<SEC-DOCUMENT>0001731122-25-000823.txt : 20250604
<SEC-HEADER>0001731122-25-000823.hdr.sgml : 20250604
<ACCEPTANCE-DATETIME>20250604083110
ACCESSION NUMBER:		0001731122-25-000823
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20250604
DATE AS OF CHANGE:		20250604
EFFECTIVENESS DATE:		20250604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Innovation Beverage Group Ltd
		CENTRAL INDEX KEY:			0001924482
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		STATE OF INCORPORATION:			C3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-287761
		FILM NUMBER:		251021991

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		29 ANVIL ROAD
		CITY:			SEVEN HILLS, NEW SOUTH WALES
		NON US STATE TERRITORY:  	AUSTRALIA
		PROVINCE COUNTRY:   	C3
		BUSINESS PHONE:		954-496-3656

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		29 ANVIL ROAD
		CITY:			SEVEN HILLS, NEW SOUTH WALES
		NON US STATE TERRITORY:  	AUSTRALIA
		PROVINCE COUNTRY:   	C3
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>e6562_s-8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>WASHINGTON,
D.C. 20549</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt; text-transform: uppercase"><B>Form
</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">S-8</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>UNDER
THE SECURITIES ACT OF 1933</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>INNOVATION
BEVERAGE GROUP LTD.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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 1pt solid; text-align: center; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Australia</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>N/A</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(State or other jurisdiction of<BR>
    incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(I.R.S. Employer<BR>
    Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>29
Anvil Road</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Seven
Hills, New South Wales, Australia, 2147</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Address,
including zip code, and telephone number, including area code,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">of
registrant&rsquo;s principal executive offices)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Innovation
Beverage Group Ltd. 2022 Equity Incentive Plan</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Innovation
Beverage Group Ltd. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>29
Anvil Road</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Seven
Hills, New South Wales, Australia, 2147</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1-954-496-3656</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Darrin
M. Ocasio, Esq.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Sichenzia
Ross Ference Carmel LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1185
Avenue of the Americas, 31<SUP>st</SUP>Floor</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>New
York, New York 10036</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Telephone:
(212) 930-9700</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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="text-align: left; padding: 0pt; width: 45%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large
    accelerated filer</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: right; width: 3%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0pt; width: 4%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0pt; width: 45%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accelerated
    filer</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: right; width: 3%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; padding: 0pt; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-accelerated
    filer</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0pt; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Smaller
    reporting company</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; padding: 0pt; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: right; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging growth
    company</FONT></TD>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 13(a) of the Exchange Act. &#9744;</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Registration Statement on
Form S-8 is being filed by Innovation Beverage Group Limited (the &ldquo;Company&rdquo;) to register a total of 5,068,131 ordinary shares,
no par value per share (the &ldquo;Ordinary Shares&rdquo;), for issuance under the Innovation Beverage Group Limited 2022 Equity Incentive
Plan (the &ldquo;Plan&rdquo;). The Plan was initially adopted by the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) on
April 28, 2022.</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 Plan provides for the issuance
of up to 3,400,000 Ordinary Shares, subject to adjustment pursuant to its terms. In addition, the Plan includes an &ldquo;evergreen&rdquo;
provision pursuant to which the number of shares available for issuance under the Plan automatically increases on January 1 of each year
during the term of the Plan by an amount equal to 20% of the total number of Ordinary Shares outstanding on December 31 of the immediately
preceding year, unless otherwise determined by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2024, the Company
had 8,673,857 Ordinary Shares outstanding, resulting in an automatic increase of 1,668,131 additional Ordinary Shares available for issuance
under the Plan as of January 1, 2025. This is the Company&rsquo;s first registration of securities under the Plan.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">

