shares subject to such Option or Stock Appreciation Right, as applicable,
may be less than the Fair Market Value per share on the date of grant; provided that the exercise price of any Substitute Award shall
be determined in accordance with the applicable requirements of Sections 424 and 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.3&nbsp;<U>Duration</U><FONT STYLE="font-size: 10pt"></FONT>.
Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement, provided that, subject
to Section 5.6, the term of an Option or Stock Appreciation Right will not exceed ten years. Notwithstanding the foregoing and unless
determined otherwise by the Company, in the event that on the last business day of the term of an Option or Stock Appreciation Right
(other than an Incentive Stock Option) (i) the exercise of the Option or Stock Appreciation Right is prohibited by Applicable Law, as
determined by the Company, or (ii) Shares may not be purchased or sold by the applicable Participant due to any Company insider trading
policy (including blackout periods) or a &ldquo;lock-up&rdquo; agreement undertaken in connection with an issuance of securities by the
Company, the term of the Option or Stock Appreciation Right shall be extended until the date that is 30 days after the end of the legal
prohibition, black-out period or lock-up agreement, as determined by the Company; <U>provided</U>, <U>however</U>, in no event shall
the extension last beyond the ten year term of the applicable Option or Stock Appreciation Right. Notwithstanding the foregoing, to the
extent permitted under Applicable Laws, if the Participant, prior to the end of the term of an Option or Stock Appreciation Right, violates
the non-competition, non-solicitation, confidentiality or other similar restrictive covenant provisions of any employment contract, confidentiality
and nondisclosure agreement or other agreement between the Participant and the Company or any of its Subsidiaries, the right of the Participant
and the Participant&rsquo;s transferees to exercise any Option or Stock Appreciation Right issued to the Participant shall terminate
immediately upon such violation, unless the Company otherwise determines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.4&nbsp;<U>Exercise</U><FONT STYLE="font-size: 10pt"></FONT>.
Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a form the Administrator
approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation Right, together with,
as applicable, payment in full (i) as specified in Section&nbsp;5.5 for the number of Shares for which the Award is exercised and (ii)
as specified in Section&nbsp;9.5 for any applicable taxes. Unless the Administrator otherwise determines, an Option or Stock Appreciation
Right may not be exercised for a fraction of a Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.5&nbsp;<U>Payment Upon
Exercise</U><FONT STYLE="font-size: 10pt"></FONT>. Subject to Sections 9.10 and 10.8, any Company insider trading policy (including
blackout periods) and Applicable Laws, the exercise price of an Option must be paid by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(a)&nbsp;cash,
wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may limit the
use of one of the foregoing payment forms if one or more of the payment forms below is permitted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(b)&nbsp;if
there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (i) delivery (including electronically
or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the
Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (ii) the Participant&rsquo;s delivery to the
Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company
cash or a check sufficient to pay the exercise price; provided that such amount is paid to the Company at such time as may be required
by the Administrator;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(c)&nbsp;to
the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant valued
at their Fair Market Value;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(d)&nbsp;to
the extent permitted by the Administrator, surrendering Shares then issuable upon the Option&rsquo;s exercise valued at their Fair Market
Value on the exercise date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(e)&nbsp;to
the extent permitted by the Administrator, delivery of a promissory note or any other property that the Administrator determines is good
and valuable consideration; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(f)&nbsp;to
the extent permitted by the Company, any combination of the above payment forms approved by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.6&nbsp;<U>Additional Terms
of Incentive Stock Options</U><FONT STYLE="font-size: 10pt"></FONT>. The Administrator may grant Incentive Stock Options only to
employees of the Company, any of its present or future parent or subsidiary corporations, as defined in Sections&nbsp;424(e) or (f) of
the Code, respectively, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code.
If an Incentive Stock Option is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of the Fair
Market Value on the Option&rsquo;s grant date, and the term of the Option will not exceed five years. All Incentive Stock Options will
be subject to and construed consistently with Section&nbsp;422 of the Code. By accepting an Incentive Stock Option, the Participant agrees
to give prompt notice to the Company of dispositions or other transfers (other than in connection with a Change in Control) of Shares
acquired under the Option made within (i) two years from the grant date of the Option or (ii) one year after the transfer of such Shares
to the Participant, specifying the date of the disposition or other transfer and the amount the Participant realized, in cash, other
property, assumption of indebtedness or other consideration, in such disposition or other transfer. Neither the Company nor the Administrator
will be liable to a Participant, or any other party, if an Incentive Stock Option fails or ceases to qualify as an &ldquo;incentive stock
option&rdquo; under Section&nbsp;422 of the Code. Any Incentive Stock Option or portion thereof that fails to qualify as an &ldquo;incentive
stock option&rdquo; under Section&nbsp;422 of the Code for any reason, including becoming exercisable with respect to Shares having a
fair market value exceeding the $100,000 limitation under Treasury Regulation Section&nbsp;1.422-4, will be a Non-Qualified Stock Option.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VI.<BR>
Restricted Stock; Restricted Stock Units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.1&nbsp;<U>General</U><FONT STYLE="font-size: 10pt"></FONT>.
The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider, subject to the Company&rsquo;s
right to repurchase all or part of such Shares at their issue price or other stated or formula price from the Participant (or to require
forfeiture of such Shares) if conditions the Administrator specifies in the Award Agreement are not satisfied before the end of the applicable
restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator may grant to Service
Providers Restricted Stock Units, which may be subject to vesting and forfeiture conditions during the applicable restriction period
or periods, as set forth in an Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.2&nbsp;<U>Restricted
Stock</U><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(a)&nbsp;<U>Dividends</U>.
Subject to the terms of this Section 6.2(a), Participants holding Shares of Restricted Stock will be entitled to all ordinary cash dividends
paid with respect to such Shares, unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator
provides otherwise, if any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of Common
Stock of property other than an ordinary cash dividend, the Shares or other property will be subject to the same restrictions on transferability
and forfeitability as the Shares of Restricted Stock with respect to which they were paid. Notwithstanding anything to the contrary herein,
with respect to any award of Restricted Stock, dividends which are paid to holders of Common Stock prior to vesting shall only be paid
out to a Participant holding such Restricted Stock to the extent that the vesting conditions are subsequently satisfied. All such dividend
payments will be made no later than March 15 of the calendar year following the calendar year in which the right to the dividend payment
becomes nonforfeitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(b)&nbsp;<U>Stock
Certificates</U>. The Company may require that the Participant deposit in escrow with the Company (or its designee) any stock certificates
issued in respect of Shares of Restricted Stock, together with a stock power endorsed in blank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.3&nbsp;<U>Restricted Stock
Units</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(a)&nbsp;<U>Settlement</U>.
The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practicable after the
Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant&rsquo;s election, in a manner intended
to comply with Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(b)&nbsp;<U>Stockholder
Rights</U>. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless and
until the Shares are delivered in settlement of the Restricted Stock Unit.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VII.<BR>
Other Stock or Cash Based Awards; Dividend equivalents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">7.1&nbsp;<U>Other
Stock or Cash Based Awards</U>. Other Stock or Cash Based Awards may be granted to Participants, including Awards entitling Participants
to receive Shares to be delivered in the future and including annual or other periodic or long-term cash bonus awards (whether based on
specified Performance Criteria or otherwise), in each case subject to any conditions and limitations in the Plan. Such Other Stock or
Cash Based Awards will also be available as a payment form in the settlement of other Awards, as standalone payments and as payment in
lieu of compensation to which a Participant is otherwise entitled. Other Stock or Cash Based Awards may be paid in Shares, cash or other
property, as the Administrator determines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">7.2&nbsp;<U>Dividend
Equivalents</U>. A grant of Restricted Stock Units or Other Stock or Cash Based Award may provide a Participant with the right to receive
Dividend Equivalents, and no Dividend Equivalents shall be payable with respect to Options or Stock Appreciation Rights. Dividend Equivalents
may be paid currently or credited to an account for the Participant, settled in cash or Shares and subject to the same restrictions on
transferability and forfeitability as the Award with respect to which the Dividend Equivalents are paid and subject to other terms and
conditions as set forth in the Award Agreement. Notwithstanding anything to the contrary herein, Dividend Equivalents with respect to
an Award shall only be paid out to a Participant to the extent that the vesting conditions are subsequently satisfied. All such Dividend
Equivalent payments will be made no later than March 15 of the calendar year following the calendar year in which the right to the Dividend
Equivalent payment becomes nonforfeitable, unless determined otherwise by the Administrator or unless deferred in a manner intended to
comply with Section 409A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VIII.<BR>
Adjustments for Changes in Common Stock<BR>
and Certain Other Events</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">8.1&nbsp;<U>Equity Restructuring</U><FONT STYLE="font-size: 10pt"></FONT>.
In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Article&nbsp;VIII, the Administrator will
equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which may include (if applicable)
adjusting the number and type of securities subject to each outstanding Award, adjusting the Award&rsquo;s exercise price, grant price
and/or applicable performance goals, granting new Awards to Participants, and/or making a cash payment to Participants. The adjustments
provided under this Section&nbsp;8.1 will be nondiscretionary and final and binding on the affected Participant and the Company; provided
that the Administrator will determine whether an adjustment is equitable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">8.2&nbsp;<U>Corporate Transactions</U><FONT STYLE="font-size: 10pt"></FONT>.
In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property),
reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation, dissolution, or sale, transfer,
exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Common Stock or other
securities of the Company, Change in Control, issuance of warrants or other rights to purchase Common Stock or other securities of the
Company, other similar corporate transaction or event, other unusual or nonrecurring transaction or event affecting the Company or its
financial statements or any change in any Applicable Laws or accounting principles, the Administrator, on such terms and conditions as
it deems appropriate, either by the terms of the Award or by action taken in connection with the occurrence of such transaction or event
(any action to give effect to a change in Applicable Law or accounting principles may be made within a reasonable period of time after
such change), is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action
is appropriate in order to (x) prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made
available under the Plan or with respect to any Award granted or issued under the Plan, (y) to facilitate such transaction or event or
(z) give effect to such changes in Applicable Laws or accounting principles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(a)&nbsp;To
provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal to the amount
that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant&rsquo;s
rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained upon the exercise
or settlement of the vested portion of such Award or realization of the Participant&rsquo;s rights, in any case, is equal to or less than
zero, then the Award may be terminated without payment; provided, further, that Awards held by members of the Board will be deemed settled
in Shares on or immediately prior to the applicable event if the Administrator takes action under this clause (a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(b)&nbsp;To
provide that such Award shall vest and, to the extent applicable, be exercisable as to all Shares covered thereby, notwithstanding anything
to the contrary in the Plan or the provisions of such Award;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(c)&nbsp;To
provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, or equivalent value thereof
in cash, with appropriate adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases,
as determined by the Administrator;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(d)&nbsp;To
make adjustments in the number and type of Shares (or other securities or property) subject to outstanding Awards and/or with respect
to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article&nbsp;IV on the
maximum number and kind of shares which may be issued) and/or in the terms and conditions of (including the grant or exercise price or
applicable performance goals), and the criteria included in, outstanding Awards;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(e)&nbsp;To
replace such Award with other rights or property selected by the Administrator; and/or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(f)&nbsp;To
provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">8.3&nbsp;<U>Effect
of a Change in Control</U>. Notwithstanding the provisions of Section 8.2, if a Change in Control occurs and a Participant&rsquo;s Awards
are not continued, converted, assumed, or replaced with a substantially similar award by (a) the Company, or (b) a successor entity or
its parent or subsidiary (an &ldquo;<B><I>Assumption</I></B>&rdquo; or &ldquo;<B><I>Assumed</I></B>&rdquo;), and provided that the Participant
has not had a Termination of Service, then, immediately prior to the Change in Control, such Awards shall become fully vested, exercisable
and/or payable, as applicable, and all forfeiture, repurchase and other restrictions on such Awards shall lapse, in which case, such Awards
shall be canceled upon the consummation of the Change in Control in exchange for the right to receive the Change in Control consideration
payable to other holders of Common Stock (i) which may be on such terms and conditions as apply generally to holders of Common Stock under
the Change in Control documents (including, without limitation, any escrow, earn-out or other deferred consideration provisions) or such
other terms and conditions as the Administrator may provide, and (ii) determined by reference to the number of Shares subject to such
Awards and net of any applicable exercise price; provided that to the extent that any Awards constitute &ldquo;nonqualified deferred compensation&rdquo;
that may not be paid upon the Change in Control under Section 409A without the imposition of taxes thereon under Section 409A, the timing
of such payments shall be governed by the applicable Award Agreement (subject to any deferred consideration provisions applicable under
the Change in Control documents); and provided, further, that if the amount to which a Participant would be entitled upon the settlement
or exercise of such Award at the time of the Change in Control is equal to or less than zero, then such Award may be terminated without
payment. An Award will be considered replaced with a substantially similar award if the Award is exchanged for an amount of cash or other
property with a value equal to the amount that could have been obtained upon the settlement of such Award in such Change in Control (as
determined by the Administrator), even if such cash or other property payable with respect to the unvested portion of such Award remains
subject to similar vesting provisions following such Change in Control. Notwithstanding the foregoing, the Administrator will have full
and final authority to determine whether an Assumption of an Award has occurred in connection with a Change in Control.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">8.4&nbsp;<U>Administrative
Stand Still</U><FONT STYLE="font-size: 10pt"></FONT>. In the event of any pending stock dividend, stock split, combination or exchange
of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other
extraordinary transaction or change affecting the Shares or the share price of Common Stock, including any Equity Restructuring or any
securities offering or other similar transaction, for administrative convenience, the Administrator may refuse to permit the exercise
of any Award for up to 60 days before or after such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">8.5&nbsp;<U>General</U><FONT STYLE="font-size: 10pt"></FONT>.
Except as expressly provided in the Plan or the Administrator&rsquo;s action under the Plan, no Participant will have any rights due
to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares of any class
or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided with respect
to an Equity Restructuring under Section&nbsp;8.1 or the Administrator&rsquo;s action under the Plan, no issuance by the Company of Shares
of any class, or securities convertible into Shares of any class, will affect, and no adjustment will be made regarding, the number of
Shares subject to an Award or the Award&rsquo;s grant or exercise price. The existence of the Plan, any Award Agreements and the Awards
granted hereunder will not affect or restrict in any way the Company&rsquo;s right or power to make or authorize (i) any adjustment,
recapitalization, reorganization or other change in the Company&rsquo;s capital structure or its business, (ii) any merger, consolidation
dissolution or liquidation of the Company or sale of Company assets or (iii) any sale or issuance of securities, including securities
with rights superior to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may treat Participants
and Awards (or portions thereof) differently under this Article&nbsp;VIII.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
IX.<BR>
General Provisions Applicable to Awards</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.1&nbsp;<U>Transferability</U><FONT STYLE="font-size: 10pt"></FONT>.
Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other than Incentive Stock Options,
Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except for
certain Designated Beneficiary designations, by will or the laws of descent and distribution, or, subject to the Administrator&rsquo;s
consent, pursuant to a domestic relations order, and, during the life of the Participant, will be exercisable only by the Participant.
Any permitted transfer of an Award hereunder shall be without consideration, except as required by Applicable Law. References to a Participant,
to the extent relevant in the context, will include references to a Participant&rsquo;s authorized transferee that the Administrator
specifically approves.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.2&nbsp;<U>Documentation</U><FONT STYLE="font-size: 10pt"></FONT>.
Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator determines. Each Award may
contain terms and conditions in addition to those set forth in the Plan (including vesting conditions, which may be based wholly or in
part on the achievement of specified Performance Criteria).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.3&nbsp;<U>Discretion</U><FONT STYLE="font-size: 10pt"></FONT>.
Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award. The terms of each
Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof) uniformly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.4&nbsp;<U>Termination of
Status</U><FONT STYLE="font-size: 10pt"></FONT>. The Administrator will determine how the disability, death, retirement, an authorized
leave of absence or any other change or purported change in a Participant&rsquo;s Service Provider status affects an Award and the extent
to which, and the period during which, the Participant, the Participant&rsquo;s legal representative, conservator, guardian or Designated
Beneficiary may exercise rights under the Award, if applicable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.5&nbsp;<U>Withholding</U><FONT STYLE="font-size: 10pt"></FONT>.
Each Participant must pay the Company or a Subsidiary, or make provision satisfactory to the Administrator for payment of, any taxes
required by Applicable Law to be withheld in connection with such Participant&rsquo;s Awards by the date of the event creating the tax
liability. The Company or any Subsidiary may deduct an amount sufficient to satisfy such tax obligations based on the applicable statutory
withholding rates (or such other rate as may be determined by the Company or a Subsidiary after considering any accounting consequences
or costs) from any payment of any kind otherwise due to a Participant. In the absence of a contrary determination by the Company or a
Subsidiary (or, with respect to withholding pursuant to clause (ii) below with respect to Awards held by individuals subject to Section
16 of the Exchange Act, a contrary determination by the Administrator), all tax withholding obligations will be calculated based on the
minimum applicable statutory withholding rates. Subject to Section 10.8 and any Company insider trading policy (including blackout periods),
Participants may satisfy such tax obligations (i) in cash, by wire transfer of immediately available funds, by check made payable to
the order of the Company, provided that the Company may limit the use of the foregoing payment forms if one or more of the payment forms
below is permitted, (ii) to the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares delivered
by attestation and Shares retained from the Award creating the tax obligation, valued at their fair market value on the date of delivery,
(iii) subject to Section 9.10, if there is a public market for Shares at the time the tax obligations are satisfied, unless the Company
otherwise determines, (A) delivery (including electronically or telephonically to the extent permitted by the Company) of an irrevocable
and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the
tax obligations, or (B) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a broker
acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding; provided that
such amount is paid to the Company at such time as may be required by the Administrator, or (iv) to the extent permitted by the Company,
any combination of the foregoing payment forms approved by the Administrator. Notwithstanding any other provision of the Plan, the number
of Shares which may be so delivered or retained pursuant to clause (ii) of the immediately preceding sentence shall be limited to the
number of Shares which have a fair market value on the date of delivery or retention no greater than the aggregate amount of such liabilities
based on the maximum individual statutory withholding rate in the applicable jurisdiction at the time of such withholding (or such other
rate as may be required to avoid the liability classification of the applicable award under generally accepted accounting principles
in the United States of America). Subject to Section 9.10, if any tax withholding obligation will be satisfied under clause (ii) above
by the Company&rsquo;s retention of Shares from the Award creating the tax obligation and there is a public market for Shares at the
time the tax obligation is satisfied, the Company may elect to instruct any brokerage firm determined acceptable to the Company for such
purpose to sell on the applicable Participant&rsquo;s behalf some or all of the Shares retained and to remit the proceeds of the sale
to the Company or its designee, and each Participant&rsquo;s acceptance of an Award under the Plan will constitute the Participant&rsquo;s
authorization to the Company and instruction and authorization to such brokerage firm to complete the transactions described in this
sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.6&nbsp;<U>Amendment of
Award; Repricing</U><FONT STYLE="font-size: 10pt"></FONT>. The Administrator may amend, modify or terminate any outstanding Award,
including by substituting another Award of the same or a different type, changing the exercise or settlement date, and converting an
Incentive Stock Option to a Non-Qualified Stock Option. The Participant&rsquo;s consent to such action will be required unless (i) the
action, taking into account any related action, does not materially and adversely affect the Participant&rsquo;s rights under the Award,
or (ii) the change is permitted under Article&nbsp;VIII or pursuant to Section&nbsp;10.6. Notwithstanding the foregoing or anything in
the Plan to the contrary, the Administrator may, without the approval of the stockholders of the Company, reduce the exercise price per
share of outstanding Options or Stock Appreciation Rights or cancel outstanding Options or Stock Appreciation Rights in exchange for
cash, other Awards or Options or Stock Appreciation Rights with an exercise price per share that is less than the exercise price per
share of the original Options or Stock Appreciation Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.7&nbsp;<U>Conditions on
Delivery of Stock</U><FONT STYLE="font-size: 10pt"></FONT>. The Company will not be obligated to deliver any Shares under the Plan
or remove restrictions from Shares previously delivered under the Plan until (i)&nbsp;all Award conditions have been met or removed to
the Company&rsquo;s satisfaction, (ii)&nbsp;as determined by the Company, all other legal matters regarding the issuance and delivery
of such Shares have been satisfied, including any applicable securities laws and stock exchange or stock market rules and regulations,
and (iii)&nbsp;the Participant has executed and delivered to the Company such representations or agreements as the Administrator deems
necessary or appropriate to satisfy any Applicable Laws. The Company&rsquo;s inability to obtain authority from any regulatory body having
jurisdiction, which the Administrator determines is necessary to the lawful issuance and sale of any securities, will relieve the Company
of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.8&nbsp;<U>Acceleration</U><FONT STYLE="font-size: 10pt"></FONT>.
The Administrator may at any time provide that any Award will become immediately vested and fully or partially exercisable, free of some
or all restrictions or conditions, or otherwise fully or partially realizable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.9&nbsp;<U>Cash
Settlement</U>. Without limiting the generality of any other provision of the Plan, the Administrator may provide, in an Award Agreement
or subsequent to the grant of an Award, in its discretion, that any Award may be settled in cash, Shares or a combination thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.10&nbsp;<U>Broker-Assisted
Sales</U><FONT STYLE="font-size: 10pt"></FONT>. In the event of a broker-assisted sale of Shares in connection with the payment
of amounts owed by a Participant under or with respect to the Plan or Awards, including amounts to be paid under the final sentence of
Section&nbsp;9.5: (a) any Shares to be sold through the broker-assisted sale will be sold on the day the payment first becomes due, or
as soon thereafter as practicable; (b) such Shares may be sold as part of a block trade with other Participants in the Plan in which
all Participants receive an average price; (c) the applicable Participant will be responsible for all broker&rsquo;s fees and other costs
of sale, and by accepting an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages,
or expenses relating to any such sale; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount
owed, the Company will pay such excess in cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its
designees are under no obligation to arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are
insufficient to satisfy the Participant&rsquo;s applicable obligation, the Participant may be required to pay immediately upon demand
to the Company or its designee an amount in cash sufficient to satisfy any remaining portion of the Participant&rsquo;s obligation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
X.<BR>
Miscellaneous</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.1&nbsp;<U>No Right to
Employment or Other Status</U><FONT STYLE="font-size: 10pt"></FONT>. No person will have any claim or right to be granted an Award,
and the grant of an Award will not be construed as giving a Participant the right to continued employment or any other relationship with
the Company or any of its Subsidiaries. The Company and its Subsidiaries expressly reserve the right at any time to dismiss or otherwise
terminate its relationship with a Participant free from any liability or claim under the Plan or any Award, except as expressly provided
in an Award Agreement or in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.2&nbsp;<U>No Rights as
Stockholder; Certificates</U><FONT STYLE="font-size: 10pt"></FONT>. Subject to the Award Agreement, no Participant or Designated
Beneficiary will have any rights as a stockholder with respect to any Shares to be distributed under an Award until becoming the record
holder of such Shares. Notwithstanding any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws
require, the Company will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any
Award and instead such Shares may be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator).
The Company may place legends on stock certificates issued under the Plan that the Administrator deems necessary or appropriate to comply
with Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.3&nbsp;<U>Effective Date
and Term of Plan</U><FONT STYLE="font-size: 10pt"></FONT>. Unless earlier terminated by the Board, the Plan will become effective
on the date of the consummation of the transactions contemplated by the Business Combination Agreement (the &ldquo;<B><I>Effective Date</I></B>&rdquo;)
and will remain in effect until terminated by the Administrator in accordance with the Plan. Notwithstanding anything to the contrary
in the Plan, an Incentive Stock Option may not be granted under the Plan after 10 years from the earlier of (i) the date the Board adopted
the Plan or (ii) the date the Company&rsquo;s stockholders approved the Plan. Notwithstanding anything to the contrary contained herein,
if the Plan is not approved by the Company&rsquo;s stockholders, the Plan will not become effective and no Awards will be granted under
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.4&nbsp;<U>Amendment of
Plan</U><FONT STYLE="font-size: 10pt"></FONT>. The Administrator may amend, suspend or terminate the Plan at any time; provided
that no amendment to the Plan, other than an increase to the Overall Share Limit, may materially and adversely affect any Award outstanding
at the time of such amendment without the affected Participant&rsquo;s consent. No Awards may be granted under the Plan during any suspension
period or after the Plan&rsquo;s termination. Awards outstanding at the time of any Plan suspension or termination will continue to be
governed by the Plan and the Award Agreement, as in effect before such suspension or termination. The Board will obtain stockholder approval
of any Plan amendment to the extent necessary to comply with Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.5&nbsp;<U>Provisions for
Foreign Participants</U><FONT STYLE="font-size: 10pt"></FONT>. The Administrator may modify Awards granted to Participants who
are foreign nationals or employed outside the United States or establish subplans or procedures under the Plan to address differences
in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other
matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.6&nbsp;<U>Section&nbsp;409A</U><FONT STYLE="font-size: 10pt"></FONT>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(a)&nbsp;<U>General</U>.
The Company intends that all Awards be structured to comply with, or be exempt from, Section&nbsp;409A, such that no adverse tax consequences,
interest, or penalties under Section&nbsp;409A apply. Notwithstanding anything in the Plan or any Award Agreement to the contrary, the
Administrator may, without a Participant&rsquo;s consent, amend this Plan or Awards, adopt policies and procedures, or take any other
actions (including amendments, policies, procedures and retroactive actions) as are necessary or appropriate to preserve the intended
tax treatment of Awards, including any such actions intended to (A)&nbsp;exempt this Plan or any Award from Section&nbsp;409A, or (B)&nbsp;comply
with Section&nbsp;409A, including regulations, guidance, compliance programs and other interpretative authority that may be issued after
an Award&rsquo;s grant date. The Company makes no representations or warranties as to an Award&rsquo;s tax treatment under Section&nbsp;409A
or otherwise. The Company will have no obligation under this Section&nbsp;10.6 or otherwise to avoid the taxes, penalties or interest
under Section&nbsp;409A with respect to any Award and will have no liability to any Participant or any other person if any Award, compensation
or other benefits under the Plan are determined to constitute noncompliant &ldquo;nonqualified deferred compensation&rdquo; subject to
taxes, penalties or interest under Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(b)&nbsp;<U>Separation
from Service</U>. If an Award constitutes &ldquo;nonqualified deferred compensation&rdquo; under Section&nbsp;409A, any payment or settlement
of such Award upon a termination of a Participant&rsquo;s Service Provider relationship will, to the extent necessary to avoid taxes under
Section&nbsp;409A, be made only upon the Participant&rsquo;s &ldquo;separation from service&rdquo; (within the meaning of Section&nbsp;409A),
whether such &ldquo;separation from service&rdquo; occurs upon or after the termination of the Participant&rsquo;s Service Provider relationship.
For purposes of this Plan or any Award Agreement relating to any such payments or benefits, references to a &ldquo;termination,&rdquo;
&ldquo;termination of employment&rdquo; or like terms means a &ldquo;separation from service.&rdquo; Furthermore, notwithstanding any
contrary provision of the Plan or any Award Agreement, any payment of &ldquo;nonqualified deferred compensation&rdquo; under the Plan
that may be made in installments shall be treated as a right to receive a series of separate and distinct payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(c)&nbsp;<U>Payments
to Specified Employees</U>. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of &ldquo;nonqualified
deferred compensation&rdquo; required to be made under an Award to a &ldquo;specified employee&rdquo; (as defined under Section&nbsp;409A
and as the Administrator determines) due to his or her &ldquo;separation from service&rdquo; will, to the extent necessary to avoid taxes
under Section&nbsp;409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such &ldquo;separation from
service&rdquo; (or, if earlier, until the specified employee&rsquo;s death) and will instead be paid (as set forth in the Award Agreement)
on the day immediately following such six-month period or as soon as administratively practicable thereafter (without interest). Any payments
of &ldquo;nonqualified deferred compensation&rdquo; under such Award payable more than six months following the Participant&rsquo;s &ldquo;separation
from service&rdquo; will be paid at the time or times the payments are otherwise scheduled to be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.7&nbsp;<U>Limitations
on Liability</U><FONT STYLE="font-size: 10pt"></FONT>. Notwithstanding any other provisions of the Plan, and to the fullest extent
permitted by Applicable Laws and the Company&rsquo;s certificate of incorporation and bylaws, (a) no individual acting as a director, officer,
other employee or agent of the Company or a Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or
any other person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will
not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator,
director, officer, other employee or agent of the Company or any Subsidiary and (b) the Company will indemnify and hold harmless each
director, officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or
power relating to the Plan&rsquo;s administration or interpretation, against any cost or expense (including attorneys&rsquo; fees) or
liability (including any sum paid in settlement of a claim with the Administrator&rsquo;s approval) arising from any act or omission
concerning this Plan unless arising from such person&rsquo;s own fraud or bad faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.8&nbsp;<U>Lock-Up Period</U><FONT STYLE="font-size: 10pt"></FONT>.
The Company may, at the request of any underwriter representative or otherwise, in connection with registering the offering of any Company
securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring any Shares
or other Company securities during a period of up to 180 days following the effective date of a Company registration statement filed
under the Securities Act, or such longer period as determined by the underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.9&nbsp;<U>Data Privacy</U><FONT STYLE="font-size: 10pt"></FONT>.
As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection, use and transfer, in
electronic or other form, of personal data as described in this section by and among the Company and its Subsidiaries and affiliates
exclusively for implementing, administering and managing the Participant&rsquo;s participation in the Plan. The Company and its Subsidiaries
and affiliates may hold certain personal information about a Participant, including the Participant&rsquo;s name, address and telephone
number; birthdate; social security, insurance number or other identification number; salary; nationality; job title(s); any Shares held
in the Company or its Subsidiaries and affiliates; and Award details, to implement, manage and administer the Plan and Awards (the &ldquo;<B><I>Data</I></B>&rdquo;).
The Company and its Subsidiaries and affiliates may transfer the Data amongst themselves as necessary to implement, administer and manage
a Participant&rsquo;s participation in the Plan, and the Company and its Subsidiaries and affiliates may transfer the Data to third parties
assisting the Company with the Plan implementation, administration and management. These recipients may be located in the Participant&rsquo;s
country, or elsewhere, and the Participant&rsquo;s country may have different data privacy laws and protections than the recipients&rsquo;
country. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in
electronic or other form, to implement, administer and manage the Participant&rsquo;s participation in the Plan, including any required
Data transfer to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares. The Data related
to a Participant will be held only as long as necessary to implement, administer, and manage the Participant&rsquo;s participation in
the Plan. A Participant may, at any time, view the Data that the Company holds regarding such Participant, request additional information
about the storage and processing of the Data regarding such Participant, recommend any necessary corrections to the Data regarding the
Participant or refuse or withdraw the consents in this Section&nbsp;10.9 in writing, without cost, by contacting the local human resources
representative. If the Participant refuses or withdraws the consents in this Section 10.9, the Company may cancel Participant&rsquo;s
ability to participate in the Plan and, in the Administrator&rsquo;s discretion, the Participant may forfeit any outstanding Awards.
For more information on the consequences of refusing or withdrawing consent, Participants may contact their local human resources representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.10&nbsp;<U>Severability</U><FONT STYLE="font-size: 10pt"></FONT>.
If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality or invalidity will
not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions had been
excluded, and the illegal or invalid action will be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.11&nbsp;<U>Governing Documents</U><FONT STYLE="font-size: 10pt"></FONT>.
If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a Participant and the Company
(or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified in such Award Agreement
or other written document that a specific provision of the Plan will not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.12&nbsp;<U>Governing Law</U><FONT STYLE="font-size: 10pt"></FONT>.
The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of Delaware, disregarding any state&rsquo;s
choice-of-law principles requiring the application of a jurisdiction&rsquo;s laws other than the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.13&nbsp;<U>Clawback Provisions</U><FONT STYLE="font-size: 10pt"></FONT>.
All Awards (including, without limitation, any proceeds, gains or other economic benefit actually or constructively received by Participant
upon any receipt or exercise of any Award or upon the receipt or sale of any Shares underlying the Award) shall be subject to the provisions
of any clawback policy implemented by the Company, including, without limitation, the Company&rsquo;s Policy for Recovery of Erroneously
Awarded Compensation and any other clawback policy adopted to comply with Applicable Laws, as and to the extent set forth in such clawback
policy or the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.14&nbsp;<U>Titles and
Headings</U><FONT STYLE="font-size: 10pt"></FONT>. The titles and headings in the Plan are for convenience of reference only and,
if there is any conflict, the Plan&rsquo;s text, rather than such titles or headings, will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.15&nbsp;<U>Conformity
to Laws</U><FONT STYLE="font-size: 10pt"></FONT>. Participant acknowledges that the Plan is intended to conform to the extent necessary
with Applicable Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance
with Applicable Laws. To the extent Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to
conform to Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.16&nbsp;<U>Relationship
to Other Benefits</U><FONT STYLE="font-size: 10pt"></FONT>. No payment under the Plan will be taken into account in determining
any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or
any Subsidiary except as expressly provided in writing in such other plan or an agreement thereunder.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">ARTICLE
XI.<BR>
Definitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As used in the Plan, the following
words and phrases will have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.1&nbsp;&ldquo;<B><I>Administrator</I></B>&rdquo;
means the Board or a Committee to the extent that the Board&rsquo;s powers or authority under the Plan have been delegated to such Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.2&nbsp;&ldquo;<B><I>Applicable
Laws</I></B>&rdquo; means any applicable law, including without limitation: (a) provisions of the Code, the Securities Act, the Exchange
Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations,
whether U.S. or non-U.S. federal, state or local; and (c) rules of any securities exchange or automated quotation system on which the
Shares are listed, quoted or traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.3&nbsp;&ldquo;<B><I>Award</I></B>&rdquo;
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units, Dividend Equivalents, or Other Stock or Cash Based Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.4&nbsp;&ldquo;<B><I>Award
Agreement</I></B>&rdquo; means a written agreement evidencing an Award, which may be electronic, that contains such terms and conditions
as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.5&nbsp;&ldquo;<B><I>Board</I></B>&rdquo;
means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.6&nbsp;&ldquo;<B><I>Business
Combination Agreement</I></B>&rdquo; means that certain Business Combination Agreement, dated as of August 13, 2025, by and among Bleichroeder
Acquisition Corp. I, IPDX Merger Sub, Inc., and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.7&nbsp;&ldquo;<B><I>Cause</I></B>&rdquo;
means, in respect of a Participant, either (a) the definition of &ldquo;Cause&rdquo; contained in the Participant&rsquo;s Award Agreement
or an effective, written service or employment agreement between the Participant and the Company or a Subsidiary of the Company; or (b)
if no such agreement exists or such agreement does not define Cause, then Cause shall mean (i) the Participant&rsquo;s unauthorized use
or disclosure of confidential information or trade secrets of the Company or any of its Subsidiaries or any material breach of a written
agreement between the Participant and the Company or any of its Subsidiaries, including without limitation a material breach of any employment,
confidentiality, non-compete, non-solicit or similar agreement; (ii) the Participant&rsquo;s commission of, indictment for or the entry
of a plea of guilty or nolo contendere by the Participant to, a felony under the laws of the United States or any state thereof or any
crime involving dishonesty or moral turpitude (or any similar crime in any jurisdiction outside the United States); (iii) the Participant&rsquo;s
negligence or willful misconduct in the performance of the Participant&rsquo;s duties or the Participant&rsquo;s willful or repeated failure
or refusal to substantially perform assigned duties; (iv) any act of fraud, embezzlement, material misappropriation or dishonesty committed
by the Participant against the Company or any of its Subsidiaries; or (v) any acts, omissions or statements by a Participant which the
Company determines to be materially detrimental or damaging to the reputation, operations, prospects or business relations of the Company
or any of its Subsidiaries. The findings and decision of the Administrator with respect to any Cause determination will be final and binding
for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.8&nbsp;&ldquo;<B><I>Change
in Control</I></B>&rdquo; means and includes each of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(a)&nbsp;A
transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement filed
with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i) and
(ii) of subsection&nbsp;(c) below) whereby any &ldquo;person&rdquo; or related &ldquo;group&rdquo; of &ldquo;persons&rdquo; (as such terms
are used in Sections&nbsp;13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, an employee benefit
plan maintained by the Company or any of its Subsidiaries or a &ldquo;person&rdquo; that, prior to such transaction, directly or indirectly
controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power
of the Company&rsquo;s securities outstanding immediately after such acquisition; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(b)&nbsp;During
any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new Director(s)
(other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described
in subsections (a) or (c)) whose election by the Board or nomination for election by the Company&rsquo;s stockholders was approved by
a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the two-year period
or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">(c)&nbsp;The
consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x)&nbsp;a merger, consolidation, reorganization, or business combination or (y)&nbsp;a sale or other disposition of all or substantially
all of the Company&rsquo;s assets in any single transaction or series of related transactions or (z)&nbsp;the acquisition of assets or
stock of another entity, in each case other than a transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">(i)&nbsp;which
results in the Company&rsquo;s voting securities outstanding immediately before the transaction continuing to represent (either by remaining
outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls,
directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company&rsquo;s assets or otherwise
succeeds to the business of the Company (the Company or such person, the &ldquo;<B><I>Successor Entity</I></B>&rdquo;)) directly or indirectly,
at least a majority of the combined voting power of the Successor Entity&rsquo;s outstanding voting securities immediately after the transaction,
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">(ii)&nbsp;after
which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity;
<U>provided</U>, <U>however</U>, that no person or group shall be treated for purposes of this clause (ii) as beneficially owning 50%
or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation
of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Notwithstanding the foregoing,
if a Change in Control constitutes a payment event with respect to any Award (or portion of any Award) that provides for the deferral
of compensation that is subject to Section&nbsp;409A, to the extent required to avoid the imposition of additional taxes under Section&nbsp;409A,
the transaction or event described in subsection&nbsp;(a), (b) or (c) with respect to such Award (or portion thereof) shall only constitute
a Change in Control for purposes of the payment timing of such Award (or portion thereof) if such transaction also constitutes a &ldquo;change
in control event,&rdquo; as defined in Treasury Regulation Section&nbsp;1.409A-3(i)(5).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Administrator shall have
full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred
pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided
that any exercise of authority in conjunction with a determination of whether a Change in Control is a &ldquo;change in control event&rdquo;
as defined in Treasury Regulation Section&nbsp;1.409A-3(i)(5) shall be consistent with such regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.9&nbsp;&ldquo;<B><I>Code</I></B>&rdquo;
means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.10&nbsp;&ldquo;<B><I>Committee</I></B>&rdquo;
means one or more committees or subcommittees of the Board, which may include one or more Company directors or executive officers, to
the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member
of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3, a &ldquo;non-employee
director&rdquo; within the meaning of Rule 16b-3; however, a Committee member&rsquo;s failure to qualify as a &ldquo;non-employee director&rdquo;
within the meaning of Rule 16b-3 will not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.11&nbsp;&ldquo;<B><I>Common
Stock</I></B>&rdquo; means the common stock of the Company, par value $0.0001 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.12&nbsp;&ldquo;<B><I>Company</I></B>&rdquo;
means Merlin, Inc., a Delaware corporation, or any successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.13&nbsp;&ldquo;<B><I>Consultant</I></B>&rdquo;
means any consultant or advisor engaged by the Company or any of its Subsidiaries to render services to such entity, in each case that
can be granted an Award that is eligible to be registered on a Form S-8 Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.14&nbsp;&ldquo;<B><I>Designated
Beneficiary</I></B>&rdquo; means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines,
to receive amounts due or exercise the Participant&rsquo;s rights if the Participant dies or becomes incapacitated. Without a Participant&rsquo;s
effective designation, &ldquo;Designated Beneficiary&rdquo; will mean the Participant&rsquo;s estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.15&nbsp;&ldquo;<B><I>Director</I></B>&rdquo;
means a Board member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.16&nbsp;&ldquo;<B><I>Disability</I></B>&rdquo;
means a permanent and total disability under Section&nbsp;22(e)(3) of the Code, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.17&nbsp;&ldquo;<B><I>Dividend
Equivalents</I></B>&rdquo; means a right granted to a Participant under the Plan to receive the equivalent value (in cash or Shares) of
dividends paid on Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.18&nbsp;&ldquo;<B><I>Employee</I></B>&rdquo;
means any employee of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.19&nbsp;&ldquo;<B><I>Equity
Restructuring</I></B>&rdquo; means, as determined by the Administrator, a non-reciprocal transaction between the Company and its stockholders,
such as a stock dividend, stock split, spin-off or recapitalization, or a large, nonrecurring cash dividend, that affects the shares of
Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities of the Company) and causes a
change in the per share value of the Common Stock underlying outstanding Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.20&nbsp;&ldquo;<B><I>Exchange
Act</I></B>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.21&nbsp;&ldquo;<B><I>Fair
Market Value</I></B>&rdquo; means, as of any date, the value of a Share determined as follows: (a) if the Common Stock is listed on any
established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock as quoted on such exchange for
such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as reported in The Wall
Street Journal or another source the Administrator deems reliable; (b) if the Common Stock is not traded on a stock exchange but is quoted
on a national market or other quotation system, the closing sales price on such date, or if no sales occurred on such date, then on the
last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator
deems reliable; or (c) without an established market for the Common Stock, the Administrator will determine the Fair Market Value in its
discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.22&nbsp;&ldquo;<B><I>Greater
Than 10% Stockholder</I></B>&rdquo; means an individual then owning (within the meaning of Section&nbsp;424(d) of the Code) more than
10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporation, as defined in Section&nbsp;424(e)
and (f) of the Code, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.23&nbsp;&ldquo;<B><I>Incentive
Stock Option</I></B>&rdquo; means an Option intended to qualify as an &ldquo;incentive stock option&rdquo; as defined in Section&nbsp;422
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.24&nbsp;&ldquo;<B><I>Non-Qualified
Stock Option</I></B>&rdquo; means an Option, or portion thereof, not intended or not qualifying as an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.25&nbsp;&ldquo;<B><I>Option</I></B>&rdquo;
means an option to purchase Shares, which will either be an Incentive Stock Option or a Non-Qualified Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.26&nbsp;&ldquo;<B><I>Other
Stock or Cash Based Awards</I></B>&rdquo; means cash awards, awards of Shares, and other awards valued wholly or partially by referring
to, or are otherwise based on, Shares or other property awarded to a Participant under Article&nbsp;VII.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.27&nbsp;&ldquo;<B><I>Overall
Share Limit</I></B>&rdquo; means the sum of (a) 14,974,127 Shares; (b) an annual increase on the first day of each calendar year beginning
on and including January 1, 2027 and ending on and including January 1, 2036, equal to (i) a number of Shares equal to 5% of the aggregate
number of Shares outstanding on the final day of the immediately preceding calendar year, or (ii) such smaller number of Shares as is
determined by the Board and (c) any Shares subject to Prior Plan Awards that become available for issuance under the Plan on or following
the Effective Date pursuant to Section 4.2 (which shall not exceed 7,353,389 Shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.28&nbsp;&ldquo;<B><I>Participant</I></B>&rdquo;
means a Service Provider who has been granted an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.29&nbsp;&ldquo;<B><I>Performance
Criteria</I></B>&rdquo; mean the criteria (and adjustments) that the Administrator may select for an Award to establish performance goals
for a performance period, which may include the following: net earnings or losses (either before or after one or more of interest, taxes,
depreciation, amortization, and non-cash equity-based compensation expense); gross or net sales or revenue or sales or revenue growth;
net income (either before or after taxes) or adjusted net income; profits (including but not limited to gross profits, net profits, profit
growth, net operation profit or economic profit), profit return ratios or operating margin; budget or operating earnings (either before
or after taxes or before or after allocation of corporate overhead and bonus); cash flow (including operating cash flow and free cash
flow or cash flow return on capital); return on assets; return on capital or invested capital; cost of capital; return on stockholders&rsquo;
equity; total stockholder return; return on sales; costs, reductions in costs and cost control measures; expenses; working capital; earnings
or loss per share; adjusted earnings or loss per share; price per share or dividends per share (or appreciation in or maintenance of
such price or dividends); regulatory achievements or compliance; implementation, completion or attainment of objectives relating to research,
development, regulatory, commercial, or strategic milestones or developments; market share; economic value or economic value added models;
division, group or corporate financial goals; customer satisfaction/growth; customer service; employee satisfaction; recruitment and
maintenance of personnel; human capital management (including diversity and inclusion); supervision of litigation and other legal matters;
strategic partnerships and transactions; financial ratios (including those measuring liquidity, activity, profitability or leverage);
debt levels or reductions; sales-related goals; financing and other capital raising transactions; cash on hand; acquisition activity;
investment sourcing activity; and marketing initiatives, any of which may be measured in absolute terms or as compared to any incremental
increase or decrease. Such performance goals also may be based solely by reference to the Company&rsquo;s performance or the performance
of a Subsidiary, division, business segment or business unit of the Company or a Subsidiary, or based upon performance relative to performance
of other companies or upon comparisons of any of the indicators of performance relative to performance of other companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.30&nbsp;&ldquo;<B><I>Plan</I></B>&rdquo;
means this 2026 Incentive Award Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.31&nbsp;&ldquo;<B><I>Prior
Plan</I></B>&rdquo; means the Merlin, Inc. 2018 Equity Incentive Plan, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.32&nbsp;&ldquo;<B><I>Prior
Plan Award</I></B>&rdquo; means an award outstanding under the Prior Plan as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.33&nbsp;&ldquo;<B><I>Restricted
Stock</I></B>&rdquo; means Shares awarded to a Participant under Article&nbsp;VI subject to certain vesting conditions and other restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.34&nbsp;&ldquo;<B><I>Restricted
Stock Unit</I></B>&rdquo; means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in
cash or other consideration determined by the Administrator to be of equal value as of such settlement date awarded to a Participant under
Article&nbsp;VI subject to certain vesting conditions and other restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.35&nbsp;&ldquo;<B><I>Rule
16b-3</I></B>&rdquo; means Rule 16b-3 promulgated under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.36&nbsp;&ldquo;<B><I>Section&nbsp;409A</I></B>&rdquo;
means Section&nbsp;409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.37&nbsp;&ldquo;<B><I>Securities
Act</I></B>&rdquo; means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.38&nbsp;&ldquo;<B><I>Service
Provider</I></B>&rdquo; means an Employee, Consultant or Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.39&nbsp;&ldquo;<B><I>Share</I></B>&rdquo;
means a share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.40&nbsp;&ldquo;<B><I>Stock
Appreciation Right</I></B>&rdquo; means a stock appreciation right granted under Article&nbsp;V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.41&nbsp;&ldquo;<B><I>Subsidiary</I></B>&rdquo;
means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if
each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities
or interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the other
entities in such chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.42&nbsp;&ldquo;<B><I>Substitute
Awards</I></B>&rdquo; means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards
previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any Subsidiary
or with which the Company or any Subsidiary combines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.43&nbsp;&ldquo;<B><I>Termination
of Service</I></B>&rdquo; means the date the Participant ceases to be a Service Provider.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;*&nbsp;*&nbsp;*&nbsp;*</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1(1)
<SEQUENCE>6
<FILENAME>ea029154201ex99-1i.htm
<DESCRIPTION>FORM OF STOCK OPTION GRANT NOTICE AND STOCK OPTION AGREEMENT UNDER THE MERLIN, INC. 2026 INCENTIVE AWARD PLAN
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">MERLIN,
INC.</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">2026
INCENTIVE AWARD PLAN</FONT></P>



<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">STOCK
OPTION GRANT NOTICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Merlin, Inc., a Delaware corporation
(the &ldquo;<B><I>Company</I></B>&rdquo;) has granted to the participant listed below (&ldquo;<B><I>Participant</I></B>&rdquo;) the stock
option (the &ldquo;<B><I>Option</I></B>&rdquo;) described in this Stock Option Grant Notice (the &ldquo;<B><I>Grant Notice</I></B>&rdquo;),
subject to the terms and conditions of the Merlin, Inc. 2026 Incentive Award Plan (as amended from time to time, the &ldquo;<B><I>Plan</I></B>&rdquo;)
and the Stock Option Agreement attached hereto as <B>Exhibit A</B> (the &ldquo;<B><I>Agreement</I></B>&rdquo;), both of which are incorporated
into this Grant Notice by reference. Capitalized terms not specifically defined in this Grant Notice or the Agreement have the meanings
given to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><B>Participant:</B></TD>
    <TD STYLE="width: 60%">[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Grant Date:</B></TD>
    <TD>[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Exercise Price per Share:</B></TD>
    <TD>[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Shares Subject to the Option:</B></TD>
    <TD>[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Final Expiration Date:</B></TD>
    <TD>[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Vesting Commencement Date:</B></TD>
    <TD>[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Vesting Schedule:</B></TD>
    <TD>[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Type of Option</B></TD>
    <TD>[Incentive Stock Option]/[Non-Qualified Stock Option]</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By accepting (whether in writing,
electronically or otherwise) the Option, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement.
Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice
of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement.
Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions
arising under the Plan, this Grant Notice or the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>MERLIN, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>PARTICIPANT</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%"><U></U></TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%"><U></U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD>
    <TD>&nbsp;</TD>
    <TD>[Participant Name]</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit A</U></B></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STOCK OPTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms not specifically
defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">ARTICLE
I.</FONT><BR>
GENERAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;<U>Grant of Option<FONT STYLE="font-size: 10pt"></FONT></U>.
The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the &ldquo;<B><I>Grant
Date</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2&nbsp;<U>Incorporation
of Terms of Plan</U>. The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated
herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
II.</FONT><BR>
PERIOD OF EXERCISABILITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1&nbsp;<U>Commencement
of Exercisability</U>. The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the &ldquo;<B><I>Vesting
Schedule</I></B>&rdquo;) except that any fraction of a Share as to which the Option would be vested or exercisable will be accumulated
and will vest and become exercisable only when a whole Share has accumulated. The Option will immediately expire and be forfeited as
to any portion that is not vested and exercisable as of Participant&rsquo;s Termination of Service for any reason, except as otherwise
determined by the Administrator or provided in a binding written agreement between Participant and the Company (after taking into consideration
any accelerated vesting and exercisability which may occur in connection with such Termination of Service, including under the Company&rsquo;s
Executive Severance Plan, if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2&nbsp;<U>Duration of Exercisability</U>.
The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable will remain vested and exercisable
until the Option expires. The Option will be forfeited immediately upon its expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.3&nbsp;<U>Expiration of
Option</U>. The Option may not be exercised to any extent by anyone after, and will expire on, the first of the following to occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;The
final expiration date in the Grant Notice; provided, however, such final expiration date may be extended pursuant to Section 5.3 of the
Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;Except
as the Administrator may otherwise approve, the expiration of three months from the date of Participant&rsquo;s Termination of Service,
unless Participant&rsquo;s Termination of Service is for Cause or by reason of Participant&rsquo;s death or Disability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;Except
as the Administrator may otherwise approve, the expiration of one year from the date of Participant&rsquo;s Termination of Service by
reason of Participant&rsquo;s death or Disability; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;Except
as the Administrator may otherwise approve, Participant&rsquo;s Termination of Service for Cause.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
III.</FONT><BR>
EXERCISE OF OPTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1&nbsp;<U>Person Eligible
to Exercise</U><FONT STYLE="font-size: 10pt"></FONT>. During Participant&rsquo;s lifetime, only Participant may exercise the Option.
After Participant&rsquo;s death, any exercisable portion of the Option may, prior to the time the Option expires, be exercised by Participant&rsquo;s
Designated Beneficiary as provided in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2&nbsp;<U>Partial Exercise</U><FONT STYLE="font-size: 10pt"></FONT>.
Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised, in whole or in part, according
to the procedures in the Plan at any time prior to the time the Option or portion thereof expires, except that the Option may only be
exercised for whole Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3&nbsp;<U>Tax Withholding</U><FONT STYLE="font-size: 10pt"></FONT><U>;
Exercise Price</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;Subject to Section
3.3(b) and 3.3(c), payment of the exercise price and withholding tax obligations with respect to the Option may be by any of the following,
or a combination thereof, as determined by the Company (or, if Participant is subject to Section 16 of the Exchange Act, the Administrator):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;Cash
or check;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;In
whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained from the Option creating the tax
obligation, valued at their Fair Market Value on the date of delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;Subject
to Section 9.10 of the Plan, delivery (including electronically or telephonically to the extent permitted by the Company) by Participant
to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company that Participant has placed
a market sell order with such broker with respect to Shares then-issuable upon exercise of the Option, and that the broker has been directed
to deliver promptly to the Company funds sufficient to satisfy the applicable exercise price and/or tax withholding obligations; provided,
that payment of such proceeds is then made to the Company at such time as may be required by the Administrator; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;In
whole or in part by the Company withholding of Shares otherwise issuable upon exercise of this Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;Unless
the Company (or, if Participant is subject to Section 16 of the Exchange Act, the Administrator) otherwise determines, and subject to
Section 9.10 of the Plan, payment of any exercise price and/or applicable withholding tax obligations with respect to the Award shall
be (i) if Participant is not subject to Section 16 of the Exchange Act, by delivery (including electronically or telephonically to the
extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly
to the Company sufficient funds to satisfy the exercise price and/or applicable tax withholding obligations or (ii) if Participant is
subject to Section 16 of the Exchange Act, by delivery (including electronically or telephonically to the extent permitted by the Company)
by Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company that Participant
has placed a market sell order with such broker with respect to Shares then-issuable upon exercise of the Award, and that the broker has
been directed to deliver promptly to the Company funds sufficient to satisfy the exercise price and/or applicable tax withholding obligations;
provided, that payment of such proceeds is then made to the Company at such time as may be required by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;Subject
to Section 9.5 of the Plan, the applicable tax withholding obligation will be determined based on Participant&rsquo;s Applicable Withholding
Rate. Participant&rsquo;s &ldquo;<B><I>Applicable Withholding Rate</I></B>&rdquo; shall mean (i) if Participant is subject to Section
16 of the Exchange Act, the greater of (A) the minimum applicable statutory tax withholding rate or (B) with Participant&rsquo;s consent,
the maximum individual tax withholding rate permitted under the rules of the applicable taxing authority for tax withholding attributable
to the underlying transaction, or (ii) if Participant is not subject to Section 16 of the Exchange Act, the minimum applicable statutory
tax withholding rate or such other higher rate approved by the Company; provided, however, that (i) in no event shall Participant&rsquo;s
Applicable Withholding Rate exceed the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding
(or such other rate as may be required to avoid the liability classification of the applicable award under generally accepted accounting
principles in the United States of America); and (ii) the number of Shares tendered or withheld, if applicable, shall be rounded up to
the nearest whole Share sufficient to cover the applicable tax withholding obligation, to the extent rounding up to the nearest whole
Share does not result in the liability classification of the Option under generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;Participant
acknowledges that Participant is ultimately liable and responsible for the exercise price and all taxes owed in connection with the Option
(and, with respect to taxes, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations
that arise in connection with the Option). Neither the Company nor any Subsidiary makes any representation or undertaking regarding the
treatment of any tax withholding in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares.
The Company and the Subsidiaries do not commit and are under no obligation to structure the Option to reduce or eliminate Participant&rsquo;s
tax liability.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
IV.</FONT><BR>
OTHER PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1&nbsp;<U>Adjustments</U><FONT STYLE="font-size: 10pt"></FONT>.
Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this
Agreement and the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2&nbsp;<U>Clawback</U>.
The Option and the Shares issuable hereunder shall be subject to any clawback or recoupment policy in effect on the Grant Date or as
may be adopted or maintained by the Company following the Grant Date, including the Company&rsquo;s Policy for Recovery of Erroneously
Awarded Compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3&nbsp;<U>Notices</U><FONT STYLE="font-size: 10pt"></FONT>.
Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the
Company&rsquo;s Chief Legal Officer at the Company&rsquo;s principal office or the Chief Legal Officer&rsquo;s then-current email address
or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant
(or, if Participant is then deceased, to the Designated Beneficiary) at Participant&rsquo;s last known mailing address, email address
or facsimile number in the Company&rsquo;s personnel files. By a notice given pursuant to this Section, either party may designate a
different address for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email,
when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly
maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of
a facsimile transmission confirmation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4&nbsp;<U>Titles</U>. Titles
are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.5&nbsp;<U>Conformity to
Securities Laws</U>. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent
necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable
Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.6&nbsp;<U>Successors and
Assigns</U>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure
to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement or the
Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns
of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.7&nbsp;<U>Limitations Applicable
to Section 16 Persons</U>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16
of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional limitations set forth
in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule&nbsp;16b-3) that are requirements
for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary
to conform to such applicable exemptive rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.8&nbsp;<U>Entire Agreement</U><FONT STYLE="font-size: 10pt">&nbsp;</FONT><U>;
Amendment</U>. The Plan, the Grant Notice and this Agreement (including any exhibit&nbsp;hereto) constitute the entire agreement of the
parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject
matter hereof. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended
or terminated at any time or from time to time by the Administrator or the Board; provided, however, that except as may otherwise be
provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall materially and adversely affect the
Option without the prior written consent of Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.9&nbsp;<U>Agreement Severable</U>.
In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from,
and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant
Notice or this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.10&nbsp;<U>Limitation on
Participant&rsquo;s Rights</U>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement
creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust.
Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured
creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater
than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the
terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: none"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.11&nbsp;<U>Not a Contract
of Employment</U>. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the employ
or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries,
which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever,
with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and
Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.12&nbsp;<U>Counterparts</U>.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law,
each of which will be deemed an original and all of which together will constitute one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.13&nbsp;<U>Incentive Stock
Options</U>. If the Option is designated as an Incentive Stock Option:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;Participant
acknowledges that to the extent the aggregate fair market value of shares (determined as of the time the option with respect to the shares
is granted) with respect to which stock options intended to qualify as &ldquo;incentive stock options&rdquo; under Section&nbsp;422 of
the Code, including the Option, are exercisable for the first time by Participant during any calendar year exceeds $100,000 or if for
any other reason such stock options do not qualify or cease to qualify for treatment as &ldquo;incentive stock options&rdquo; under Section&nbsp;422
of the Code, such stock options (including the Option) will be treated as non-qualified stock options. Participant further acknowledges
that the rule set forth in the preceding sentence will be applied by taking the Option and other stock options into account in the order
in which they were granted, as determined under Section&nbsp;422(d) of the Code. Participant also acknowledges that if the Option is exercised
more than three months after Participant&rsquo;s Termination of Service, other than by reason of death or Disability, the Option will
be taxed as a Non-Qualified Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;Participant
will give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such
disposition or other transfer is made (i) within two years from the Grant Date or (ii) within one year after the transfer of such Shares
to Participant. Such notice will specify the date of such disposition or other transfer and the amount realized, in cash, other property,
assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;*&nbsp;*&nbsp;*&nbsp;*</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: normal small-caps 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">A-5</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1(2)
<SEQUENCE>7
<FILENAME>ea029154201ex99-1ii.htm
<DESCRIPTION>FORM OF RESTRICTED STOCK UNIT GRANT NOTICE AND RESTRICTED STOCK UNIT AGREEMENT UNDER THE MERLIN, INC. 2026 INCENTIVE AWARD PLAN
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="padding-top: 5pt; padding-right: 5.4pt; padding-left: 5.4pt; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; font-weight: bold">MERLIN, INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="padding-right: 5.4pt; border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="padding-bottom: 5pt; padding-right: 5.4pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; font-weight: bold; padding-left: 5.4pt">2026 INCENTIVE AWARD PLAN</TD></TR>
  </TABLE>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">RESTRICTED STOCK
Unit Grant Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Merlin, Inc., a Delaware corporation
(the &ldquo;<B><I>Company</I></B>&rdquo;), has granted to the participant listed below (&ldquo;<B><I>Participant</I></B>&rdquo;) the Restricted
Stock Units (the &ldquo;<B><I>RSUs</I></B>&rdquo;) described in this Restricted Stock Unit Grant Notice (this &ldquo;<B><I>Grant Notice</I></B>&rdquo;),
subject to the terms and conditions of the Merlin, Inc. 2026 Incentive Award Plan (as amended from time to time, the &ldquo;<B><I>Plan</I></B>&rdquo;)
and the Restricted Stock Unit Agreement attached hereto as <B>Exhibit A</B> (the &ldquo;<B><I>Agreement</I></B>&rdquo;), both of which
are incorporated into this Grant Notice by reference. Capitalized terms not specifically defined in this Grant Notice or the Agreement
have the meanings given to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 40%"><B>Participant:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 60%">[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Grant Date:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Number of RSUs:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Vesting Commencement Date:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">[To be specified]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Vesting Schedule:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">[To be specified]</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By accepting (whether in writing,
electronically or otherwise) the RSUs, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant
has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior
to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby
agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under
the Plan, this Grant Notice or the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-variant: small-caps"><B>MERLIN, INC.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><B>PARTICIPANT</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><U></U>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">[Participant Name]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0pt; width: 5%; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0pt; width: 35%; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; width: 40%; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">Exhibit A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">RESTRICTED STOCK
UNIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms not specifically
defined in this Restricted Stock Unit Agreement (this &ldquo;<B><I>Agreement</I></B>&rdquo;) have the meanings specified in the Grant
Notice or, if not defined in the Grant Notice, in the Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
I.<BR>
general</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;<U>Award of RSUs
and Dividend Equivalents.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;The
Company has granted the RSUs to Participant effective as of the Grant Date set forth in the Grant Notice (the &ldquo;<B><I>Grant Date</I></B>&rdquo;).
Each RSU represents the right to receive one Share as set forth in this Agreement. Participant will have no right to the distribution
of any Shares until the time (if ever) the RSUs have vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;The
Company hereby grants to Participant, with respect to each RSU granted hereunder, a Dividend Equivalent for ordinary cash dividends paid
to substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable RSU is
settled, forfeited or otherwise expires. Each Dividend Equivalent entitles Participant to receive the equivalent value of any such ordinary
cash dividends paid on a single Share. The Company will establish a separate Dividend Equivalent bookkeeping account (a &ldquo;<B><I>Dividend
Equivalent Account</I></B>&rdquo;) for each Dividend Equivalent and credit the Dividend Equivalent Account (without interest) on the applicable
dividend payment date with the amount of any such cash paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2&nbsp;<U>Incorporation
of Terms of Plan</U>. The RSUs and Dividend Equivalents are subject to the terms and conditions set forth in this Agreement and the Plan,
which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan
will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.3&nbsp;<U>Unsecured Promise</U>.
The RSUs and Dividend Equivalents will at all times prior to settlement represent an unsecured Company obligation payable only from the
Company&rsquo;s general assets.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">Article
II.<BR>
VESTING; forfeiture AND SETTLEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1&nbsp;<U>Vesting; Forfeiture</U>.
The RSUs will vest according to the vesting schedule in the Grant Notice except that any fraction of an RSU that would otherwise be vested
will be accumulated and will vest only when a whole RSU has accumulated. Dividend Equivalents (including any Dividend Equivalent Account
balance) will vest upon the vesting of the RSUs with respect to which the Dividend Equivalent (including the Dividend Equivalent Account)
relates. In the event of Participant&rsquo;s Termination of Service for any reason, (a) all unvested RSUs will immediately and automatically
be cancelled and forfeited, except as otherwise determined by the Administrator or provided in a binding written agreement between Participant
and the Company (after taking into consideration any accelerated vesting which may occur in connection with such Termination of Service,
including under the Company&rsquo;s Executive Severance Plan, if applicable) and (b) Dividend Equivalents (including any Dividend Equivalent
Account balance) will be forfeited upon the forfeiture of the RSUs with respect to which the Dividend Equivalent (including the Dividend
Equivalent Account) relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2&nbsp;<U>Settlement.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;The
RSUs will, to the extent vested, be paid in Shares, and Dividend Equivalents (including any Dividend Equivalent Account balance) will
be paid in cash or, if approved by the Administrator, Shares, as soon as administratively practicable after the vesting of the applicable
RSU, but in no event later than March 15 of the year following the year in which the RSU&rsquo;s vesting date occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;Notwithstanding
the foregoing, the Company may delay any payment under this Agreement that the Company reasonably determines would violate Applicable
Law until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance
with Treasury Regulation Section 1.409A-2(b)(7)(ii)); provided the Company reasonably believes the delay will not result in the imposition
of excise taxes under Section&nbsp;409A. Any Dividend Equivalents granted in connection with the RSUs issued hereunder, and any amounts
that may become distributable in respect thereof, shall be treated separately from such RSUs and the rights arising in connection therewith
for purposes of the designation of time and form of payments required by Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;If
a Dividend Equivalent is paid in Shares, the number of Shares paid with respect to the Dividend Equivalent will equal the quotient, rounded
down to the nearest whole Share, of the Dividend Equivalent Account balance divided by the Fair Market Value of a Share on the day immediately
preceding the payment date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">Article
III.<BR>
TAXATION AND TAX WITHHOLDING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1&nbsp;<U>Representation</U>.
Participant represents to the Company that Participant has reviewed with Participant&rsquo;s own tax advisors the tax consequences of
this award of RSUs and Dividend Equivalents (the &ldquo;<B><I>Award</I></B>&rdquo;) and the transactions contemplated by the Grant Notice
and this Agreement. Participant is relying solely on such advisors and not on any statements or representations of the Company or any
of its agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2&nbsp;<U>Tax
Withholding.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;Subject
to Section 3.2(b), payment of the withholding tax obligations with respect to the Award may be by any of the following, or a combination
thereof, as determined by the Company (or, if Participant is subject to Section 16 of the Exchange Act, the Administrator):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;</FONT>Cash
or check;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)&nbsp;</FONT>In
whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained from the Award creating the tax
obligation, valued at their Fair Market Value on the date of delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)&nbsp;</FONT>Subject
to Section 9.10 of the Plan, delivery (including electronically or telephonically to the extent permitted by the Company) by Participant
to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company that Participant has placed
a market sell order with such broker with respect to Shares then-issuable upon settlement of the Award, and that the broker has been directed
to deliver promptly to the Company funds sufficient to satisfy the applicable tax withholding obligations; provided, that payment of such
proceeds is then made to the Company at such time as may be required by the Administrator; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)&nbsp;</FONT>In
whole or in part by the Company withholding of Shares otherwise vesting or issuable under this Award in satisfaction of any applicable
withholding tax obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;Unless
the Company (or, if Participant is subject to Section 16 of the Exchange Act, the Administrator) otherwise determines, and subject to
Section 9.10 of the Plan, payment of the withholding tax obligations with respect to the Award shall be (i) if Participant is not subject
to Section 16 of the Exchange Act, by delivery (including electronically or telephonically to the extent permitted by the Company) of
an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds
to satisfy the applicable tax withholding obligations or (ii) if Participant is subject to Section 16 of the Exchange Act, then by delivery
(including electronically or telephonically to the extent permitted by the Company) by Participant to the Company of a copy of irrevocable
and unconditional instructions to a broker acceptable to the Company that Participant has placed a market sell order with such broker
with respect to Shares then-issuable upon settlement of the Award, and that the broker has been directed to deliver promptly to the Company
funds sufficient to satisfy the applicable tax withholding obligations; provided, that payment of such proceeds is then made to the Company
at such time as may be required by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;Subject
to Section 9.5 of the Plan, the applicable tax withholding obligation will be determined based on Participant&rsquo;s Applicable Withholding
Rate. Participant&rsquo;s &ldquo;<B><I>Applicable Withholding Rate</I></B>&rdquo; shall mean (i) if Participant is subject to Section
16 of the Exchange Act, the greater of (A) the minimum applicable statutory tax withholding rate or (B) with Participant&rsquo;s consent,
the maximum individual tax withholding rate permitted under the rules of the applicable taxing authority for tax withholding attributable
to the underlying transaction, or (ii) if Participant is not subject to Section 16 of the Exchange Act, the minimum applicable statutory
tax withholding rate or such other higher rate approved by the Company; provided, however, that (i) in no event shall Participant&rsquo;s
Applicable Withholding Rate exceed the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding
(or such other rate as may be required to avoid the liability classification of the applicable award under generally accepted accounting
principles in the United States of America); and (ii) the number of Shares tendered or withheld, if applicable, shall be rounded up to
the nearest whole Share sufficient to cover the applicable tax withholding obligation, to the extent rounding up to the nearest whole
Share does not result in the liability classification of the RSUs under generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;Participant
acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs and Dividend Equivalents,
regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection
with the RSUs or Dividend Equivalents. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment
of any tax withholding in connection with the awarding, vesting or payment of the RSUs or the Dividend Equivalents or the subsequent sale
of Shares. The Company and its Subsidiaries do not commit and are under no obligation to structure the RSUs or Dividend Equivalents to
reduce or eliminate Participant&rsquo;s tax liability.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
IV.<BR>
other provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1&nbsp;<U>Adjustments</U>.
Participant acknowledges that the RSUs and the Shares subject to the RSUs and the Dividend Equivalents are subject to adjustment, modification
and termination in certain events as provided in this Agreement and the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2&nbsp;<U>Clawback</U>.
The Award and the Shares issuable hereunder shall be subject to any clawback or recoupment policy in effect on the Grant Date or as may
be adopted or maintained by the Company following the Grant Date, including the Company&rsquo;s Policy for Recovery of Erroneously Awarded
Compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.3&nbsp;<U>Notices</U>.
Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the
Company&rsquo;s Chief Legal Officer at the Company&rsquo;s principal office or the Chief Legal Officer&rsquo;s then-current email address
or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant
(or, if Participant is then deceased, to the Designated Beneficiary) at Participant&rsquo;s last known mailing address, email address
or facsimile number in the Company&rsquo;s personnel files. By a notice given pursuant to this Section, either party may designate a
different address for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email,
when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly
maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of
a facsimile transmission confirmation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.4&nbsp;<U>Titles</U>. Titles
are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.5&nbsp;<U>Conformity to
Securities Laws</U>. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent
necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable
Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.6&nbsp;<U>Successors and
Assigns</U>. The Company may assign any of its rights under this Agreement to a single or multiple assignees, and this Agreement will
inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement
or the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and
assigns of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.7&nbsp;<U>Limitations Applicable
to Section 16 Persons</U>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16
of the Exchange Act, the Plan, the Grant Notice, this Agreement and the RSUs and Dividend Equivalents will be subject to any additional
limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that
are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended
as necessary to conform to such applicable exemptive rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.8&nbsp;<U>Entire Agreement;
Amendment</U>. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties
and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter
hereof. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated
at any time or from time to time by the Administrator or the Board; provided, however, that except as may otherwise be provided by the
Plan, no amendment, modification, suspension or termination of this Agreement shall materially and adversely affect the RSUs or Dividend
Equivalents without the prior written consent of Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.9&nbsp;<U>Agreement Severable</U>.