<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"></P>

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<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"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The documents containing the information
specified in &ldquo;Item 1. Plan Information&rdquo; and &ldquo;Item 2. Registrant Information and Employee Plan Annual Information&rdquo;
of Form S-8 will be sent or given to participants of the Registrant&rsquo;s 2022 Equity Incentive Plan, as specified by Rule 428(b)(1)
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). Such documents are not required to be, and are not, filed
with the Securities and Exchange Commission (the &ldquo;Commission&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 in
this Registration Statement pursuant to Item 3 of Part II of Form S-8, 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: 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Commission allows us to &ldquo;incorporate
by reference&rdquo; the information we file with it, which means that we can disclose important information to you by referring you to
those documents instead of having to repeat the information in this prospectus. The information incorporated by reference is considered
to be part of this prospectus, and later information that we file with the Commission will automatically update and supersede this information.
The documents listed below are incorporated by reference into this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Registrant&rsquo;s Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the Commission on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1924482/000173112225000769/e6598_20f.htm">May 15, 2025</A>;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Registrant&rsquo;s Current Reports on Form 6-K filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/1924482/000173112225000313/e6388_6k.htm">February 28, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1924482/000173112225000454/e6449_6-k.htm">March 27, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1924482/000173112225000540/e6503_6-k.htm">April 7, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1924482/000173112225000598/e6516_6-k.htm">April 22, 2025</A>, and <A HREF="http://www.sec.gov/Archives/edgar/data/1924482/000173112225000717/e6544_6k.htm">May 13, 2025</A>; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the description of the Registrant&rsquo;s Ordinary Shares contained in the Registrant&rsquo;s Form 8-A (File No: 001-42278) filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/1924482/000173112224001417/e5946_8a12b.htm">September 16, 2024</A>.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All documents filed and to be
filed by the Registrant with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the effectiveness
of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered have
been sold or which deregisters all securities then remaining, shall be deemed to be incorporated by reference into this Registration Statement
and to be a part hereof from the respective date of filing of such documents. Unless expressly incorporated by reference into this Registration
Statement, information furnished under a Form 6-K shall not be deemed incorporated herein by reference. Any statement contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration
Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated
by reference herein modifies or supersedes such statement. Any such 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: 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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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">&nbsp;<B>ITEM 4. DESCRIPTION OF SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; background-color: white">Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS
AND OFFICERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Australian law.</I>&nbsp;Australian law provides that a company or a
related body corporate of the company may provide for indemnification of officers and directors, except to the extent of any of the following
liabilities incurred as an officer or director of the company:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>a liability owed to the company or a related body corporate of the company;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>a liability for a pecuniary penalty order made under section 1317G or a compensation order under section 961M, 1317H, 1317HA or 1317HB of the Australian Corporations Act 2001;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>a liability that is owed to someone other than the company or a related body corporate of the company and did not arise out of conduct in good faith; or</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>legal costs incurred in defending an action for a liability incurred as an officer or director of the company if the costs are incurred:</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>in defending or resisting proceedings in which the officer or director is found to have a liability for which they cannot be indemnified as set out above;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>in defending or resisting criminal proceedings in which the officer or director is found guilty;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>in defending or resisting proceedings brought by the Australian Securities &amp; Investments Commission or a liquidator for a court order if the grounds for making the order are found by the court to have been established (except costs incurred in responding to actions taken by the Australian Securities &amp; Investments Commission or a liquidator as part of an investigation before commencing proceedings for a court order); or</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>in connection with proceedings for relief to the officer or a director under the Corporations Act, in which the court denies the relief.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Constitution.</I>&nbsp;Our Constitution provides, except to the extent
prohibited by the law and the Corporations Act, for the indemnification of every person who is or has been an officer or a director of
the company or related entities (and in certain instances, subject to approval by the Board, employees, former employees, auditors and
former auditors) against liability incurred by that person as an officer or director excluding:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>in defending or resisting criminal proceedings in which the relevant person is found guilty;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>in defending or resisting proceedings bought by the Australian Securities Investments Commission or a liquidator for a Court order if the grounds for making the order are found by a Court to be established; or</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>in connection with proceedings for relief by the relevant person under the Corporations Act in which the Court denies relief.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This includes any liability incurred by that person in their capacity as
an officer or director of a subsidiary of the company where the company requested that person to accept that appointment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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="border-bottom: black 1pt solid; width: 1in"><B>Exhibit No.:</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 0.05in">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><B>Description of Exhibit:</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">5.1</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><A HREF="e6562_ex5-1.htm">Opinion of K&amp;L Gates LLP</A></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">10.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="e6562_ex10-1.htm">Innovation Beverage Group Ltd. 2022 Equity Incentive Plan</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">23.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="e6562_ex23-1.htm">Consent of Astra Audit &amp; Advisory LLC</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">23.2</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><A HREF="e6562_ex5-1.htm">Consent of K&amp;L Gates LLP (included in Exhibit 5.1)</A></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">24.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#POA">Power of Attorney (included on Signature Page)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">107</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="e6562_ex107.htm">Filing Fee Table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(1) To file, during any period
in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) to include any prospectus required
by Section 10(a)(3) of the Securities Act;</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">(ii) 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 in the Registration Statement; and</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">(iii) 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; provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply to the Registration
Statement on Form S-8 if the information required to be included in a post-effective amendment by those paragraphs is contained in reports
filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated
by reference in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(2) 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3) 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(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
13(a) or Section 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 bona fide offering thereof.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of
the Securities Act of 1933, 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 Sydney, Australia, on June 4, 2025.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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>&nbsp;</TD>
    <TD COLSPAN="2"><B>INNOVATION BEVERAGE GROUP LTD</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%"><I>/s/ Sahil Beri</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD>&nbsp;Sahil Beri</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="text-align: justify">Interim Chief Executive Officer (Principal Executive Officer)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">KNOW ALL PERSONS BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Sahil Beri, and each of them (with full power to each of them to act alone), his
or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or
her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) to this registration
statement, 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 or she might or
could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities Act
of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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="border-bottom: black 1pt solid; text-align: justify; width: 25%"><B>Signature</B></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; width: 51%"><B>Title</B></TD>
    <TD STYLE="text-align: justify; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 20%"><B>Date</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><I>/s/ Sahil Beri</I></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Interim Chief Executive Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">June 4, 2025</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Sahil Beri</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Principal Executive Officer)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><I>/s/ Tianyi Eric Yu</I></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Chief Financial Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">June 4, 2025</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Tianyi Eric Yu</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Principal Financial Officer and Principal Accounting Officer)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><I>/s/ Sally Cardillo</I></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">June 4, 2025</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Sally Cardillo</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><I>/s/ Daniel Lanskey</I></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">June 4, 2025</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Daniel Lanskey</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><I>/s/ Shawn Messner</I></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">June 4, 2025</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Shawn Messner</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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