In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be severable from,
and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant
Notice or this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.10&nbsp;<U>Limitation on
Participant&rsquo;s Rights</U>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement
creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust.
Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured
creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs and Dividend Equivalents,
and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the RSUs and Dividend
Equivalents, as and when settled pursuant to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.11&nbsp;<U>Not a Contract
of Employment</U>. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue in the employ
or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries,
which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever,
with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and
Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.12&nbsp;<U>Counterparts</U>.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law,
each of which will be deemed an original and all of which together will constitute one instrument.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">*&nbsp;*&nbsp;*&nbsp;*&nbsp;*</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<DESCRIPTION>MERLIN, INC. 2026 EMPLOYEE STOCK PURCHASE PLAN
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>MERLIN, INC.<BR> 2026 EMPLOYEE STOCK PURCHASE PLAN</B></FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
I.<BR>
PURPOSE</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The purposes of this Merlin,
Inc. 2026 Employee Stock Purchase Plan (as it may be amended or restated from time to time, the &ldquo;<B><I>Plan</I></B>&rdquo;) are
to assist Eligible Employees of Merlin, Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and its Designated Subsidiaries
in acquiring a stock ownership interest in the Company pursuant to a plan which is intended to qualify as an &ldquo;employee stock purchase
plan&rdquo; within the meaning of Section 423(b) of the Code, and to help Eligible Employees provide for their future security and to
encourage them to remain in the employment of the Company and its Designated Subsidiaries.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
II.<BR>
DEFINITIONS AND CONSTRUCTION</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Wherever the following terms
are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun
shall include the plural where the context so indicates. Masculine, feminine and neuter pronouns are used interchangeably and each comprehends
the others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.1&nbsp;&ldquo;<B><I>Administrator</I></B>&rdquo;
shall mean the entity that conducts the general administration of the Plan as provided in Article&nbsp;XI. The term &ldquo;Administrator&rdquo;
shall refer to the Committee unless the Board has assumed the authority for administration of the Plan as provided in Article&nbsp;XI.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.2&nbsp;&ldquo;<B><I>Applicable
Law</I></B>&rdquo; shall mean any applicable law, including without limitation: (a) provisions of the Code, the Securities Act, the Exchange
Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations,
whether U.S. or non-U.S. federal, state or local; and (c) rules of any securities exchange or automated quotation system on which the
Shares are listed, quoted or traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.3&nbsp;&ldquo;<B><I>Board</I></B>&rdquo;
shall mean the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.4&nbsp;&ldquo;<B><I>Change
in Control</I></B>&rdquo; shall mean and include each of the following:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;A
transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement filed
with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i) and
(ii) of subsection (c) below) whereby any &ldquo;person&rdquo; or related &ldquo;group&rdquo; of &ldquo;persons&rdquo; (as such terms
are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, an employee benefit plan
maintained by the Company or any of its Subsidiaries or a &ldquo;person&rdquo; that, prior to such transaction, directly or indirectly
controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power
of the Company&rsquo;s securities outstanding immediately after such acquisition; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;During
any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s)
(other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described
in subsections (a) or (c)) whose election by the Board or nomination for election by the Company&rsquo;s stockholders was approved by
a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two-year period
or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;The
consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all
of the Company&rsquo;s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of
another entity, in each case other than a transaction:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">(i)&nbsp;which
results in the Company&rsquo;s voting securities outstanding immediately before the transaction continuing to represent (either by remaining
outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls,
directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company&rsquo;s assets or otherwise
succeeds to the business of the Company (the Company or such person, the &ldquo;<B><I>Successor Entity</I></B>&rdquo;)) directly or indirectly,
at least a majority of the combined voting power of the Successor Entity&rsquo;s outstanding voting securities immediately after the transaction,
and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">(ii)&nbsp;after
which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity;
<I>provided</I>, <I>however</I>, that no person or group shall be treated for purposes of this clause (ii) as beneficially owning 50%
or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation
of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Notwithstanding the foregoing,
if a Change in Control constitutes a payment event with respect to any portion of any right that provides for the deferral of compensation
that is subject to Section 409A of the Code, to the extent required to avoid the imposition of additional taxes under Section 409A of
the Code, the transaction or event described in subsection (a), (b) or (c) with respect to such right (or portion thereof) shall only
constitute a Change in Control for purposes of the payment timing of such right (or portion thereof) if such transaction also constitutes
a &ldquo;change in control event,&rdquo; as defined in Treasury Regulation Section 1.409A-3(i)(5).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Administrator shall have
full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred
pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided
that any exercise of authority in conjunction with a determination of whether a Change in Control is a &ldquo;change in control event&rdquo;
as defined in Treasury Regulation Section&nbsp;1.409A-3(i)(5) shall be consistent with such regulation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.5&nbsp;
&ldquo;<B><I>Code</I></B>&rdquo; shall mean the Internal Revenue Code of 1986, as amended and the regulations issued thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.6&nbsp;
&ldquo;<B><I>Common Stock</I></B>&rdquo; shall mean the common stock of the Company, par value of $0.0001 per share, and such other securities
of the Company that may be substituted therefor pursuant to Article&nbsp;VIII.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.7&nbsp;&ldquo;<B><I>Company</I></B>&rdquo;
shall mean Merlin, Inc., a Delaware corporation, or any successor.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.8&nbsp;&ldquo;<B><I>Compensation</I></B>&rdquo;
of an Eligible Employee shall mean, unless otherwise specified in the Offering Document, the gross cash compensation received by such
Eligible Employee as compensation for services to the Company or any Designated Subsidiary, including prior week adjustment, and any salary
or wages coded as &ldquo;sick pay,&rdquo; &ldquo;holiday pay,&rdquo; &ldquo;vacation pay,&rdquo; &ldquo;jury duty pay&rdquo; or &ldquo;bereavement
pay&rdquo; in the Company&rsquo;s payroll system, in each case, if applicable, but excluding periodic (e.g., annual or quarterly) bonuses,
one-time bonuses (e.g., retention or sign on bonuses), commissions, overtime payments (including payments in lieu of meal breaks), military
leave pay, education or tuition reimbursements, travel expenses, business and moving reimbursements, income received in connection with
any stock options, stock appreciation rights, restricted stock, restricted stock units or other compensatory equity awards, fringe benefits,
other special payments and all contributions made by the Company or any Designated Subsidiary for the Employee&rsquo;s benefit under any
employee benefit plan now or hereafter established.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.9&nbsp;&ldquo;<B><I>Designated
Subsidiary</I></B>&rdquo; shall mean any Subsidiary designated by the Administrator in accordance with Section&nbsp;11.2(b).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.10&nbsp;&ldquo;<B><I>Effective
Date</I></B>&rdquo; shall mean the date the Plan is approved by the Company&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.11&nbsp;&ldquo;<B><I>Eligible
Employee</I></B>&rdquo; shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;An
Employee who does not, immediately after any rights under this Plan are granted, own (directly or through attribution) stock possessing
5% or more of the total combined voting power or value of all classes of Common Stock and other stock of the Company, a Parent or a Subsidiary
(as determined under Section 423(b)(3) of the Code). For purposes of the foregoing sentence, the rules of Section 424(d) of the Code with
regard to the attribution of stock ownership shall apply in determining the stock ownership of an individual, and stock that an Employee
may purchase under outstanding options shall be treated as stock owned by the Employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;Notwithstanding
the foregoing, the Administrator may provide in an Offering Document that an Employee shall not be eligible to participate in an Offering
Period if: (i) such Employee is a highly compensated employee within the meaning of Section&nbsp;423(b)(4)(D) of the Code, (ii) such Employee
has not met a service requirement designated by the Administrator pursuant to Section 423(b)(4)(A) of the Code (which service requirement
may not exceed two years), (iii) such Employee&rsquo;s customary employment is for 20 hours or less per week, (iv) such Employee&rsquo;s
customary employment is for less than five months in any calendar year and/or (v) such Employee is a citizen or resident of a foreign
jurisdiction and the grant of a right to purchase Common Stock under the Plan to such Employee would be prohibited under the laws of such
foreign jurisdiction or the grant of a right to purchase Common Stock under the Plan to such Employee in compliance with the laws of such
foreign jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code, as determined by the Administrator in
its sole discretion; <I>provided</I>, <I>further</I>, that any exclusion in clauses (i), (ii), (iii), (iv) or (v) shall be applied in
an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation Section 1.423-2(e).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.12&nbsp;&ldquo;<B><I>Employee</I></B>&rdquo;
shall mean individual who renders services to the Company or any Designated Subsidiary as an employee within the meaning of Section 3401(c)
of the Code. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick
leave or other leave of absence approved by the Company or Designated Subsidiary and meeting the requirements of Treasury Regulation Section
1.421-1(h)(2). Where the period of leave exceeds three months and the individual&rsquo;s right to reemployment is not guaranteed either
by statute or by contract, the employment relationship shall be deemed to have terminated on the first day immediately following such
three-month period.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.13&nbsp;&ldquo;<B><I>Enrollment
Date</I></B>&rdquo; shall mean the first Trading Day of each Offering Period, unless otherwise specified in the Offering Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.14&nbsp;&ldquo;<B><I>Exchange
Act</I></B>&rdquo; shall mean the Securities Exchange Act of 1934, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.15&nbsp;&ldquo;<B><I>Fair
Market Value</I></B>&rdquo; shall mean, as of any date, the value of a Share determined as follows: (a)&nbsp;if the Common Stock is listed
on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock as quoted on such exchange
for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as reported in <I>The
Wall Street Journal</I> or another source the Administrator deems reliable; (b)&nbsp;if the Common Stock is not traded on a stock exchange
but is quoted on a national market or other quotation system, the closing sales price on such date, or if no sales occurred on such date,
then on the last date preceding such date during which a sale occurred, as reported in <I>The Wall Street Journal</I> or another source
the Administrator deems reliable; or (c) without an established market for the Common Stock, the Administrator will determine the Fair
Market Value in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.16&nbsp;&ldquo;<B><I>Offering
Document</I></B>&rdquo; shall have the meaning given to such term in Section&nbsp;4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.17&nbsp;&ldquo;<B><I>Offering
Period</I></B>&rdquo; shall have the meaning given to such term in Section&nbsp;4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.18&nbsp;&ldquo;<B><I>Parent</I></B>&rdquo;
shall mean any corporation, other than the Company, in an unbroken chain of corporations ending with the Company if, at the time of the
determination, each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of
all classes of stock in one of the other corporations in such chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.19&nbsp;&ldquo;<B><I>Participant</I></B>&rdquo;
shall mean any Eligible Employee who has executed a subscription or enrollment agreement and been granted rights to purchase Common Stock
pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.20&nbsp;&ldquo;<B><I>Plan</I></B>&rdquo;
shall mean this Merlin, Inc. 2026 Employee Stock Purchase Plan, as it may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.21&nbsp;&ldquo;<B><I>Purchase
Date</I></B>&rdquo; shall mean the last Trading Day of each Purchase Period, unless otherwise specified in the Offering Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.22&nbsp;&ldquo;<B><I>Purchase
Period</I></B>&rdquo; shall refer to one or more periods within an Offering Period, as designated in the applicable Offering Document;
<I>provided</I>, <I>however</I>, that, in the event no Purchase Period is designated by the Administrator in the applicable Offering Document,
the Purchase Period for each Offering Period covered by such Offering Document shall be the same as the applicable Offering Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.23&nbsp;&ldquo;<B><I>Purchase
Price</I></B>&rdquo; shall mean the purchase price designated by the Administrator in the applicable Offering Document (which purchase
price shall not be less than 85% of the Fair Market Value of a Share on the Enrollment Date or on the Purchase Date, whichever is lower);
<I>provided</I>, <I>however</I>, that, in the event no purchase price is designated by the Administrator in the applicable Offering Document,
the purchase price for the Offering Periods covered by such Offering Document shall be 85% of the Fair Market Value of a Share on the
Enrollment Date or on the Purchase Date, whichever is lower; <I>provided</I>, <I>further</I>, that the Purchase Price may be adjusted
by the Administrator pursuant to Article&nbsp;VIII and shall not be less than the par value of a Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.24&nbsp;&ldquo;<B><I>Securities
Act</I></B>&rdquo; shall mean the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.25&nbsp;&ldquo;<B><I>Share</I></B>&rdquo;
shall mean a share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.26&nbsp;&ldquo;<B><I>Subsidiary</I></B>&rdquo;
shall mean any corporation, other than the Company, in an unbroken chain of corporations beginning with the Company if, at the time of
the determination, each of the corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more of
the total combined voting power of all classes of stock in one of the other corporations in such chain; <I>provided</I>, <I>however</I>,
that a limited liability company or partnership may be treated as a Subsidiary to the extent either (a) such entity is treated as a disregarded
entity under Treasury Regulation Section 301.7701-3(a) by reason of the Company or any other Subsidiary that is a corporation being the
sole owner of such entity, or (b) such entity elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a)
and such entity would otherwise qualify as a Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.27&nbsp;&ldquo;<B><I>Trading
Day</I></B>&rdquo; shall mean a day on which national stock exchanges in the United States are open for trading.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
III.<BR>
SHARES SUBJECT TO THE PLAN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.1 <U>Number of Shares</U>.
Subject to Article&nbsp;VIII, the aggregate number of Shares that may be issued pursuant to rights granted under the Plan shall be 2,246,120
Shares. In addition, subject to Article VIII, on the first day of each calendar year beginning on and including January 1, 2027 and ending
on and including January 1, 2036, the number of Shares available for issuance under the Plan shall be increased by that number of Shares
equal to (a) a number of Shares equal to 1% of the aggregate number of Shares outstanding on the final day of the immediately preceding
calendar year or (b) such smaller number of Shares as is determined by the Board. If any right granted under the Plan shall for any reason
terminate without having been exercised, the Shares not purchased under such right shall again become available for issuance under the
Plan. Notwithstanding anything in this Section 3.1 to the contrary, the number of Shares that may be issued or transferred pursuant to
the rights granted under the Plan shall not exceed an aggregate of 100,000,000 Shares, subject to Article VIII.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.2 <U>Stock Distributed</U>.
Any Common Stock distributed pursuant to the Plan may consist, in whole or in part, of authorized and unissued Common Stock, treasury
stock or Common Stock purchased on the open market.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
IV.<BR>
Offering Periods; Offering Documents; Purchase dates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.1 <U>Offering Periods</U>.
The Administrator may from time to time grant or provide for the grant of rights to purchase Shares under the Plan to Eligible Employees
during one or more periods (each, an &ldquo;<B><I>Offering Period</I></B>&rdquo;) selected by the Administrator. The terms and conditions
applicable to each Offering Period shall be set forth in an &ldquo;<B><I>Offering Document</I></B>&rdquo; adopted by the Administrator,
which Offering Document shall be in such form and shall contain such terms and conditions as the Administrator shall deem appropriate.
The Administrator shall establish in each Offering Document one or more Purchase Periods during such Offering Period during which rights
granted under the Plan shall be exercised and purchases of Shares carried out during such Offering Period in accordance with such Offering
Document and the Plan. The provisions of separate Offering Periods under the Plan need not be identical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.2 <U>Offering Documents</U>.
Each Offering Document with respect to an Offering Period shall specify (through incorporation of the provisions of this Plan by reference
or otherwise):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;the
length of the Offering Period, which period shall not exceed 27 months;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;the
length of the Purchase Period(s) within the Offering Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;in
connection with each Offering Period that contains only one Purchase Period the maximum number of Shares that may be purchased by any
Eligible Employee during such Offering Period, which, in the absence of a contrary designation by the Administrator, shall be 5,000 Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(d)&nbsp;in
connection with each Offering Period that contains more than one Purchase Period, the maximum aggregate number of Shares which may be
purchased by any Eligible Employee during each Purchase Period, which, in the absence of a contrary designation by the Administrator,
shall be 5,000 Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(e)&nbsp;such
other provisions as the Administrator determines are appropriate, subject to the Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
V.<BR>
ELIGIBILITY AND PARTICIPATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0.5in">5.1 <U>Eligibility</U>.
Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a given Enrollment Date for an Offering Period
shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of this Article&nbsp;V and the
limitations imposed by Section 423(b) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0.5in">5.2 <U>Enrollment in
Plan</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;Except
as otherwise set forth herein or in an Offering Document or determined by the Administrator, an Eligible Employee may become a Participant
in the Plan for an Offering Period by delivering a subscription or enrollment agreement to the Company by such time prior to the Enrollment
Date for such Offering Period (or such other date specified in the Offering Document) designated by the Administrator and in such form
as the Company provides.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;Except
as otherwise determined by the Administrator, each subscription or enrollment agreement shall designate a whole percentage of such Eligible
Employee&rsquo;s Compensation to be withheld by the Company or the Designated Subsidiary employing such Eligible Employee on each payday
during the Offering Period as payroll deductions under the Plan. The designated percentage may not be less than 1% and may not be more
than the maximum percentage specified by the Administrator in the applicable Offering Document (which percentage shall be 20% in the absence
of any such designation). The payroll deductions made for each Participant shall be credited to an account for such Participant under
the Plan and shall be deposited with the general funds of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;A
Participant may be allowed to decrease or increase the percentage of Compensation designated in his or her subscription or enrollment
agreement, or may suspend his or her payroll deductions, at any time during an Offering Period (any such decrease, increase or suspension,
a &ldquo;<B><I>Contribution Change</I></B>&rdquo;) subject to any limits as set forth in the applicable Offering Document (and in the
absence of any specific designation by the Administrator, a Participant shall not be allowed any Contribution Changes during an Offering
Period with respect to such Offering Period). Any such Contribution Change shall be effective with the first full payroll period following
10 business days after the Company&rsquo;s receipt of the new subscription or enrollment agreement (or such shorter or longer period as
may be specified by the Administrator in the applicable Offering Document). In the event a Participant suspends his or her payroll deductions,
such Participant&rsquo;s cumulative payroll deductions prior to the suspension shall remain in his or her account and shall be applied
to the purchase of Shares on the next occurring Purchase Date and shall not be paid to such Participant unless he or she withdraws from
participation in the Plan pursuant to Article&nbsp;VII.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(d)&nbsp;Except
as otherwise set forth in Section 5.8 or in an Offering Document or determined by the Administrator, a Participant may participate in
the Plan only by means of payroll deduction and may not make contributions by lump sum payment for any Offering Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.3 <U>Payroll Deductions</U>.
Except as otherwise provided in the applicable Offering Document, Section 5.8 or as determined by the Administrator, payroll deductions
for a Participant shall commence on the first payday following the Enrollment Date and shall end on the last payday in the Offering Period
to which the Participant&rsquo;s authorization is applicable, unless sooner terminated by the Participant as provided in Article&nbsp;VII
or suspended by the Participant or the Administrator as provided in Section&nbsp;5.2 and Section 5.6, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.4 <U>Effect of Enrollment</U>.
A Participant&rsquo;s completion of a subscription or enrollment agreement will enroll such Participant in the Plan for each subsequent
Offering Period on the terms contained therein until the Participant either submits a new subscription or enrollment agreement, withdraws
from participation under the Plan as provided in Article&nbsp;VII or otherwise becomes ineligible to participate in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.5 <U>Limitation on Purchase
of Common Stock</U>. An Eligible Employee may be granted rights under the Plan only if such rights, together with any other rights granted
to such Eligible Employee under &ldquo;employee stock purchase plans&rdquo; of the Company, any Parent or any Subsidiary, as specified
by Section 423(b)(8) of the Code, do not permit such employee&rsquo;s rights to purchase stock of the Company or any Parent or Subsidiary
to accrue at a rate that exceeds $25,000 of the fair market value of such stock (determined as of the first day of the Offering Period
during which such rights are granted) for each calendar year in which such rights are outstanding at any time. This limitation shall
be applied in accordance with Section 423(b)(8) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.6 <U>Suspension of Payroll
Deductions</U>. Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section&nbsp;5.5
or the other limitations set forth in this Plan, a Participant&rsquo;s payroll deductions may be suspended by the Administrator at any
time during an Offering Period. The balance of the amount credited to the account of each Participant that has not been applied to the
purchase of Shares by reason of Section 423(b)(8) of the Code, Section&nbsp;5.5 or the other limitations set forth in this Plan shall
be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.7 <U>Foreign Employees</U>.
In order to facilitate participation in the Plan, the Administrator may provide for such special terms applicable to Participants who
are citizens or residents of a foreign jurisdiction, or who are employed by a Designated Subsidiary outside of the United States, as
the Administrator may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Except as permitted
by Section 423 of the Code, such special terms may not be more favorable than the terms of rights granted under the Plan to Eligible
Employees who are residents of the United States. Moreover, the Administrator may approve such supplements to, or amendments, restatements
or alternative versions of, this Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms
of this Plan as in effect for any other purpose. No such special terms, supplements, amendments or restatements shall include any provisions
that are inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended to eliminate such inconsistency
without further approval by the stockholders of the Company. Without limiting the foregoing, the Administrator is specifically authorized
to adopt rules and procedures, with respect to Participants who are foreign nationals or employed in non-U.S. jurisdictions, regarding
the exclusion of particular Subsidiaries from participation in the Plan, eligibility to participate, the definition of Compensation,
handling of payroll deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy
security, payroll tax, withholding procedures, establishment of bank or trust accounts to hold payroll deductions or contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.8 <U>Leave of Absence</U>.
During leaves of absence approved by the Company meeting the requirements of Treasury Regulation Section 1.421-1(h)(2) under the Code,
a Participant may continue participation in the Plan by making cash payments to the Company on his or her normal payday equal to his
or her authorized payroll deduction.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
VI.<BR>
grant and Exercise of rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.1 <U>Grant of Rights</U>.
On the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering Period shall be granted a right
to purchase the maximum number of Shares specified under Section&nbsp;4.2, subject to the limits in Section&nbsp;5.5, and shall have
the right to buy, on each Purchase Date during such Offering Period (at the applicable Purchase Price), such number of whole Shares as
is determined by dividing (a) such Participant&rsquo;s payroll deductions accumulated prior to such Purchase Date and retained in the
Participant&rsquo;s account as of the Purchase Date, by (b) the applicable Purchase Price (rounded down to the nearest Share). The right
shall expire on the earliest of: (x) the last Purchase Date of such Offering Period, (y) last day of such Offering Period and (z) the
date on which such Participant withdraws in accordance with Section 7.1 or Section 7.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.2 <U>Exercise of Rights</U>.
On each Purchase Date, each Participant&rsquo;s accumulated payroll deductions and any other additional payments specifically provided
for in the applicable Offering Document will be applied to the purchase of whole Shares, up to the maximum number of Shares permitted
pursuant to the terms of the Plan and the applicable Offering Document, at the Purchase Price. No fractional Shares shall be issued upon
the exercise of rights granted under the Plan, unless the Offering Document specifically provides otherwise. Any cash remaining after
the purchase of Shares upon exercise of a purchase right (including any cash in lieu of fractional Shares) shall be returned to the Participant
in one lump sum payment in a subsequent payroll check; <I>provided</I>, <I>however</I>, that the Administrator may provide in the applicable
Offering Document that cash in lieu of fractional Shares should be carried forward and applied toward the purchase of whole Shares for
the following Offering Period. Shares issued pursuant to the Plan may be evidenced in such manner as the Administrator may determine
and may be issued in certificated form or issued pursuant to book-entry procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.3 <U>Pro Rata Allocation of
Shares</U>. If the Administrator determines that, on a given Purchase Date, the number of Shares with respect to which rights are to
be exercised may exceed (a) the number of Shares that were available for issuance under the Plan on the Enrollment Date of the applicable
Offering Period, or (b) the number of Shares available for issuance under the Plan on such Purchase Date, the Administrator may in its
sole discretion provide that the Company shall make a pro rata allocation of the Shares available for purchase on such Enrollment Date
or Purchase Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be
equitable among all Participants for whom rights to purchase Shares are to be exercised pursuant to this Article&nbsp;VI on such Purchase
Date, and shall either (i) continue all Offering Periods then in effect, or (ii) terminate any or all Offering Periods then in effect
pursuant to Article&nbsp;IX. The Company may make pro rata allocation of the Shares available on the Enrollment Date of any applicable
Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares for issuance under the Plan
by the Company&rsquo;s stockholders subsequent to such Enrollment Date. The balance of the amount credited to the account of each Participant
that has not been applied to the purchase of Shares shall be paid to such Participant, without interest, in one lump sum in cash as soon
as reasonably practicable after the Purchase Date, or such earlier date as determined by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.4 <U>Withholding</U>. At the
time a Participant&rsquo;s rights under the Plan are exercised, in whole or in part, or at the time some or all of the Shares issued
under the Plan is disposed of, the Participant must make adequate provision for the Company&rsquo;s federal, state, or other tax withholding
obligations, if any, that arise upon the exercise of the right or the disposition of the Shares. At any time, the Company may, but shall
not be obligated to, withhold from the Participant&rsquo;s compensation the amount necessary for the Company to meet applicable withholding
obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to sale
or early disposition of Shares by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.5 <U>Conditions to Issuance
of Common Stock</U>. The Company shall not be required to issue or deliver any certificate or certificates for, or make any book entries
evidencing, Shares purchased upon the exercise of rights under the Plan prior to fulfillment of all of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;The
admission of such Shares to listing on all stock exchanges, if any, on which the Common Stock is then listed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;The
completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations
of the Securities and Exchange Commission or any other governmental regulatory body, that the Administrator shall, in its absolute discretion,
deem necessary or advisable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;The
obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator shall, in its absolute
discretion, determine to be necessary or advisable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(d)&nbsp;The
payment to the Company of all amounts that it is required to withhold under federal, state or local law upon exercise of the rights, if
any; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(e)&nbsp;The
lapse of such reasonable period of time following the exercise of the rights as the Administrator may from time to time establish for
reasons of administrative convenience.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">Article
VII.<BR>
WITHDRAWAL; CESSATION OF ELIGIBILITY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">7.1 <U>Withdrawal</U>. A Participant
may withdraw all but not less than all of the payroll deductions credited to his or her account and not yet used to exercise his or her
rights under the Plan at any time by giving written notice to the Company in a form acceptable to the Company no later than two weeks
prior to the end of the Offering Period or, if earlier, the end of the Purchase Period (or such shorter or longer period as may be specified
by the Administrator in the Offering Document). All of the Participant&rsquo;s payroll deductions credited to his or her account during
the Offering Period not yet used to exercise his or her rights under the Plan shall be paid to such Participant as soon as reasonably
practicable after receipt of notice of withdrawal and such Participant&rsquo;s rights for the Offering Period shall be automatically
terminated, and no further payroll deductions for the purchase of Shares shall be made for such Offering Period. If a Participant withdraws
from an Offering Period, payroll deductions shall not resume at the beginning of the next Offering Period unless the Participant is an
Eligible Employee and timely delivers to the Company a new subscription or enrollment agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">7.2 <U>Future Participation</U>.
A Participant&rsquo;s withdrawal from an Offering Period shall not have any effect upon his or her eligibility to participate in any
similar plan that may hereafter be adopted by the Company or a Designated Subsidiary or in subsequent Offering Periods that commence
after the termination of the Offering Period from which the Participant withdraws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">7.3 <U>Cessation of Eligibility</U>.
Upon a Participant&rsquo;s ceasing to be an Eligible Employee for any reason, he or she shall be deemed to have elected to withdraw from
the Plan pursuant to this Article&nbsp;VII and the payroll deductions credited to such Participant&rsquo;s account during the Offering
Period shall be paid to such Participant or, in the case of his or her death, to the person or persons entitled thereto under Section&nbsp;12.4,
as soon as reasonably practicable, and such Participant&rsquo;s rights for the Offering Period shall be automatically terminated.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
VIII.<BR>
Adjustments upon Changes in Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">8.1 <U>Changes in Capitalization</U>.
Subject to Section 8.3, in the event that the Administrator determines that any dividend or other distribution (whether in the form of
cash, Common Stock, other securities, or other property), Change in Control, reorganization, merger, amalgamation, consolidation, combination,
repurchase, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all
of the assets of the Company, or sale or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights
to purchase Common Stock or other securities of the Company, or other similar corporate transaction or event, as determined by the Administrator,
affects the Common Stock such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any
outstanding purchase rights under the Plan, the Administrator shall make equitable adjustments, if any, to reflect such change with respect
to (a) the aggregate number and type of Shares (or other securities or property) that may be issued under the Plan (including, but not
limited to, adjustments of the limitations in Section&nbsp;3.1 and the limitations established in each Offering Document pursuant to
Section&nbsp;4.2 on the maximum number of Shares that may be purchased); (b) the class(es) and number of Shares and price per Share subject
to outstanding rights; and (c) the Purchase Price with respect to any outstanding rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">8.2 <U>Other Adjustments</U>.
Subject to Section&nbsp;8.3, in the event of any transaction or event described in Section&nbsp;8.1 or any unusual or nonrecurring transactions
or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate (including
without limitation any Change in Control), or of changes in Applicable Law or accounting principles, the Administrator, in its discretion,
and on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions whenever
the Administrator determines that such action is appropriate in order to prevent the dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan or with respect to any right under the Plan, to facilitate such transactions or
events or to give effect to such changes in laws, regulations or principles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;To
provide for either (i) termination of any outstanding right in exchange for an amount of cash, if any, equal to the amount that would
have been obtained upon the exercise of such right had such right been currently exercisable or (ii) the replacement of such outstanding
right with other rights or property selected by the Administrator in its sole discretion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;To
provide that the outstanding rights under the Plan shall be assumed by the successor or survivor corporation, or a parent or subsidiary
thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a parent or subsidiary
thereof, with appropriate adjustments as to the number and kind of shares and prices;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;To
make adjustments in the number and type of Shares (or other securities or property) subject to outstanding rights under the Plan and/or
in the terms and conditions of outstanding rights and rights that may be granted in the future;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(d)&nbsp;To
provide that Participants&rsquo; accumulated payroll deductions may be used to purchase Common Stock prior to the next occurring Purchase
Date on such date as the Administrator determines in its sole discretion and the Participants&rsquo; rights under the ongoing Offering
Period(s) shall be terminated; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(e)&nbsp;To
provide that all outstanding rights shall terminate without being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">8.3 <U>No Adjustment Under Certain
Circumstances</U>. No adjustment or action described in this Article&nbsp;VIII or in any other provision of the Plan shall be authorized
to the extent that such adjustment or action would cause the Plan to fail to satisfy the requirements of Section&nbsp;423 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">8.4 <U>No Other Rights</U>.
Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares
of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution,
liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to
action of the Administrator under the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject
to outstanding rights under the Plan or the Purchase Price with respect to any outstanding rights.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
IX.<BR>
Amendment, modification and termination</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.1 <U>Amendment, Modification
and Termination</U>. The Administrator may amend, suspend or terminate the Plan at any time and from time to time; <U>provided</U><I>,
</I><U>however</U>, that approval of the Company&rsquo;s stockholders shall be required to amend the Plan to: (a) increase the aggregate
number, or change the type, of shares that may be sold pursuant to rights under the Plan under Section&nbsp;3.1 (other than an adjustment
as provided by Article&nbsp;VIII); (b) change the Plan in any manner that would be considered the adoption of a new plan within the meaning
of Treasury regulation Section 1.423-2(c)(4); or (c) change the Plan in any manner that would cause the Plan to no longer be an &ldquo;employee
stock purchase plan&rdquo; within the meaning of Section 423(b) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.2 <U>Certain Changes to Plan</U>.
Without stockholder consent and without regard to whether any Participant rights may be considered to have been adversely affected, to
the extent permitted by Section 423 of the Code, the Administrator shall be entitled to change or terminate the Offering Periods, limit
the frequency and/or number of changes in the amount withheld from Compensation during an Offering Period, establish the exchange ratio
applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by
a Participant in order to adjust for delays or mistakes in the Company&rsquo;s processing of payroll withholding elections, establish
reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase
of Common Stock for each Participant properly correspond with amounts withheld from the Participant&rsquo;s Compensation, and establish
such other limitations or procedures as the Administrator determines in its sole discretion to be advisable that are consistent with
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.3 <U>Actions In the Event
of Unfavorable Financial Accounting Consequences</U>. In the event the Administrator determines that the ongoing operation of the Plan
may result in unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or
desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;altering
the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;shortening
any Offering Period so that the Offering Period ends on a new Purchase Date, including an Offering Period underway at the time of the
Administrator action; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;allocating
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Such modifications or amendments shall not require
stockholder approval or the consent of any Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.4 <U>Payments Upon Termination
of Plan</U>. Upon termination of the Plan, the balance in each Participant&rsquo;s Plan account shall be refunded as soon as practicable
after such termination, without any interest thereon.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
X.<BR>
TERM OF PLAN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Plan shall be effective
on the Effective Date. The effectiveness of the Plan shall be subject to approval of the Plan by the stockholders of the Company within
12 months following the date the Plan is first approved by the Board. No right may be granted under the Plan prior to such stockholder
approval. No rights may be granted under the Plan during any period of suspension of the Plan or after termination of the Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
XI.<BR>
ADMINISTRATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.1 <U>Administrator</U>.
Unless otherwise determined by the Board, the Administrator of the Plan shall be the Compensation Committee of the Board (or another
committee or a subcommittee of the Board to which the Board delegates administration of the Plan) (such committee, the &ldquo;<B><I>Committee</I></B>&rdquo;).
The Board may at any time vest in the Board any authority or duties for administration of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.2 <U>Authority of Administrator</U><FONT STYLE="font-size: 10pt"></FONT>.
The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;To
determine when and how rights to purchase Shares shall be granted and the provisions of each offering of such rights (which need not be
identical).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;To
designate from time to time which Subsidiaries of the Company shall be Designated Subsidiaries, which designation may be made without
the approval of the stockholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;To
construe and interpret the Plan and rights granted under it, and to establish, amend and revoke rules and regulations for its administration.
The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the
extent it shall deem necessary or expedient to make the Plan fully effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(d)&nbsp;To
amend, suspend or terminate the Plan as provided in Article&nbsp;IX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(e)&nbsp;Generally,
to exercise such powers and to perform such acts as the Administrator deems necessary or expedient to promote the best interests of the
Company and its Subsidiaries and to carry out the intent that the Plan be treated as an &ldquo;employee stock purchase plan&rdquo; within
the meaning of Section&nbsp;423 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">11.3 <U>Decisions Binding</U>.
The Administrator&rsquo;s interpretation of the Plan, any rights granted pursuant to the Plan, any subscription or enrollment agreement
and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
XII.<BR>
MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.1 <U>Restriction upon
Assignment</U><FONT STYLE="font-size: 10pt; font-variant: small-caps"></FONT><FONT STYLE="font-variant: small-caps">. </FONT>A
right granted under the Plan shall not be transferable other than by will or the Applicable Laws of descent and distribution, and is
exercisable during the Participant&rsquo;s lifetime only by the Participant. Except as provided in Section&nbsp;12.4 hereof, a right
under the Plan may not be exercised to any extent except by the Participant. The Company shall not recognize and shall be under no duty
to recognize any assignment or alienation of the Participant&rsquo;s interest in the Plan, the Participant&rsquo;s rights under the Plan
or any rights thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.2 <U>Rights as a Stockholder<FONT STYLE="font-size: 10pt"></FONT></U>.
With respect to Shares subject to a right granted under the Plan, a Participant shall not be deemed to be a stockholder of the Company,
and the Participant shall not have any of the rights or privileges of a stockholder, until such Shares have been issued to the Participant
or his or her nominee following exercise of the Participant&rsquo;s rights under the Plan. No adjustments shall be made for dividends
(ordinary or extraordinary, whether in cash securities, or other property) or distribution or other rights for which the record date
occurs prior to the date of such issuance, except as otherwise expressly provided herein or as determined by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.3 <U>Interest<FONT STYLE="font-size: 10pt"></FONT></U>.
No interest shall accrue on the payroll deductions or contributions of a Participant under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.4 Designation of
Beneficiary<FONT STYLE="font-size: 10pt"></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;A
Participant may, in the manner determined by the Administrator, file a written designation of a beneficiary who is to receive any Shares
and/or cash, if any, from the Participant&rsquo;s account under the Plan in the event of such Participant&rsquo;s death subsequent to
a Purchase Date on which the Participant&rsquo;s rights are exercised but prior to delivery to such Participant of such Shares and cash.
In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant&rsquo;s account
under the Plan in the event of such Participant&rsquo;s death prior to exercise of the Participant&rsquo;s rights under the Plan. If the
Participant is married and resides in a community property state, a designation of a person other than the Participant&rsquo;s spouse
as his or her beneficiary shall not be effective without the prior written consent of the Participant&rsquo;s spouse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;Such
designation of beneficiary may be changed by the Participant at any time by written notice to the Company. In the event of the death of
a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant&rsquo;s
death, the Company shall deliver such Shares and/or cash to the executor or administrator of the estate of the Participant, or if no such
executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such Shares
and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is
known to the Company, then to such other person as the Company may designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.5 <U>Notices<FONT STYLE="font-size: 10pt"></FONT></U>.
All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been
duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.6 <U>Equal Rights and
Privileges<FONT STYLE="font-size: 10pt"></FONT></U>. Subject to Section&nbsp;5.7, all Eligible Employees will have equal rights
and privileges under this Plan so that this Plan qualifies as an &ldquo;employee stock purchase plan&rdquo; within the meaning of Section
423 of the Code. Subject to Section&nbsp;5.7, any provision of this Plan that is inconsistent with Section 423 of the Code will, without
further act or amendment by the Company, the Board or the Administrator, be reformed to comply with the equal rights and privileges requirement
of Section 423 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.7 <U>Use of Funds<FONT STYLE="font-size: 10pt"></FONT></U>.
All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company
shall not be obligated to segregate such payroll deductions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.8 <U>Reports<FONT STYLE="font-size: 10pt"></FONT></U>.
If required by Applicable Law, statements of account shall be given to Participants at least annually, which statements shall set forth
the amounts of payroll deductions, the Purchase Price, the number of Shares purchased and the remaining cash balance, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.9 <U>No Employment Rights<FONT STYLE="font-size: 10pt"></FONT></U>.
Nothing in the Plan shall be construed to give any person (including any Eligible Employee or Participant) the right to employment or
service with (or to remain in the employ of) the Company or any Parent or Subsidiary thereof or affect the right of the Company or any
Parent or Subsidiary thereof to terminate the employment of any person (including any Eligible Employee or Participant) at any time,
with or without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.10 <U>Notice of Disposition
of Shares<FONT STYLE="font-size: 10pt"></FONT></U>. Each Participant shall give prompt notice to the Company of any disposition
or other transfer of any Shares purchased upon exercise of a right under the Plan if such disposition or transfer is made: (a) within
two years from the Enrollment Date of the Offering Period in which the Shares were purchased or (b) within one year after the Purchase
Date on which such Shares were purchased. Such notice shall specify the date of such disposition or other transfer and the amount realized,
in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.11 <U>Governing Law<FONT STYLE="font-size: 10pt"></FONT></U>.
The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of the State of Delaware
without regard to conflicts of laws thereof or of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">12.12 <U>Electronic Forms<FONT STYLE="font-size: 10pt"></FONT></U>.
To the extent permitted by Applicable Law and in the discretion of the Administrator, an Eligible Employee may submit any form or notice
as set forth herein by means of an electronic form approved by the Administrator. Before the commencement of an Offering Period, the
Administrator shall prescribe the time limits within which any such electronic form shall be submitted to the Administrator with respect
to such Offering Period in order to be a valid election.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">* * * * *</P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>9
<FILENAME>ea029154201ex99-3.htm
<DESCRIPTION>MERLIN, INC. 2018 EQUITY INCENTIVE PLAN
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0pt; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MERLIN, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2018 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As Amended and Restated on March 16, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">1.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Purpose</U>.
&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purpose of the Plan is to
advance the interests of the Company&#8217;s stockholders by enhancing the Company&#8217;s ability to attract, retain and motivate persons
who make (or are expected to make) important contributions to the Company by providing such persons with equity ownership opportunities
and thereby better aligning the interests of such persons with those of the Company&#8217;s stockholders. Capitalized terms used in the
Plan are defined in Section 11 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Eligibility</U><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Service Providers are eligible
to be granted Awards under the Plan, subject to the limitations described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Administration
and Delegation</U></FONT><FONT STYLE="font-weight: normal">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.1&nbsp;</FONT><U>Administration</U><I>.
</I>The Plan will be administered by the Administrator. The Administrator shall have authority to determine which Service Providers will
receive Awards, to grant Awards and to set all terms and conditions of Awards (including, but not limited to, vesting, exercise and forfeiture
provisions). In addition, the Administrator shall have the authority to take all actions and make all determinations contemplated by the
Plan and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable.
The Administrator may correct any defect or ambiguity, supply any omission or reconcile any inconsistency in the Plan or any Award in
the manner and to the extent it shall deem necessary or appropriate to carry the Plan and any Awards into effect, as determined by the
Administrator. The Administrator shall make all determinations under the Plan in the Administrator&#8217;s sole discretion and all such
determinations shall be final and binding on all persons having or claiming any interest in the Plan or in any Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.2&nbsp;</FONT><U>Appointment
of Committees</U><I>. </I>To the extent permitted by Applicable Laws, the Board may delegate any or all of its powers under the Plan to
one or more Committees. The Board may abolish any Committee at any time and re-vest in itself any previously delegated authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">4.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Stock
Available for Awards</U></FONT><FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.1&nbsp;</FONT><U>Number
of Shares</U><I>. </I>Subject to adjustment under Section&nbsp;8 hereof, Awards may be made under the Plan covering up to 10,386,879
shares of Common Stock. If any Award expires or lapses or is terminated, surrendered or canceled without having been fully exercised
or is forfeited in whole or in part (including as the result of shares of Common Stock subject to such Award being repurchased by
the Company at or below the original issuance price), in any case in a manner that results in any shares of Common Stock covered by
such Award not being issued or being so reacquired by the Company, the unused Common Stock covered by such Award shall again be
available for the grant of Awards under the Plan. Further, shares of Common Stock delivered (either by actual delivery or
attestation) to the Company by a Participant to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any
applicable tax withholding obligation (including shares retained by the Company from the Award being exercised or purchased and/or
creating the tax obligation) shall be added to the number of shares of Common Stock available for the grant of Awards under the
Plan. However, in the case of Incentive Stock Options (as hereinafter defined), the foregoing provisions shall be subject to any
limitations under the Code. Shares of Common Stock issued under the Plan may consist in whole or in part of authorized but unissued
shares, shares purchased on the open market or treasury shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.2&nbsp;</FONT><U>Substitute
Awards</U>. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of property or
stock of an entity, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards granted prior
to such merger or consolidation by such entity or an affiliate thereof. Substitute Awards may be granted on such terms as the Administrator
deems appropriate in the circumstances, notwithstanding any limitations on Awards contained in the Plan. Substitute Awards shall not count
against the overall share limit set forth in Section 4.1 hereof, except as may be required by reason of Section 422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">5.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Stock
Options</U></FONT><FONT STYLE="font-weight: normal">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.1&nbsp;</FONT><U>General</U><I>.
</I>The Administrator may grant Options to any Service Provider, subject to the limitations on Incentive Stock Options described below.
The Administrator shall determine the number of shares of Common Stock to be covered by each Option, the exercise price of each Option
and the conditions and limitations applicable to the exercise of each Option, including conditions relating to Applicable Laws, as it
considers necessary or advisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.2&nbsp;</FONT><U>Incentive
Stock Options</U><I>. </I>The Administrator may grant Options intended to qualify as Incentive Stock Options only to employees of the
Company, any of the Company&#8217;s present or future &#8220;parent corporations&#8221; or &#8220;subsidiary corporations&#8221; as defined
in Sections 424(e) or (f) of the Code, respectively, and any other entities the employees of which are eligible to receive Incentive Stock
Options under the Code. All Options intended to qualify as Incentive Stock Options shall be subject to and shall be construed consistently
with the requirements of Section 422 of the Code. Neither the Company nor the Administrator shall have any liability to a Participant,
or any other party, (i) if an Option (or any part thereof) which is intended to qualify as an Incentive Stock Option fails to qualify
as an Incentive Stock Option or (ii) for any action or omission by the Administrator that causes an Option not to qualify as an Incentive
Stock Option, including without limitation, the conversion of an Incentive Stock Option to a Non-Qualified Stock Option or the grant of
an Option intended as an Incentive Stock Option that fails to satisfy the requirements under the Code applicable to an Incentive Stock
Option. Any Option that is intended to qualify as an Incentive Stock Option, but fails to so qualify for any reason, including without
limitation, the portion of any Option becoming exercisable in excess of the $100,000 limitation described in Treasury Regulation Section
1.422-4, shall be treated as a Non-Qualified Stock Option for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.3&nbsp;</FONT><U>Exercise
Price</U><I>. </I>The Administrator shall establish the exercise price of each Option and specify the exercise price in the
applicable Award Agreement. The exercise price shall be not less than 100% of the Fair Market Value on the date the Option is
granted. In the case of an Incentive Stock Option granted to an employee who, at the time of grant of the Option, owns (or is
treated as owning under Section 424 of the Code) stock representing more than 10% of the voting power of all classes of stock of the
Company (or a &#8220;parent corporation&#8221; or &#8220;subsidiary corporation&#8221; thereof within the meaning of Sections 424(e)
or 424(f) of the Code, respectively), the per share exercise price shall be no less than 110% of the Fair Market Value on the date
the Option is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.4&nbsp;</FONT><U>Duration
of Options</U><I>. </I>Each Option shall be exercisable at such times and subject to such terms and conditions as the Administrator may
specify in the applicable Award Agreement, <U>provided that</U> the term of any Option shall not exceed ten years. In the case of an Incentive
Stock Option granted to an employee who, at the time of grant of the Option, owns (or is treated as owning under Section 424 of the Code)
stock representing more than 10% of the voting power of all classes of stock of the Company (or a &#8220;parent corporation&#8221; or
&#8220;subsidiary corporation&#8221; thereof within the meaning of Sections 424(e) or 424(f) of the Code, respectively), the term of the
Option shall not exceed five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.5&nbsp;</FONT><U>Exercise
of Option; Notification of Disposition</U><I>. </I>Options may be exercised by delivery to the Company of a written notice of exercise,
in a form approved by the Administrator (which may be an electronic form), signed by the person authorized to exercise the Option, together
with payment in full (i) as specified in Section&nbsp;5.6 hereof for the number of shares for which the Option is exercised and (ii) as
specified in Section 9.5 hereof for any applicable withholding taxes. Unless otherwise determined by the Administrator, an Option may
not be exercised for a fraction of a share of Common Stock. If an Option is designated as an Incentive Stock Option, the Participant shall
give prompt notice to the Company of any disposition or other transfer of any shares of Common Stock acquired from the Option if such
disposition or transfer is made (i) within two years from the grant date with respect to such Option or (ii) within one year after the
transfer of such shares to the Participant (other than any such disposition made in connection with a Change in Control). Such notice
shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness
or other consideration, by the Participant in such disposition or other transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.6&nbsp;</FONT><U>Payment
Upon Exercise</U><I>. </I>Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for in cash or by
check, payable to the order of the Company, or, to the extent permitted by the Administrator, by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;</FONT>(A)
delivery of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient
funds to pay the exercise price and any required tax withholding, or (B) delivery by the Participant to the Company of a copy of irrevocable
and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to
pay the exercise price and any required tax withholding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;</FONT>delivery
(either by actual delivery or attestation) of shares of Common Stock owned by the Participant valued at their Fair Market Value,
provided (A) such method of payment is then permitted under Applicable Laws, (B) such Common Stock, if acquired directly from the
Company, was owned by the Participant for such minimum period of time, if any, as may be established by the Company at any time, and
(C) such Common Stock is not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(c)&nbsp;</FONT>surrendering
shares of Common Stock then issuable upon exercise of the Option valued at their Fair Market Value on the date of exercise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(d)&nbsp;</FONT>delivery
of a promissory note of the Participant to the Company on terms determined by the Administrator;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(e)&nbsp;</FONT>delivery
of property of any other kind which constitutes good and valuable consideration as determined by the Administrator; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(f)&nbsp;</FONT>any
combination of the above permitted forms of payment (including cash or check).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.7&nbsp;</FONT><U>Early
Exercise of Options</U>. The Administrator may provide in the terms of an Award Agreement that the Service Provider may exercise an Option
in whole or in part prior to the full vesting of the Option in exchange for unvested shares of Restricted Stock with respect to any unvested
portion of the Option so exercised. Shares of Restricted Stock acquired upon the exercise of any unvested portion of an Option shall be
subject to such terms and conditions as the Administrator shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">6.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Restricted
Stock; Restricted Stock Units</U><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.1&nbsp;</FONT><U>General</U>.