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<FILENAME>e6562_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT 5.1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 95.8pt; width: 110.25pt">&nbsp;</P>

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

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

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<TD STYLE="width: 56%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 June, 2025</FONT></P>
                       <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<BR> </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> The Board of Directors</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> Innovation Beverage Group Limited</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> 29 Anvil Road<BR> </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEVEN HILLS NSW 2147<BR> </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Australia</FONT></P></TD>
<TD STYLE="width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner: Andrew Gaffney</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
andrew.gaffney@klgates.com</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR>
T +61 3 9640 4318</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
Our ref: gaffnea:7393694.00001</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B>Innovation
Beverage Group Ltd - S-8 Prospectus </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">We have been appointed as Australian
legal counsel for Innovation Beverage Group Limited ACN 625 701 420, a company incorporated under the laws of the Commonwealth of Australia
(&ldquo;<B>Company</B>&rdquo;), with respect to its intention pursuant to its Registration Statement on Form S-8 filed with the U.S. Securities
and Exchange Commission (&ldquo;<B>S-8 Prospectus</B>&rdquo;), to register all the securities issued or issuable under the Company&rsquo;s
2022 Equity Incentive Plan, namely 5,068,131 (<B>Share Plan</B>), including an increase of 1,668,131 in the number of fully paid ordinary
shares (<B>Shares</B>) that can be issued under the Share Plan as at 1 January 2025. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B>Assumptions
in providing our opinion</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">As to various
questions of fact relevant to this opinion, we have relied solely on and assumed the accuracy of, without independent verification:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt">&#9679;</TD><TD STYLE="text-align: justify">an online search of the Company on the Australian Securities and Investments Commission (&ldquo;<B>ASIC</B>&rdquo;)
records on 29 May 2025 (&ldquo;<B>ASIC search</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt">&#9679;</TD><TD STYLE="text-align: justify">a certificate from the Company&rsquo;s Managing Director dated 2 June 2025 certifying a copy of the
Company&rsquo;s Board resolution to register the Share Plan, including the increase the number of Shares the Company may issue under the
Share P<FONT STYLE="letter-spacing: -0.1pt">lan</FONT> and issue the S-8 Prospectus; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt">&#9679;</TD><TD STYLE="text-align: justify">the Company&rsquo;s Constitution (a certified copy of which was provided to us by the Company&rsquo;s
Secretary).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">(collectively &ldquo;<B>Documents&rdquo;</B>)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the purpose of the opinions set out below, we
have also assumed, with your agreement and without independent investigation or verification, that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(a)</TD><TD STYLE="text-align: justify">all signatures <FONT STYLE="letter-spacing: -0.3pt">are genuine </FONT>and all documents, instruments
and certificates submitted to us <FONT STYLE="letter-spacing: -0.05pt">as</FONT> originals <FONT STYLE="letter-spacing: -0.25pt">are authentic
</FONT>and conform <FONT STYLE="letter-spacing: -0.35pt">exactly </FONT>with the authentic originals of all documents, instruments and
certificates submitted to us as copies or forms or originals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(b)</TD><TD STYLE="text-align: justify">that each party to each document has all the requisite power and authority (corporate and otherwise) to
execute and deliver and perform its obligations there under;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(c)</TD><TD STYLE="text-align: justify">all matters of internal management required by the constitution of each of the parties to the relevant
documents have been duly attended to (including, without limitation, the holding of properly constituted meetings of the boards of directors
of each of those parties and the passing at those meetings of appropriate resolutions);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(d)</TD><TD STYLE="text-align: justify">that any documents which purport to be governed by the law of any jurisdiction (<B>Foreign Jurisdiction</B>)
other than the federal and state laws of the Commonwealth of Australia are legal, valid and binding obligations on all of the parties
thereto and under the applicable law and that none of the execution, delivery or performance of any document by any party thereto violates
or contravenes or is rendered invalid, not binding or unenforceable under any applicable law under any Foreign Jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(e)</TD><TD STYLE="text-align: justify">the Company will not engage in fraudulent or unconscionable conduct or conduct which is misleading or