The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider, subject to the right
of the Company to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant (or
to require forfeiture of such shares if issued at no cost) in the event that conditions specified by the Administrator in the applicable
Award Agreement are not satisfied prior to the end of the applicable restriction period or periods established by the Administrator for
such Award. In addition, the Administrator may grant to Service Providers Restricted Stock Units, which may be subject to vesting and
forfeiture conditions during applicable restriction period or periods, as set forth in an applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.2&nbsp;</FONT><U>Terms
and Conditions for All Restricted Stock and Restricted Stock Unit Awards</U>. The Administrator shall determine and set forth in the applicable
Award Agreement the terms and conditions applicable to each Restricted Stock and Restricted Stock Unit Award, including the conditions
for vesting and repurchase (or forfeiture) and the issue price, in each case, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.3&nbsp;</FONT><U>Additional
Provisions Relating to Restricted Stock</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;</FONT><I>Dividends</I>.
Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to such shares to
the extent such dividends have a record date that is on or after the date on which the Participant to whom such Restricted Shares
are granted becomes the record holder of such Restricted Shares, unless otherwise provided by the Administrator in the applicable
Award Agreement. In addition, unless otherwise provided by the Administrator, if any dividends or distributions are paid in shares,
or consist of a dividend or distribution to holders of Common Stock of property other than an ordinary cash dividend, the shares or
other property will be subject to the same restrictions on transferability and forfeitability as the shares of Restricted Stock with
respect to which they were paid. Each dividend payment will be made as provided in the applicable Award Agreement, but in no event
later than the end of the calendar year in which the dividends are paid to stockholders of that class of stock or, if later, the
15th day of the third month following the later of (A) the date the dividends are paid to stockholders of that class of stock, and
(B) the date the dividends are no longer subject to forfeiture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;</FONT><I>Stock
Certificates</I>. The Company may require that any stock certificates issued in respect of shares of Restricted Stock be deposited in
escrow by the Participant, together with a stock power endorsed in blank, with the Company (or its designee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.4&nbsp;</FONT><U>Additional
Provisions Relating to Restricted Stock Units</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;</FONT><I>Settlement</I>.
Upon the vesting of a Restricted Stock Unit, the Participant shall be entitled to receive from the Company one share of Common Stock or
an amount of cash or other property equal to the Fair Market Value of one share of Common Stock on the settlement date, as the Administrator
shall determine and as provided in the applicable Award Agreement. The Administrator may provide that settlement of Restricted Stock Units
shall occur upon or as soon as reasonably practicable after the vesting of the Restricted Stock Units or shall instead be deferred, on
a mandatory basis or at the election of the Participant, in a manner that complies with Section 409A.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;</FONT><I>Voting
Rights</I>. A Participant shall have no voting rights with respect to any Restricted Stock Units unless and until shares are delivered
in settlement thereof.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(c)&nbsp;</FONT><I>Dividend
Equivalents</I>. To the extent provided by the Administrator, a grant of Restricted Stock Units may provide a Participant with the right
to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, may be settled
in cash and/or shares of Common Stock and may be subject to the same restrictions on transfer and forfeitability as the Restricted Stock
Units with respect to which the Dividend Equivalents are paid, as determined by the Administrator, subject, in each case, to such terms
and conditions as the Administrator shall establish and set forth in the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">7.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Other
Stock-Based Awards</U><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other Stock-Based Awards may
be granted hereunder to Participants, including, without limitation, Awards entitling Participants to receive shares of Common Stock
to be delivered in the future. Such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other
Awards granted under the Plan, as stand-alone payments and/or as payment in lieu of compensation to which a Participant is otherwise
entitled. Other Stock-Based Awards may be paid in shares of Common Stock, cash or other property, as the Administrator shall
determine. Subject to the provisions of the Plan, the Administrator shall determine the terms and conditions of each Other
Stock-Based Award, including any purchase price, transfer restrictions, vesting conditions and other terms and conditions applicable
thereto, which shall be set forth in the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">8.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Adjustments
for Changes in Common Stock and Certain Other Events</U><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.1&nbsp;</FONT>In
the event that the Administrator determines that any dividend or other distribution (whether in the form of cash, Common Stock, other
securities, or other property), reorganization, merger, consolidation, combination, repurchase, recapitalization, liquidation, dissolution,
or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Common
Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of the Company,
or other similar corporate transaction or event, as determined by the Administrator, affects the Common Stock such that an adjustment
is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended by the Company to be made available under the Plan or with respect to any Award, then the Administrator may, in such manner as
it may deem equitable, adjust any or all of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;</FONT>the
number and kind of shares of Common Stock (or other securities or property) with respect to which Awards may be granted or awarded (including,
but not limited to, adjustments of the limitations in Section 4 hereof on the maximum number and kind of shares which may be issued);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;</FONT>the
number and kind of shares of Common Stock (or other securities or property) subject to outstanding Awards;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(c)&nbsp;</FONT>the
grant or exercise price with respect to any Award; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(d)&nbsp;</FONT><FONT STYLE="font-weight: normal">the
terms and conditions of any Awards (including, without limitation, any applicable financial or other performance &#8220;targets&#8221;
specified in an Award Agreement). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.2&nbsp;</FONT>In
the event of any transaction or event described in Section 8.1 hereof (including without limitation any Change in Control) <FONT STYLE="font-weight: normal">or
any unusual or nonrecurring transaction or event affecting the Company or the financial statements of the Company, or any change in any
Applicable Laws or accounting principles</FONT>, the Administrator, on such terms and conditions as it deems appropriate, either by the
terms of the Award or by action taken prior to the occurrence of such transaction or event and either automatically or upon the Participant&#8217;s
request, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action
is appropriate in order to (x)&nbsp;prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be
made available under the Plan or with respect to any Award granted or issued under the Plan, (y) to facilitate such transaction or event
<FONT STYLE="font-weight: normal">or (z) give effect to such changes in Applicable Laws or accounting principles</FONT><B>: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;</FONT>To
provide for the cancellation of any such Award in exchange for either <FONT STYLE="font-weight: normal">an</FONT> amount of cash or
other property with a value equal to the amount that could have been obtained upon the exercise or settlement of the vested portion
of such Award or realization of the Participant&#8217;s rights under the vested portion of such Award, as applicable; <U>provided
that</U>, if the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or
realization of the Participant&#8217;s rights, in any case, is equal to or less than zero, then the vested portion of such Award may
be terminated without payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;</FONT>To
provide that such Award shall vest and, to the extent applicable, be exercisable as to all shares covered thereby, notwithstanding anything
to the contrary in the Plan or the provisions of such Award;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(c)&nbsp;</FONT>To
provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments
as to the number and kind of shares and applicable exercise or purchase price, in all cases, as determined by the Administrator;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(d)&nbsp;</FONT>To
make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Awards, and/or
in the terms and conditions of (including the grant or exercise price), and the criteria included in, outstanding Awards which may be
granted in the future;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(e)&nbsp;</FONT><FONT STYLE="font-weight: normal">To
replace such Award with other rights or property selected by the Administrator; and/or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(f)&nbsp;</FONT><FONT STYLE="font-weight: normal">To
provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">8.3&nbsp;</FONT>In
connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 8, the Administrator
will equitably adjust each outstanding Award, which adjustments may include adjustments to the number and type of securities subject to
each outstanding Award and/or the exercise price or grant price thereof, if applicable, the grant of new Awards to Participants, and/or
the making of a cash payment to Participants, as the Administrator deems appropriate to reflect such Equity Restructuring. The adjustments
provided under this Section 8.3 shall be nondiscretionary and shall be final and binding on the affected Participant and the Company;
<U>provided that</U> whether an adjustment is equitable shall be determined by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; font-weight: normal">8.4&nbsp;</FONT><FONT STYLE="font-weight: normal">In
the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other
than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Common Stock or the share price
of the Common Stock, including any Equity Restructuring, for reasons of administrative convenience the Administrator may refuse to permit
the exercise of any Award during a period of up to 30 days prior to the consummation of any such transaction. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.5&nbsp;</FONT>Except
as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no Participant shall have any rights by
reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in
the number of shares of stock of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other
corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the
Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no
adjustment by reason thereof shall be made with respect to, the number of shares of Common Stock subject to an Award or the grant or
exercise price of any Award. The existence of the Plan, any Award Agreements and the Awards granted hereunder shall not affect or
restrict in any way the right or power of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or
other change in the Company&#8217;s capital structure or its business, (ii) any merger, consolidation dissolution or liquidation of
the Company or sale of Company assets or (iii) any sale or issuance of securities, including without limitation, securities with
rights superior to those of the Common Stock or which are convertible into or exchangeable for Common Stock. <FONT STYLE="font-weight: normal">The
Administrator may treat Participants and Awards (or portions thereof) differently under this Section&nbsp;8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">9.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>General
Provisions Applicable to Awards</U><I>. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.1&nbsp;</FONT><U>Transferability</U><I>.
</I>Except as the Administrator may otherwise determine or provide in an Award Agreement or otherwise, in any case in accordance with
Applicable Laws, Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted,
either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the life of the Participant,
shall be exercisable only by the Participant. References to a Participant, to the extent relevant in the context, shall include references
to authorized transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.2&nbsp;</FONT><U>Documentation</U><I>.
</I>Each Award shall be evidenced in an Award Agreement, which may be in such form (written, electronic or otherwise) as the Administrator
shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.3&nbsp;</FONT><U>Discretion</U><I>.
</I>Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any other Award. The terms
of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof)
uniformly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.4&nbsp;</FONT><U>Termination
of Status</U><I>. </I>The Administrator shall determine the effect on an Award of the disability, death, retirement, authorized leave
of absence or any other change or purported change in a Participant&#8217;s Service Provider status and the extent to which, and the period
during which, the Participant, the Participant&#8217;s legal representative, conservator, guardian or Designated Beneficiary may exercise
rights under the Award, if applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.5&nbsp;</FONT><U>Withholding</U><I>.
</I>Each Participant shall pay to the Company, or make provision satisfactory to the Administrator for payment of, any taxes required
by law to be withheld in connection with Awards to such Participant no later than the date of the event creating the tax liability. Except
as the Administrator may otherwise determine, all such payments shall be made in cash or by certified check. Notwithstanding the foregoing,
to the extent permitted by the Administrator, Participants may satisfy such tax obligations in whole or in part by delivery of shares
of Common Stock, including shares retained from the Award creating the tax obligation, valued at their Fair Market Value. The Company
may, to the extent permitted by Applicable Laws, deduct any such tax obligations from any payment of any kind otherwise due to a Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.6&nbsp;</FONT><U>Amendment
of Award; Repricing</U><I>. </I>The Administrator may amend, modify or terminate any outstanding Award, including but not limited
to, substituting therefor another Award of the same or a different type, changing the date of exercise or settlement, and converting
an Incentive Stock Option to a Non-Qualified Stock Option. The Participant&#8217;s consent to such action shall be required unless
(i) the Administrator determines that the action, taking into account any related action, would not materially and adversely affect
the Participant, or (ii) the change is permitted under Section 8 and 10.6 hereof. Notwithstanding the foregoing or anything in the
Plan to the contrary, the Administrator may, without the approval of the stockholders of the Company, reduce the exercise price per
share of outstanding Options or cancel outstanding Options in exchange for cash, other Awards or Options with an exercise price per
share that is less than the exercise price per share of the original Options.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.7&nbsp;</FONT><U>Conditions
on Delivery of Stock</U><I>. </I>The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to remove
restrictions from shares previously delivered under the Plan until (i)&nbsp;all conditions of the Award have been met or removed to the
satisfaction of the Company, (ii)&nbsp;in the opinion of the Company&#8217;s counsel, all other legal matters in connection with the issuance
and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market
rules and regulations, and (iii)&nbsp;the Participant has executed and delivered to the Company such representations or agreements as
the Administrator deems necessary or appropriate to satisfy the requirements of any Applicable Laws. The inability of the Company to obtain
authority from any regulatory body having jurisdiction, which authority is determined by the Administrator to be necessary to the lawful
issuance and sale of any securities hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such
shares as to which such requisite authority shall not have been obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.8&nbsp;</FONT><U>Acceleration</U><I>.
</I>The Administrator may at any time provide that any Award shall become immediately vested and/or exercisable in full or in part, free
of some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">10.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Miscellaneous</U><I>.
</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.1&nbsp;</FONT><U>No
Right To Employment or Other Status</U><I>. </I>No person shall have any claim or right to be granted an Award, and the grant of an Award
shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company
expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability
or claim under the Plan or any Award, except as expressly provided in an applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.2&nbsp;</FONT><U>No
Rights As Stockholder; Certificates</U><I>. </I>Subject to the provisions of the applicable Award Agreement, no Participant or
Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be distributed with
respect to an Award until becoming the record holder of such shares. Notwithstanding any other provision of the Plan, unless
otherwise determined by the Administrator or required by any Applicable Laws, the Company shall not be required to deliver to any
Participant certificates evidencing shares of Common Stock issued in connection with any Award and instead such shares of Common
Stock may be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company
may place legends on any stock certificates issued under the Plan deemed necessary or appropriate by the Administrator in order to
comply with Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.3&nbsp;</FONT><U>Effective
Date and Term of Plan</U><I>. </I>The Plan (as amended and restated) was effective as of March 16, 2026 and terminated automatically upon
the effectiveness of the Company&#8217;s 2026 Incentive Award Plan on March 16, 2026. No Awards shall be granted under the Plan after
the termination of the Plan. However, any Awards that, by their terms, remain outstanding as of the termination of the Plan shall remain
outstanding and in full force and effect, and the terms and condition of the Plan shall survive its termination and continue to apply
to any such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.4&nbsp;</FONT><U>Amendment
of Plan</U><I>. </I>The Administrator may amend, suspend or terminate the Plan or any portion thereof at any time; <U>provided that</U>
no amendment of the Plan shall materially and adversely affect any Award outstanding at the time of such amendment without the consent
of the affected Participant. Awards outstanding under the Plan at the time of any suspension or termination of the Plan shall continue
to be governed in accordance with the terms of the Plan and the applicable Award Agreement, as in effect prior to such suspension or termination.
The Board shall obtain stockholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.5&nbsp;</FONT><U>Provisions
for Foreign Participants</U>. The Administrator may modify Awards granted to Participants who are foreign nationals or employed outside
the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations or customs of
such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.6&nbsp;</FONT><U>Section
409A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;</FONT><I>General</I>.
The Company intends that all Awards be structured in compliance with, or to satisfy an exemption from, Section 409A, such that no
adverse tax consequences, interest, or penalties under Section 409A apply in connection with any Awards. Notwithstanding anything
herein or in any Award Agreement to the contrary, the Administrator may, without a Participant&#8217;s prior consent, amend this
Plan and/or Awards, adopt policies and procedures, or take any other actions (including amendments, policies, procedures and actions
with retroactive effect) as are necessary or appropriate to preserve the intended tax treatment of Awards under the Plan, including
without limitation, any such actions intended to (A)&nbsp;exempt this Plan and/or any Award from the application of
Section&nbsp;409A, and/or (B)&nbsp;comply with the requirements of Section&nbsp;409A, including without limitation any such
regulations, guidance, compliance programs and other interpretative authority that may be issued after the date of grant of any
Award. The Company makes no representations or warranties as to the tax treatment of any Award under Section 409A or otherwise. The
Company shall have no obligation under this Section 10.6 or otherwise to take any action (whether or not described herein) to avoid
the imposition of taxes, penalties or interest under Section 409A with respect to any Award and shall have no liability to any
Participant or any other person if any Award, compensation or other benefits under the Plan are determined to constitute
non-compliant, &#8220;nonqualified deferred compensation&#8221; subject to the imposition of taxes, penalties and/or interest under
Section 409A.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;</FONT><I>Separation
from Service</I>. With respect to any Award that constitutes &#8220;nonqualified deferred compensation&#8221; under Section 409A, any
payment or settlement of such Award that is to be made upon a termination of a Participant&#8217;s Service Provider relationship shall,
to the extent necessary to avoid the imposition of taxes under Section 409A, be made only upon the Participant&#8217;s &#8220;separation
from service&#8221; (within the meaning of Section 409A), whether such &#8220;separation from service&#8221; occurs upon or subsequent
to the termination of the Participant&#8217;s Service Provider relationship. For purposes of any such provision of this Plan or any Award
Agreement relating to any such payments or benefits, references to a &#8220;termination,&#8221; &#8220;termination of employment&#8221;
or like terms shall mean &#8220;separation from service.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(c)&nbsp;</FONT><I>Payments
to Specified Employees</I>. Notwithstanding any contrary provision in <I>the</I> Plan or any Award Agreement, any payment(s) of &#8220;nonqualified
deferred compensation&#8221; that are otherwise required to be made under an Award to a &#8220;specified employee&#8221; (as defined under
Section 409A and determined by the Administrator) as a result of his or her &#8220;separation from service&#8221; shall, to the extent
necessary to avoid the imposition of taxes under Code Section 409A(a)(2)(B)(i), be delayed until the expiration of the six-month period
immediately following such &#8220;separation from service&#8221; (or, if earlier, until the date of death of the specified employee) and
shall instead be paid (in a manner set forth in the Award agreement) on the day that immediately follows the end of such six-month period
or as soon as administratively practicable thereafter (without interest). Any payments of &#8220;nonqualified deferred compensation&#8221;
under such Award that are, by their terms, payable more than six months following the Participant&#8217;s &#8220;separation from service&#8221;
shall be paid at the time or times such payments are otherwise scheduled to be made.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.7&nbsp;</FONT><U>Limitations
on Liability</U>. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other employee or agent
of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability,
or expense incurred in connection with the Plan or any Award, nor will such individual be personally liable with respect to the Plan because
of any contract or other instrument he or she executes in his or her capacity as an Administrator, director, officer, other employee or
agent of the Company. The Company will indemnify and hold harmless each director, officer, other employee and agent of the Company to
whom any duty or power relating to the administration or interpretation of the Plan has been or will be granted or delegated, against
any cost or expense (including attorneys&#8217; fees) or liability (including any sum paid in settlement of a claim with the Administrator&#8217;s
approval) arising out of any act or omission to act concerning this Plan unless arising out of such person&#8217;s own fraud or bad faith.&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.8&nbsp;</FONT><U>Lock-Up
Period</U>. Participants shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or
indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock (or other securities)
of the Company held by Participant (other than those included in the registration) for a period specified by the representative of
the underwriters of Common Stock (or other securities) of the Company not to exceed 180 days following the effective date of any
registration statement of the Company filed under the Securities Act (or such other period as may be requested by the Company or the
underwriters to accommodate regulatory restrictions on (i)&nbsp;the publication or other distribution of research reports and
(ii)&nbsp;analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2241, or any
successor provisions or amendments thereto). Participants shall execute and deliver such other agreements as may be reasonably
requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect
thereto. The obligations described in this Section 10.8 shall not apply to a registration relating solely to employee benefit plans
on Form S&#45;1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a
Securities and Exchange Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The
Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the
foregoing restriction until the end of said 180 day (or other) period.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.9&nbsp;</FONT><U>Limitations
on Transfer</U>. A Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively &#8220;<U>Transfer</U>&#8221;) any interest in any shares of Common Stock held by Participant except in compliance with
the provisions herein, in the Company&#8217;s Bylaws and applicable securities laws. Furthermore, the shares of Common Stock shall be
subject to a right of first refusal in favor of the Company or its assignees as set forth in the Company&#8217;s Bylaws. Notwithstanding
the foregoing, Participant may, subject to compliance with the transfer restrictions set forth in the Company&#8217;s Bylaws, transfer
shares of Common Stock to or for the benefit of any spouse, children, parents, uncles, aunts, siblings, grandchildren and any other relatives
approved by the Board of Directors (collectively, &#8220;<U>Approved Relatives</U>&#8221;) or to a trust established solely for the benefit
of the Participant and/or Approved Relatives, <U>provided</U> that such shares of Common Stock shall remain subject to the provisions
of this Plan and any other applicable agreements, and such permitted transferee shall, as a condition to such transfer, deliver to the
Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Plan and any other
applicable agreements. The Company shall not be required (a) to transfer on its books any of the shares of Common Stock that have been
sold or otherwise transferred in violation of any of the provisions of this Plan, any other applicable agreement or the provisions of
the Company&#8217;s Bylaws or (b) to treat as owner of such shares of Common Stock or to accord the right to vote or pay dividends to
any purchaser or other transferee to whom any such shares of Common Stock shall have been so sold or transferred.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.10&nbsp;</FONT><U>Data
Privacy</U>. As a condition of receipt of any Award, each Participant explicitly and unambiguously consents to the collection, use
and transfer, in electronic or other form, of personal data as described in this paragraph by and among, as applicable, the Company
and its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing the Participant&#8217;s
participation in the Plan. The Company and its subsidiaries and affiliates may hold certain personal information about a
Participant, including but not limited to, the Participant&#8217;s name, home address and telephone number, date of birth, social
security or insurance number or other identification number, salary, nationality, job title(s), any shares of stock held in the
Company or any of its subsidiaries and affiliates, details of all Awards, in each case, for the purpose of implementing, managing
and administering the Plan and Awards (the &#8220;<U>Data</U>&#8221;). The Company and its subsidiaries and affiliates may transfer
the Data amongst themselves as necessary for the purpose of implementation, administration and management of a Participant&#8217;s
participation in the Plan, and the Company and its subsidiaries and affiliates may each further transfer the Data to any third
parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in
the Participant&#8217;s country, or elsewhere, and the Participant&#8217;s country may have different data privacy laws and
protections than the recipients&#8217; country. Through acceptance of an Award, each Participant authorizes such recipients to
receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering
and managing the Participant&#8217;s participation in the Plan, including any requisite transfer of such Data as may be required to
a broker or other third party with whom the Company or the Participant may elect to deposit any shares of Common Stock. The Data
related to a Participant will be held only as long as is necessary to implement, administer, and manage the Participant&#8217;s
participation in the Plan. A Participant may, at any time, view the Data held by the Company with respect to such Participant,
request additional information about the storage and processing of the Data with respect to such Participant, recommend any
necessary corrections to the Data with respect to the Participant or refuse or withdraw the consents herein in writing, in any case
without cost, by contacting his or her local human resources representative. The Company may cancel Participant&#8217;s ability to
participate in the Plan and, in the Administrator&#8217;s discretion, the Participant may forfeit any outstanding Awards if the
Participant refuses or withdraws his or her consents as described herein. For more information on the consequences of refusal to
consent or withdrawal of consent, Participants may contact their local human resources representative.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.11&nbsp;</FONT><U>Severability</U>.
In the event any portion of the Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the illegality
or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provisions had not been included, and the illegal or invalid action shall be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.12&nbsp;</FONT><U>Governing
Documents</U>. In the event of any contradiction between the Plan and any Award Agreement or any other written agreement between a Participant
and the Company or any Subsidiary of the Company that has been approved by the Administrator, the terms of the Plan shall govern, unless
it is expressly specified in such Award Agreement or other written document that a specific provision of the Plan shall not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.13&nbsp;</FONT><U>Submission
to Jurisdiction; Waiver of Jury Trial</U>. By accepting an Award, each Participant irrevocably and unconditionally consents to
submit to the exclusive jurisdiction of the courts of the State of Delaware and of the United States of America, in each case
located in the State of Delaware, for any action arising out of or relating to the Plan (and agrees not to commence any litigation
relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S.
registered mail to the address contained in the records of the Company shall be effective service of process for any litigation
brought against it in any such court. By accepting an Award, each Participant irrevocably and unconditionally waives any objection
to the laying of venue of any litigation arising out of Plan or Award hereunder in the courts of the State of Delaware or the United
States of America, in each case located in the State of Delaware, and further irrevocably and unconditionally waives and agrees not
to plead or claim in any such court that any such litigation brought in any such court has been brought in an inconvenient forum. By
accepting an Award, each Participant irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any
and all rights to trial by jury in connection with any litigation arising out of or relating to the Plan or any Award hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.14&nbsp;</FONT><U>Governing
Law</U>. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with the laws of
the State of Delaware, disregarding choice-of-law principles of the law of any state that would require the application of the laws of
a jurisdiction other than such state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.15&nbsp;</FONT><U>Restrictions
on Shares; Claw-back Provisions</U>. Shares of Common Stock acquired in respect of Awards shall be subject to such terms and conditions
as the Administrator shall determine, including, without limitation, restrictions on the transferability of shares of Common Stock, the
right of the Company to repurchase shares of Common Stock, the right of the Company to require that shares of Common Stock be transferred
in the event of certain transactions, tag-along rights, bring-along rights, redemption and co-sale rights and voting requirements. Such
terms and conditions may be additional to those contained in the Plan and may, as determined by the Administrator, be contained in the
applicable Award Agreement or in an exercise notice, stockholders&#8217; agreement or in such other agreement as the Administrator shall
determine, in each case in a form determined by the Administrator. The issuance of such shares of Common Stock shall be conditioned on
the Participant&#8217;s consent to such terms and conditions and the Participant&#8217;s entering into such agreement or agreements. All
Awards (including any proceeds, gains or other economic benefit actually or constructively received by Participant upon any receipt or
exercise of any Award or upon the receipt or resale of any shares of Common Stock underlying the Award) shall be subject to the provisions
of any claw-back policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the requirements
of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set
forth in such claw-back policy and/or in the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.16&nbsp;</FONT><U>Titles
and Headings</U>. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict,
the text of the Plan, rather than such titles or headings, shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.17&nbsp;</FONT><U>Conformity
to Securities Laws</U>. Participant acknowledges that the Plan is intended to conform to the extent necessary with all provisions of
the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission
thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan and all Awards
granted hereunder shall be administered only in such a manner as to conform to such laws, rules and regulations. To the extent
permitted by Applicable Laws, the Plan and all Award Agreements shall be deemed amended to the extent necessary to conform to such
laws, rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-weight: normal"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">11.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Definitions</U><I>.
</I>As used in the Plan, the following words and phrases shall have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.1&nbsp;</FONT>&#8220;<U>Administrator</U>&#8221;
means the Board or a Committee to the extent that the Board&#8217;s powers or authority under the Plan have been delegated to such Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.2&nbsp;</FONT>&#8220;<U>Applicable
Laws</U>&#8221; means the requirements relating to the administration of equity incentive plans under U.S. federal and state securities,
tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which the Common
Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where Awards are granted or issued
under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.3&nbsp;</FONT>&#8220;<U>Award</U>&#8221;
means, individually or collectively, a grant under the Plan of Options, Restricted Stock, Restricted Stock Units or Other Stock-Based
Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.4&nbsp;</FONT>&#8220;<U>Award
Agreement</U>&#8221; means a written agreement evidencing an Award, which agreements may be in electronic medium and shall contain such
terms and conditions with respect to an Award as the Administrator shall determine, consistent with and subject to the terms and conditions
of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.5&nbsp;</FONT>&#8220;<U>Board</U>&#8221;
means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.6&nbsp;</FONT>&#8220;<U>Cause</U>&#8221;
means, in respect of a Participant, either (a) the definition of &#8220;Cause&#8221; contained in the Participant&#8217;s Award Agreement
or an effective, written service or employment agreement between the Participant and the Company; or (b) if no such agreement exists or
such agreement does not define Cause, then Cause shall mean (i) the Participant&#8217;s unauthorized use or disclosure of confidential
information or trade secrets of the Company or any material breach of a written agreement between the Participant and the Company, including
without limitation a material breach of any employment, confidentiality, non-compete, non-solicit or similar agreement; (ii) the Participant&#8217;s
commission of, indictment for or the entry of a plea of guilty or nolo contendere by the Participant to, a felony under the laws of the
United States or any state thereof or any crime involving dishonesty or moral turpitude (or any similar crime in any jurisdiction outside
the United States); (iii) the Participant&#8217;s negligence or willful misconduct in the performance of the Participant&#8217;s duties
or the Participant&#8217;s willful or repeated failure or refusal to substantially perform assigned duties; (iv) any act of fraud, embezzlement,
material misappropriation or dishonesty committed by the Participant against the Company; or (v) any acts, omissions or statements by
a Participant which the Company determines to be materially detrimental or damaging to the reputation, operations, prospects or business
relations of the Company. The findings and decision of the Administrator with respect to any Cause determination will be final and binding
for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.7&nbsp;</FONT>&#8220;<U>Change
in Control</U>&#8221; means (i) a merger or consolidation of the Company with or into any other corporation or other entity or
person, (ii) a sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or
substantially all of the Company&#8217;s assets, or (iii) any other transaction, including the sale by the Company of new shares of
its capital stock or a transfer of existing shares of capital stock of the Company, the result of which is that a third party that
is not an affiliate of the Company or its stockholders (or a group of third parties not affiliated with the Company or its
stockholders) immediately prior to such transaction acquires or holds capital stock of the Company representing a majority of the
Company&#8217;s outstanding voting power immediately following such transaction; <U>provided that</U> the following events shall not
constitute a &#8220;Change in Control&#8221;: (A) a transaction (other than a sale of all or substantially all of the
Company&#8217;s assets) in which the holders of the voting securities of the Company immediately prior to the merger or
consolidation hold, directly or indirectly, at least a majority of the voting securities in the successor corporation or its parent
immediately after the merger or consolidation; (B) a sale, lease, exchange or other transaction in one transaction or a series of
related transactions of all or substantially all of the Company&#8217;s assets to an affiliate of the Company; (C) an initial public
offering of any of the Company&#8217;s securities; (D)&nbsp;a reincorporation of the Company solely to change its jurisdiction; or
(E) a transaction undertaken for the primary purpose of creating a holding company that will be owned in substantially the same
proportion by the persons who held the Company&#8217;s securities immediately before such transaction. Notwithstanding the
foregoing, if a Change in Control would give rise to a payment or settlement event with respect to any Award that constitutes
&#8220;nonqualified deferred compensation,&#8221; the transaction or event constituting the Change in Control must also constitute a
&#8220;change in control event&#8221; (as defined in Treasury Regulation &sect;1.409A-3(i)(5)) in order to give rise to the payment
or settlement event for such Award, to the extent required by Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.8&nbsp;</FONT>&#8220;<U>Code</U>&#8221;
means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.9&nbsp;</FONT>&#8220;<U>Committee</U>&#8221;
means one or more committees or subcommittees of the Board, which may be comprised of one or more directors and/or executive officers
of the Company, in either case, to the extent permitted in accordance with Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.10&nbsp;</FONT>&#8220;<U>Common
Stock</U>&#8221; means the common stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.11&nbsp;</FONT>&#8220;<U>Company</U>&#8221;
means Merlin, Inc., a Delaware corporation, or any successor thereto. Except where the context otherwise requires, the term &#8220;Company&#8221;
includes any of the Company&#8217;s present or future parent or subsidiary corporations as defined in Sections&nbsp;424(e) or (f)&nbsp;of
the Code and any other business venture (including, without limitation, joint venture or limited liability company) in which the Company
has a significant interest, as determined by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.12&nbsp;</FONT>&#8220;<U>Consultant</U><I>&#8221;
</I>means any person, including any advisor, engaged by the Company or a parent or subsidiary of the Company to render services to such
entity if: (i)&nbsp;the consultant or adviser renders <I>bona fide</I> services to the Company; (ii)&nbsp;the services rendered by the
consultant or advisor are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly
or indirectly promote or maintain a market for the Company&#8217;s securities; and (iii)&nbsp;the consultant or advisor is a natural person,
or such other advisor or consultant as is approved by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.13&nbsp;</FONT>&#8220;<U>Designated
Beneficiary</U>&#8221; means the beneficiary or beneficiaries designated, in a manner determined by the Administrator, by a
Participant to receive amounts due or exercise rights of the Participant in the event of the Participant&#8217;s death or incapacity
In the absence of an effective designation by a Participant, &#8220;Designated Beneficiary&#8221; shall mean the Participant&#8217;s
estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.14&nbsp;</FONT>&#8220;<U>Director</U>&#8221;
means a member of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.15&nbsp;</FONT>&#8220;<U>Disability</U>&#8221;
means a permanent and total disability within the meaning of Section 22(e)(3) of the Code, as it may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.16&nbsp;</FONT>&#8220;<U>Dividend
Equivalents</U>&#8221; means a right granted to a Participant pursuant to Section 6.4(c) hereof to receive the equivalent value (in cash
or shares of Common Stock) of dividends paid on shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.17&nbsp;</FONT>&#8220;<U>Employee</U>&#8221;
means any person, including officers and Directors, employed by the Company (within the meaning of Section 3401(c) of the Code) or any
parent or subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.18&nbsp;</FONT>&#8220;<U>Equity
Restructuring</U>&#8221; means, as determined by the Administrator, a non-reciprocal transaction between the Company and its stockholders,
such as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash dividend, that affects the shares
of Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities of the Company) and causes
a change in the per share value of the Common Stock underlying outstanding Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.19&nbsp;</FONT>&#8220;<U>Exchange
Act</U>&#8221; means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.20&nbsp;</FONT>&#8220;<U>Fair
Market Value</U>&#8221; means, as of any date, the value of Stock determined as follows: (i)&nbsp;if the Common Stock is listed on any
established stock exchange, its Fair Market Value shall be the closing sales price for such Common Stock as quoted on such exchange for
such date, or if no sale occurred on such date, the first market trading day immediately prior to such date during which a sale occurred,
as reported in <I>The Wall Street Journal</I> or such other source as the Administrator deems reliable; (ii)&nbsp;if the Common Stock
is not traded on a stock exchange but is quoted on a national market or other quotation system, the last sales price on such date, or
if no sales occurred on such date, then on the date immediately prior to such date on which sales prices are reported, as reported in
<I>The Wall Street Journal</I> or such other source as the Administrator deems reliable; or (iii)&nbsp;in the absence of an established
market for the Common Stock, the Fair Market Value thereof shall be determined by the Administrator in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.21&nbsp;</FONT>&#8220;<U>Incentive
Stock Option</U>&#8221; means an &#8220;incentive stock option&#8221; as defined in Section&nbsp;422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.22&nbsp;</FONT>&#8220;<U>Non-Qualified
Stock Option</U>&#8221; means an Option that is not intended to be or otherwise does not qualify as an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.23&nbsp;</FONT>&#8220;<U>Option</U>&#8221;
means an option to purchase Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.24&nbsp;</FONT>&#8220;<U>Other
Stock-Based Awards</U>&#8221; means other Awards of shares of Common Stock, and other Awards that are valued in whole or in part by reference
to, or are otherwise based on, shares of Common Stock or other property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.25&nbsp;</FONT>&#8220;<U>Participant</U>&#8221;
means a Service Provider who has been granted an Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.26&nbsp;</FONT>&#8220;<U>Plan</U>&#8221;
means this 2018 Equity Incentive Plan, as amended and restated from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.27&nbsp;</FONT>&#8220;<U>Publicly
Listed Company</U>&#8221; means that the Company or its successor (i) is required to file periodic reports pursuant to Section 12 of the
Exchange Act and (ii) the Common Stock is listed on one or more National Securities Exchanges (within the meaning of the Exchange Act)
or is quoted on NASDAQ or a successor quotation system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.28&nbsp;</FONT>&#8220;<U>Restricted
Stock</U>&#8221; means Common Stock awarded to a Participant pursuant to Section 6 hereof that is subject to certain vesting conditions
and other restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.29&nbsp;</FONT>&#8220;<U>Restricted
Stock Unit</U>&#8221; means an unfunded, unsecured right to receive, on the applicable settlement date, one share of Common Stock or an
amount in cash or other consideration determined by the Administrator equal to the value thereof as of such payment date, which right
may be subject to certain vesting conditions and other restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.30&nbsp;</FONT>&#8220;<U>Section
409A</U>&#8221; means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.31&nbsp;</FONT>&#8220;<U>Securities
Act&#8221;</U> means the Securities Act of 1933, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.32&nbsp;</FONT>&#8220;<U>Service
Provider</U>&#8221; means an Employee, Consultant or Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.33&nbsp;</FONT>&#8220;<U>Termination
of Service</U>&#8221; means the date the Participant ceases to be a Service Provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">* * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MERLIN, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2018 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALIFORNIA SUPPLEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This supplement is intended to
satisfy the requirements of Section&nbsp;25102(o) of the California Corporations Code and the regulations issued thereunder (&#8220;<U>Section
25102(o)</U>&#8221;). Notwithstanding anything to the contrary contained in the Plan and except as otherwise determined by the Administrator,
the provisions set forth in this supplement shall apply to all Awards granted under the Plan to a Participant who is a resident of the
State of California on the date of grant (a &#8220;<U>California Participant</U>&#8221;) and which are intended to be exempt from registration
in California pursuant to Section 25102(o), and otherwise to the extent required to comply with applicable law (but only to such extent).
Definitions in the Plan are applicable to this supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">1.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Limitation
On Securities Issuable Under Plan</U>. The amount of securities issued pursuant to the Plan shall not exceed the amounts permitted under
Section 260.140.45 of the California code of regulations to the extent applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">2.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Additional
Limitations For Grants</U><I>. </I>The terms of all Awards shall comply, to the extent applicable, with Sections&nbsp;260.140.41 and 260.140.42
of the California Code of Regulations. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">3.&nbsp;</FONT><FONT STYLE="font-weight: normal; text-transform: none"><U>Additional
Requirement To Provide Information To California Participants</U><I>. </I>The Company shall provide to each California Participant, not
less frequently than annually, copies of annual financial statements (which need not be audited). The Company shall not be required to
provide such statements to key persons whose duties in connection with the Company assure their access to equivalent information. In addition,
this information requirement shall not apply to any plan or agreement that complies with all conditions of Rule 701 of the Securities
Act (&#8220;<U>Rule 701</U>&#8221;); <U>provided that</U> for purposes of determining such compliance, any registered domestic partner
shall be considered a &#8220;family member&#8221; as that term is defined in Rule 701. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">19</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="margin: 0pt">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3(1)
<SEQUENCE>10
<FILENAME>ea029154201ex99-3i.htm
<DESCRIPTION>FORM OF STOCK OPTION GRANT NOTICE AND STOCK OPTION AGREEMENT UNDER THE 2018 EQUITY INCENTIVE PLAN
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.3.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MERLIN LABS, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2018 EQUITY INCENTIVE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STOCK OPTION GRANT NOTICE AND<BR>
STOCK OPTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Merlin Labs, Inc. (the &ldquo;<U>Company</U>&rdquo;),
pursuant to its 2018 Equity Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;), hereby grants to the participant set forth below (&ldquo;<U>Participant</U>&rdquo;),
an option (the &ldquo;<U>Option</U>&rdquo;) to purchase the number of shares of the Company&rsquo;s Common Stock (referred to herein as
&ldquo;<U>Shares</U>&rdquo;) set forth below. This Option is subject to all of the terms and conditions as set forth herein and in the
Stock Option Agreement attached hereto as <U>Exhibit A</U> (the &ldquo;<U>Stock Option Agreement</U>&rdquo;) and the Plan, each of which
is incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings
in this Stock Option Grant Notice and the Stock Option Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%"><B>Participant:</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 42%"></TD>
    <TD STYLE="width: 22%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Grant Date:</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Vesting Commencement Date:</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Exercise Price per Share:</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">$</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Total Exercise Price:</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">$</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Total Number of Shares Subject to Option:</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Expiration Date:</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 25%"><B>Type of Option:</B></TD>
  <TD STYLE="width: 40%">&#9744; Incentive Stock
Option </TD>
  <TD STYLE="width: 35%">&#9744;&nbsp;Non-Qualified Stock Option</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>Vesting Schedule:</B></TD>
  <TD COLSPAN="2" STYLE="text-align: justify">[The Option shall vest and become exercisable as to 25% of the total number of Shares subject to the Option on the first anniversary
of the Vesting Commencement Date and as to 1/48<SUP>th</SUP> of the total number of Shares subject to the Option on each monthly anniversary
thereafter, so that all of the Shares subject to the Option shall be fully vested and exercisable on the fourth anniversary of the Vesting
Commencement Date, subject to Participant not experiencing a Termination of Service through each such vesting date.]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By his or her signature and
the Company&rsquo;s signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Stock Option Agreement
and this Grant Notice. Participant has reviewed the Stock Option Agreement, the Plan and this Grant Notice in their entirety, has had
an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant
Notice, the Stock Option Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Administrator of the Plan upon any questions arising under the Plan or the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Merlin Labs, Inc.:</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PARTICIPANT:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">  &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Exhibit A</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">TO STOCK OPTION
GRANT NOTICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">STOCK OPTION
AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Stock Option
Grant Notice (&ldquo;<U>Grant Notice</U>&rdquo;) to which this Stock Option Agreement (this &ldquo;<U>Agreement</U>&rdquo;) is attached,
Merlin Labs, Inc. (the &ldquo;<U>Company</U>&rdquo;) has granted to Participant an Option under the Company&rsquo;s 2018 Equity Incentive
Plan (the &ldquo;<U>Plan</U>&rdquo;) to purchase the number of Shares indicated in the Grant Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">1. <U>General</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.1 <U>Defined
Terms</U>. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.2 <U>Incorporation
of Terms of Plan</U>. The Option is subject to the terms and conditions of the Plan which are incorporated herein by reference. In the
event of a conflict between the terms of the Agreement and the Plan, the terms of the Plan shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.3 <U>Grant
of Option</U>. In consideration of Participant&rsquo;s past and/or continued employment with or service to the Company or a parent or
subsidiary and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the &ldquo;<U>Grant
Date</U>&rdquo;), the Company irrevocably grants to Participant an Option to purchase any part or all of an aggregate of the number of
Shares set forth in the Grant Notice, upon the terms and conditions set forth in the Plan and this Agreement. Unless designated as a Non-Qualified
Stock Option in the Grant Notice, the Option shall be an Incentive Stock Option to the maximum extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">2. <U>Period
of Exercisability</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.1 <U>Vesting;
Commencement of Exercisability</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a) Subject
to Sections 2.1(b) and 2.3 below, the Option shall become vested and exercisable in such amounts and at such times as are set forth in
the vesting schedule in the Grant Notice (the &ldquo;<U>Vesting Schedule</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b) Unless
otherwise determined by the Administrator, any portion of the Option that has not become vested and exercisable on or prior to the date
of Participant&rsquo;s Termination of Service shall be forfeited on the date of Participant&rsquo;s Termination of Service and shall not
thereafter become vested or exercisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.2 <U>Duration
of Exercisability</U>. The installments provided for in the Vesting Schedule are cumulative. Each such installment which becomes vested
and exercisable pursuant to the Vesting Schedule shall remain vested and exercisable until it becomes unexercisable under Section 2.3
below or pursuant to the terms of the Plan. Once the Option becomes unexercisable, it shall be forfeited immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.3 <U>Expiration
of Option</U>. The Option may not be exercised to any extent by anyone after the first to occur of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a) The
Expiration Date set forth in the Grant Notice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b) The
expiration of three months following the date of Participant&rsquo;s Termination of Service, unless such Termination of Service occurs
by reason of Participant&rsquo;s death, Disability or Cause;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c) The
expiration of one year following the date of Participant&rsquo;s Termination of Service by reason of Participant&rsquo;s death or Disability;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d) The
date of Participant&rsquo;s Termination of Service for Cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Participant acknowledges that
an Incentive Stock Option exercised more than three (3) months after Participant&rsquo;s Termination of Service as an Employee, other
than by reason of death or Disability, will be taxed as a Non-Qualified Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.4 <U>Special
Tax Consequences</U>. Participant acknowledges that, to the extent that the aggregate Fair Market Value (determined as of the time the
Option is granted) of all Shares with respect to which Incentive Stock Options, including the Option, are first exercisable for the first
time by Participant in any calendar year exceeds $100,000 (or such other limitation as imposed by Section 422(d) of the Code), the Option
and such other options shall be treated as not qualifying under Section&nbsp;422 of the Code but rather shall be considered Non-Qualified
Stock Options. Participant further acknowledges that the rule set forth in the preceding sentence shall be applied by taking Options and
other &ldquo;incentive stock options&rdquo; into account in the order in which they were granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">3. <U>Exercise
of Option</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.1 <U>Person
Eligible to Exercise</U>. Except as may be otherwise provided by the Administrator, during the lifetime of Participant, only Participant
may exercise the Option or any portion thereof. After the death of Participant, any exercisable portion of the Option may, prior to the
time when the Option becomes unexercisable under Section 2.3, be exercised by Participant&rsquo;s personal representative or by any person
empowered to do so under the deceased Participant&rsquo;s will or under the then applicable laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2 <U>Partial
Exercise</U>. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in
part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 2.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.3 <U>Manner
of Exercise</U>. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company or
the Secretary&rsquo;s office, or such other place as may be determined by the Administrator, of all of the following prior to the time
when the Option or such portion thereof becomes unexercisable under Section 2.3 above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a) An
exercise notice in substantially in the form attached as <U>Exhibit B</U> to the Grant Notice (or such other form as is prescribed by
the Administrator) (the &ldquo;<U>Exercise Notice</U>&rdquo;) in writing signed by Participant or any other person then entitled to exercise
the Option or portion thereof, stating that the Option or portion thereof is thereby exercised, such notice complying with all Applicable
Laws established by the Administrator;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b) Subject
to Section 5.6 of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(i) Full
payment (in cash or by check) for the Shares with respect to which the Option or portion thereof is exercised; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(ii) With
the consent of the Administrator, by delivery of Shares then issuable upon exercise of the Option having a Fair Market Value on the date
of delivery equal to the aggregate exercise price of the Option or exercised portion thereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iii) On
and after the date the Company becomes a Publicly Listed Company, through the (A) delivery by Participant to the Company of an irrevocable
and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise
price or (B) delivery by Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to
the Company to deliver promptly to the Company cash or a check sufficient to pay the exercise price; <U>provided that</U> payment is then
made to the Company at such time as may be required by the Administrator; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(iv) With
the consent of the Administrator, any other method of payment permitted under the terms of the Plan; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(v) Subject
to any Applicable Laws, any combination of the consideration allowed under the foregoing paragraphs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(c) The
receipt by the Company of full payment for any applicable withholding tax in cash or by check or in the form of consideration permitted
by the Administrator, which, following the date the Company becomes a Publicly Listed Company shall include the method provided for in
Section 5.6(a) of the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(d) If
the Company is a not a Publicly Listed Company, the Investment Representation Statement in the form attached as <U>Exhibit&nbsp;B-1</U>
to the Exercise Notice executed by Participant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(e) In
the event the Option or portion thereof shall be exercised pursuant to Section 3.1 above by any person or persons other than Participant,
appropriate proof of the right of such person or persons to exercise the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">4. <U>Other
Provisions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1 <U>Restrictive
Legends and Stop-Transfer Orders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(a) Participant
agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate &ldquo;stop transfer&rdquo;
instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to
the same effect in its own records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(b) The
Company shall not be required: (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any
of the provisions of this Agreement, or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser
or other transferee to whom such shares shall have been so transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2 <U>Notices</U>.
Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company at its principal executive offices
in care of the Secretary of the Company, and any notice to be given to Participant shall be addressed to Participant at the most recent
address for Participant shown in the Company&rsquo;s records. By a notice given pursuant to this Section 4.2, either party may hereafter
designate a different address for notices to be given to that party. Any notice which is required to be given to Participant shall, if
Participant is then deceased, be given to the person entitled to exercise his or her Option by written notice under this Section 4.2.
Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with
postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.3 <U>Titles</U>.
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.4 <U>Submission
to Jurisdiction; Waiver of Jury Trial</U>. By accepting this Option, the Participant irrevocably and unconditionally consents to submit
to the exclusive jurisdiction of the courts of the State of California and of the United States of America, in each case located in the
State of California, for any action arising out of or relating to the Plan and this Option (and agrees not to commence any litigation
relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered
mail to the address contained in the records of the Company shall be effective service of process for any litigation brought against it
in any such court. By accepting this Option, the Participant irrevocably and unconditionally waives any objection to the laying of venue
of any litigation arising out of Plan or the Option in the courts of the State of California or the United States of America, in each
case located in the State of California, and further irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such litigation brought in any such court has been brought in an inconvenient forum. By accepting this Option, the Participant
irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection
with any litigation arising out of or relating to the Plan or the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.5 <U>Governing
Law; Severability</U>. This Agreement and the Exercise Notice shall be administered, interpreted and enforced under the laws of the State
of Delaware, without regard to the conflicts of law principles thereof. Should any provision of this Agreement be determined by a court
of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.6 <U>Conformity
to Securities Laws</U>. Participant acknowledges that the Plan is intended to conform to the extent necessary with all provisions of the
Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder,
and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option
is granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by Applicable
Laws, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.7 <U>Successors
and Assigns</U>. The Company may assign any of its rights under this Agreement and the Exercise Notice to single or multiple assignees,
and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein
set forth, this Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.8 <U>Entire
Agreement</U>. The Plan, this Agreement (including all Exhibits hereto) and any written employment agreement (including an offer letter)
between Participant and the Company providing for acceleration of vesting of equity awards upon certain events constitute the entire agreement
of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the
subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Exhibit B</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">TO STOCK OPTION
GRANT NOTICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">FORM OF EXERCISE
NOTICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective as of today, ________,_____<U>,</U>
the undersigned <I>(</I>&ldquo;<U>Participant</U>&rdquo;) hereby elects to exercise Participant&rsquo;s option to purchase Shares of Merlin
Labs, Inc. (the &ldquo;<U>Company</U>&rdquo;) under and pursuant to the Company&rsquo;s 2018 Equity Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;)
and the Stock Option Grant Notice and Stock Option Agreement dated , ____ (the &ldquo;<U>Option Agreement</U>&rdquo;). Capitalized terms
used herein without definition shall have the meanings given in the Option Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%"><B>Grant Date:</B></TD>
    <TD STYLE="width: 48%">_____________________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Number of Shares as to which Option is Exercised:</B></TD>
    <TD>_____________________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Exercise Price per Share:</B></TD>
    <TD>$ ____________________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Total Exercise Price:</B></TD>
    <TD>$ ____________________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Certificate to be issued or book entry to be made in name of:</B></TD>
    <TD>&nbsp; _____________________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Cash Payment delivered herewith:</B></TD>
    <TD>$______________ (Representing the full Exercise Price for the Shares, as well as any applicable withholding tax)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.5pt"><B>Type of Option: </B> <FONT STYLE="font-family: Wingdings"> </FONT>
&#9744; Incentive Stock Option &#9744;<FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif"> </FONT>
Non-Qualified Stock Option</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4in; text-indent: -1.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. <U>Representations
of Participant</U>. Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement. Participant
agrees to abide by and be bound by their terms and conditions. To the extent the Shares are issued in uncertificated form, Participant
also acknowledges and agrees that this Exercise Notice constitutes the notice required by Section 151(f) of the Delaware General Corporation
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. <U>Tax
Consultation</U>. Participant understands that Participant may suffer adverse tax consequences as a result of Participant&rsquo;s purchase
or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable
in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company for any tax advice. Participant
is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Participant understands
that Participant (and not the Company) shall be responsible for Participant&rsquo;s tax liability that may arise as a result of this investment
or the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. <U>Restrictive
Legends and Stop-Transfer Orders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.1 <U>Legends</U>.
Participant understands and agrees that the Company shall cause any certificates issued evidencing the Shares to have the legends set
forth below or legends substantially equivalent thereto, together with any other legends that may be required by state or federal securities
laws:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">THE SHARES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (&ldquo;ACT&rdquo;), NOR HAVE THEY BEEN REGISTERED OR QUALIFIED UNDER THE
SECURITIES LAWS OF ANY STATE. NO TRANSFER OF SUCH SECURITIES WILL BE PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT
AS TO SUCH TRANSFER, THE TRANSFER IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR IN THE OPINION OF COUNSEL (WHICH MAY BE COUNSEL
FOR THE COMPANY) REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH APPLICABLE STATE
SECURITIES LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE
PLAN PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER
RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2 Participant
agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate &ldquo;stop transfer&rdquo;
instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to&nbsp;the
same effect in its own records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.3 The
Company shall not be required (i)&nbsp;to transfer on its books any Shares that have been sold or otherwise transferred in violation of
any of the provisions of this Agreement or (ii)&nbsp;to treat as owner of such Shares or to accord the right to vote or pay dividends
to any purchaser or other transferee to whom such Shares shall have been so transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.4 To
the extent the Shares are issued in uncertificated form, this Section 3 provides the Participant with notice that the Shares are subject
to the aforementioned restrictions in satisfaction of the notice requirement set forth in Section 151(f) of the Delaware General Corporation
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4. <U>Notices</U>.
Any notice required or permitted hereunder shall be given in accordance with the provisions set forth in Section 4.2 of the Option Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">5. </FONT><U>Lock-Up
Period</U>. Participant shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
any Common Stock (or other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of any Common Stock (or other securities) of the Company held by Participant
(other than those included in the registration) for a period specified by the representative of the underwriters of Common Stock (or other
securities) of the Company not to exceed 180 days following the effective date of any registration statement of the Company filed under
the Securities Act (or such other period as may be requested by the Company or the underwriters to accommodate regulatory restrictions
on (i)&nbsp;the publication or other distribution of research reports and (ii)&nbsp;analyst recommendations and opinions, including, but
not limited to, the restrictions contained in NASD Rule&nbsp;2711(f)(4) or NYSE Rule&nbsp;472(f)(4), or any successor provisions or amendments
thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">Participant
agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent
with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative
of the underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within ten days of such request,
such information as may be required by the Company or such representative in connection with the completion of any public offering of
the Company&rsquo;s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this
Section 5 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may
be promulgated in the future, or a registration relating solely to a Securities and Exchange Commission Rule 145 transaction on Form S-4
or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of
Common Stock (or other securities) subject to the foregoing restriction until the end of said one hundred and eighty (180) day (or other)
period. Participant agrees that any transferee of the Option or shares acquired pursuant to the Option shall be bound by this Section
5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6. <U>Further
Instruments</U>. Participant hereby agrees to execute such further instruments, including, without limitation, the Investment Representation
Statement in the form attached hereto as <U>Exhibit B-1</U>, and to take such further action as the Company determines are reasonably
necessary to carry out the purposes and intent of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7. <U>Entire
Agreement</U>. The Plan, the Investment Representation Statement in the form attached hereto as <U>Exhibit B-1</U>, the Option Agreement
and any written employment agreement (including an offer letter) between Participant and the Company providing for acceleration of vesting
of equity awards upon certain events are incorporated herein by reference. This Agreement, the Plan, the Investment Representation Statement
in the form attached hereto as <U>Exhibit B-1</U>, the Option Agreement and any written employment agreement (including an offer letter)
between Participant and the Company providing for acceleration of vesting of equity awards upon certain events constitute the entire agreement
of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the
subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%"><B>ACCEPTED BY: </B></TD>
    <TD STYLE="width: 55%"><B>SUBMITTED BY</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Merlin Labs, Inc.</B></TD>
    <TD><B>PARTICIPANT:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:___________________________</TD>
    <TD>By:_________________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Print Name:_____________________</TD>
    <TD>Print Name:___________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Address: ____________________________</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>_________________________</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>Exhibit B-1</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">TO EXERCISE NOTICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INVESTMENT REPRESENTATION STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">PARTICIPANT:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%">COMPANY:</TD>
    <TD STYLE="width: 70%"> Merlin Labs, Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>SECURITY:</TD>
    <TD>COMMON STOCK</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>AMOUNT:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>DATE:</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the purchase
of the above-listed shares of Common Stock (the &ldquo;<U>Securities</U>&rdquo;) of Merlin Labs, Inc. (the &ldquo;<U>Company</U>&rdquo;),
the undersigned (&ldquo;<U>Participant</U>&rdquo;) represents to the Company the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">1. Participant
is aware of the Company&rsquo;s business affairs and financial condition and has acquired sufficient information about the Company to
reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant&rsquo;s
own account only and not with a view to, or for resale in connection with, any &ldquo;distribution&rdquo; thereof within the meaning of
the United States Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">2. Participant
acknowledges and understands that the Securities constitute &ldquo;restricted securities&rdquo; under the Securities Act and have not
been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things,
the bona fide nature of Participant&rsquo;s investment intent as expressed herein. In this connection, Participant understands that, in
the view of the United States Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant&rsquo;s
representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified
under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of
one year or any other fixed period in the future. Participant further understands that the Securities must be held indefinitely unless
they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges
and understands that the Company is under no obligation to register the Securities. Participant understands that any certificate evidencing
the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are registered or such registration
is not required in the opinion of counsel satisfactory to the Company and any other legend required under applicable securities laws or
agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">3. Participant
is familiar with the provisions of Rule&nbsp;701 and Rule&nbsp;144, each promulgated under the Securities Act, which, in substance, permit
limited public resale of &ldquo;restricted securities&rdquo; acquired, directly or indirectly from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions. Rule&nbsp;701 provides that if the issuer qualifies under Rule&nbsp;701 at
the time of the grant of the Option to Participant, the exercise will be exempt from registration under the Securities Act. In the event
the Company becomes subject to the reporting requirements of Section&nbsp;13 or 15(d) of the United States Securities Exchange Act of
1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule&nbsp;701
may under present law be resold, subject to the satisfaction of certain of the conditions specified by Rule&nbsp;144, including: (1)&nbsp;the
resale being made through a broker in an unsolicited &ldquo;broker&rsquo;s transaction&rdquo; or in transactions directly with&nbsp;a
market maker (as said term is defined under the United States Securities Exchange Act of 1934); and, in the case of an affiliate, (2)&nbsp;the
availability of certain public information about the Company, (3) the amount of Securities being sold during any three (3) month period
not exceeding the limitations specified in Rule&nbsp;144(e), and (4) the timely filing of a Form 144, if applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the event that the Company
does not qualify under Rule&nbsp;701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances
subject to the provisions of Rule&nbsp;144, which, effective as of February 15, 2008, requires&nbsp;the resale to occur not less than
six months, or, in the event the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, not less than one year, after the later of the date the Securities were sold by the Company or the date the Securities were
sold by an affiliate of the Company, within the meaning of Rule&nbsp;144; and, in the case of acquisition of the Securities by an affiliate,
the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above or, in the case of a
non-affiliate who subsequently hold the Securities less than one year, the satisfaction of the conditions set forth in section (2) of
the paragraph immediately above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal; text-transform: none">4. Participant
further understands that in the event all of the applicable requirements of Rule&nbsp;701 or 144 are not satisfied, registration under
the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the
fact that Rules 144 and 701 are not exclusive, the Staff of the United States Securities and Exchange Commission has expressed its opinion
that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144
or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales,
and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands
that no assurances can be given that any such other registration exemption will be available in such event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Signature of Participant:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 60%">&nbsp;</TD>
  <TD STYLE="width: 5%">Date:</TD>
  <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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<p style="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt; text-align: right">Ex-Filing Fees</p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: center">CALCULATION OF FILING FEE TABLES</p>

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<p style="font: bold 11pt Times New Roman, Times, Serif; border-top: Gray 3pt double; padding-top: 6pt; text-align: center; margin-top: 0pt; margin-bottom: 4pt">Table 1: Newly Registered Securities</p>

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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td style="width: 17%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 25%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 1%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 1%">&#160;</td>
  <td style="border-bottom: Black 1pt solid; width: 8%">&#160;</td></tr>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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<tr style="vertical-align: top; text-align: left">
  <td colspan="12" style="text-align: right">Net Fee Due:</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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<p style="font: bold 8pt Arial, Helvetica, Sans-Serif; color: rgb(50,101,255); margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt">__________________________________________<br/>
Offering Note(s)</p>

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  <td style="text-align: justify"><ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="c_offering_2" id="fee_040">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the shares of common stock, par value $0.0001 per share (the &#8220;Common Stock&#8221;), of Merlin, Inc. (the &#8220;Registrant&#8221;) being registered hereunder include such indeterminate number of shares of the Common Stock as may issuable with respect to the shares of the Common Stock being registered hereunder as a result of stock dividends, stock splits, recapitalization, or other similar transactions.<br/><br/>Represents 7,346,878 of Common Stock subject to outstanding options under the 2018 Plan. To the extent outstanding options under the 2018 Plan are forfeited or lapse unexercised, the shares of Common Stock subject to such awards will be available for future issuance under the 2026 Plan. See footnote 1 above.<br/><br/>This estimate is made pursuant to Rule 457 of the Securities Act solely for purposes of calculating the registration fee. The Proposed Maximum Offering Price Per Share is $3.41 per share, which is the weighted average exercise price of outstanding options granted under the 2018 Plan being registered.</ix:nonNumeric></td></tr>
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  <td style="width: 15pt; text-align: right">(3)</td><td style="width: 5pt"/>
  <td style="text-align: justify"><ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="c_offering_3" id="fee_041">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the shares of common stock, par value $0.0001 per share (the &#8220;Common Stock&#8221;), of Merlin, Inc. (the &#8220;Registrant&#8221;) being registered hereunder include such indeterminate number of shares of the Common Stock as may issuable with respect to the shares of the Common Stock being registered hereunder as a result of stock dividends, stock splits, recapitalization, or other similar transactions.<br/><br/>Estimated in accordance with Rule 457(c) and 457(h) of the Securities Act solely for the purpose of calculating the registration fee, based upon the average of the high and low prices of the Registrant&#8217;s Common Stock as reported on The Nasdaq Stock Market LLC on May 19, 2026, which date is within five business days prior to filing this Registration Statement.<br/><br/>Represents 5,200,000 shares of Common Stock issuable under the Merlin, Inc. 2026 Employee Stock Purchase Plan (the &#8220;ESPP&#8221;), which number consists of (a) 2,246,120 shares of common stock initially available for future grants under the ESPP and (b) up to an additional 2,953,880 shares of common stock that may become issuable under the ESPP pursuant to its terms.</ix:nonNumeric></td></tr>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>May 19, 2026</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0002028707<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Merlin, Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-8<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">S-8<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>May 19, 2026 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common stock, par value $0.0001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">30,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">6.14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 184,200,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 25,438.02<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the shares of common stock, par value $0.0001 per share (the &#8220;Common Stock&#8221;), of Merlin, Inc. (the &#8220;Registrant&#8221;) being registered hereunder include such indeterminate number of shares of the Common Stock as may issuable with respect to the shares of the Common Stock being registered hereunder as a result of stock dividends, stock splits, recapitalization, or other similar transactions.<br/><br/>Represents 30,000,000 shares of Common Stock authorized for future issuance under the Merlin, Inc. 2026 Incentive Award Plan (the &#8220;2026 Plan&#8221;), which number consists of (a) 14,974,127 shares of common stock initially available for future grants under the 2026 Plan and (b) up to an additional 15,025,873 shares of common stock that may become issuable under the 2026 Plan pursuant to its terms. To the extent outstanding awards under the 2026 Plan or the Merlin, Inc. 2018 Equity Incentive Plan (the &#8220;2018 Plan&#8221;) are forfeited or lapse unexercised, the shares of Common Stock subject to such awards will be available for future issuance under the 2026 Plan. See footnote 2 below.<br/><br/>Estimated in accordance with Rule 457(c) and 457(h) of the Securities Act solely for the purpose of calculating the registration fee, based upon the average of the high and low prices of the Registrant&#8217;s Common Stock as reported on The Nasdaq Stock Market LLC on May 19, 2026, which date is within five business days prior to filing this Registration Statement.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common stock, par value $0.0001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">7,346,878<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">3.41<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 25,052,853.98<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 3,459.80<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the shares of common stock, par value $0.0001 per share (the &#8220;Common Stock&#8221;), of Merlin, Inc. (the &#8220;Registrant&#8221;) being registered hereunder include such indeterminate number of shares of the Common Stock as may issuable with respect to the shares of the Common Stock being registered hereunder as a result of stock dividends, stock splits, recapitalization, or other similar transactions.<br/><br/>Represents 7,346,878 of Common Stock subject to outstanding options under the 2018 Plan. To the extent outstanding options under the 2018 Plan are forfeited or lapse unexercised, the shares of Common Stock subject to such awards will be available for future issuance under the 2026 Plan. See footnote 1 above.<br/><br/>This estimate is made pursuant to Rule 457 of the Securities Act solely for purposes of calculating the registration fee. The Proposed Maximum Offering Price Per Share is $3.41 per share, which is the weighted average exercise price of outstanding options granted under the 2018 Plan being registered.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=3', window );">Offering: 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common stock, par value $0.0001 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">5,200,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">6.14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 31,928,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 4,409.26<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the shares of common stock, par value $0.0001 per share (the &#8220;Common Stock&#8221;), of Merlin, Inc. (the &#8220;Registrant&#8221;) being registered hereunder include such indeterminate number of shares of the Common Stock as may issuable with respect to the shares of the Common Stock being registered hereunder as a result of stock dividends, stock splits, recapitalization, or other similar transactions.<br/><br/>Estimated in accordance with Rule 457(c) and 457(h) of the Securities Act solely for the purpose of calculating the registration fee, based upon the average of the high and low prices of the Registrant&#8217;s Common Stock as reported on The Nasdaq Stock Market LLC on May 19, 2026, which date is within five business days prior to filing this Registration Statement.<br/><br/>Represents 5,200,000 shares of Common Stock issuable under the Merlin, Inc. 2026 Employee Stock Purchase Plan (the &#8220;ESPP&#8221;), which number consists of (a) 2,246,120 shares of common stock initially available for future grants under the ESPP and (b) up to an additional 2,953,880 shares of common stock that may become issuable under the ESPP pursuant to its terms.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesOthrRuleFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using a rule other than 457(a), 457(o), or 457(f) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesOthrRuleFlg</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxOfferingPricPerScty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum offering price per share/unit being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxOfferingPricPerScty</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>ffd:nonNegativeDecimal4lItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<div>May 19, 2026 </div>
<div>USD ($)</div>
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    <ffd:OfferingNote contextRef="c_offering_2" id="fee_040">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;), the shares of common stock, par value $0.0001 per share (the &#x201c;Common Stock&#x201d;), of Merlin, Inc. (the &#x201c;Registrant&#x201d;) being registered hereunder include such indeterminate number of shares of the Common Stock as may issuable with respect to the shares of the Common Stock being registered hereunder as a result of stock dividends, stock splits, recapitalization, or other similar transactions.&lt;br/&gt;&lt;br/&gt;Represents 7,346,878 of Common Stock subject to outstanding options under the 2018 Plan. To the extent outstanding options under the 2018 Plan are forfeited or lapse unexercised, the shares of Common Stock subject to such awards will be available for future issuance under the 2026 Plan. See footnote 1 above.&lt;br/&gt;&lt;br/&gt;This estimate is made pursuant to Rule 457 of the Securities Act solely for purposes of calculating the registration fee. The Proposed Maximum Offering Price Per Share is $3.41 per share, which is the weighted average exercise price of outstanding options granted under the 2018 Plan being registered.</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_3" id="fee_041">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;), the shares of common stock, par value $0.0001 per share (the &#x201c;Common Stock&#x201d;), of Merlin, Inc. (the &#x201c;Registrant&#x201d;) being registered hereunder include such indeterminate number of shares of the Common Stock as may issuable with respect to the shares of the Common Stock being registered hereunder as a result of stock dividends, stock splits, recapitalization, or other similar transactions.&lt;br/&gt;&lt;br/&gt;Estimated in accordance with Rule 457(c) and 457(h) of the Securities Act solely for the purpose of calculating the registration fee, based upon the average of the high and low prices of the Registrant&#x2019;s Common Stock as reported on The Nasdaq Stock Market LLC on May 19, 2026, which date is within five business days prior to filing this Registration Statement.&lt;br/&gt;&lt;br/&gt;Represents 5,200,000 shares of Common Stock issuable under the Merlin, Inc. 2026 Employee Stock Purchase Plan (the &#x201c;ESPP&#x201d;), which number consists of (a) 2,246,120 shares of common stock initially available for future grants under the ESPP and (b) up to an additional 2,953,880 shares of common stock that may become issuable under the ESPP pursuant to its terms.</ffd:OfferingNote>
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