deceptive or which is likely to mislead or deceive in relation to the increase the number of Shares the Company may issue under the <FONT STYLE="letter-spacing: -0.1pt">Share
Plan</FONT>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(f)</TD><TD STYLE="text-align: justify">there is no bad faith, fraud, undue influence, coercion or duress or similar conduct on the part of the
Company in relation to the increase the number of Shares the Company may issue under the Share Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(g)</TD><TD STYLE="text-align: justify">the Company does not own any freehold land in Australia. In respect of any leased premises used by the
Company in Australia, market value rents are payable to an arm&rsquo;s length party not associated with the Company. The Company, other
than those leasehold premises; does not otherwise have any interest in land (or goods affixed to land) in Australia;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(h)</TD><TD STYLE="text-align: justify">the Company does not own shares in any Australian company that itself owns any freehold land and does
not otherwise have any interest in land (or goods affixed to land) in Australia;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(i)</TD><TD STYLE="text-align: justify">any issue of Shares under the Share Plan is to occur within the United States and, for the avoidance of
doubt, outside of Australia or to Australian residents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(j)</TD><TD STYLE="text-align: justify">all information provided to us by or on behalf of officers of the Company was true, correct and complete
when provided and remains so at the date of this letter, containing all information required, without us making any separate enquiry or
investigation other than viewing the ASIC search, in order for us to provide this opinion; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34pt"></TD><TD STYLE="width: 34.05pt">(k)</TD><TD STYLE="text-align: justify">the ASIC search we have examined is accurate and that the information disclosed by the search conducted
by us is true and complete and that such information has not since then been altered and that such search did not fail to disclose any
information which had been delivered for registration or filing against the Company&rsquo;s records but which did not appear on the public
records at the date of our search.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 68.05pt; text-align: justify; text-indent: -34.05pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10.1pt; text-align: justify; text-indent: -10.1pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on and subject to the foregoing (including the
Documents) and in reliance thereof, in our opinion, with respect to the registration of the total number of <FONT STYLE="letter-spacing: -0.1pt">the
securities issued or issuable under the Company&rsquo;s 2022 Equity Incentive Plan (being 5,068,131 Shares), including an increase under
this Prospectus of 1,668,131 in the number shares that can be issued under the Share Plan as at 1 January 2025</FONT> -</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt">1.</TD><TD STYLE="text-align: justify">that has been duly authorized by the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt">2.</TD><TD STYLE="text-align: justify">the Shares currently issuable by the Company under the Plan, if and when issued, will be validly issued,
fully paid and non-assessable (based on the meaning of such term under US law) securities of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify; text-indent: -34pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This opinion is limited to the federal and state laws
of the Commonwealth of Australia and no opinion or representation is given in respect of the application of any foreign laws to the issue
or transfer of any securities under the P<FONT STYLE="letter-spacing: -0.1pt">lan</FONT>, the Offering or the contents or generally the
compliance of the S-8 Prospectus or any other matters under any applicable US laws or regulations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This opinion is given as at the date of this letter
and we undertake no obligation to advise you of any changes (including but not limited to any subsequently enacted, published or reported
laws, regulations or individual decisions) that may occur or come to our attention after the date of this letter which may affect our
opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to incorporation by reference of this opinion
in the S-8 Prospectus and to the reference of this firm under the caption &ldquo;Legal Matters&rdquo;.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>K&amp;L Gates</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></P>

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

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

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<SEQUENCE>3
<FILENAME>e6562_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0; text-align: right"><B>EXHIBIT 10.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2022 EQUITY INCENTIVE PLAN</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal"><I>As adopted by the
Board of Directors on April 28, 2022.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Purpose;
Eligibility</FONT></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="vertical-align: baseline"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>General
Purpose</B></FONT>. The name of this plan is the Innovation Beverage Group Limited 2022 Equity Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;).
The purposes of the Plan are to (a) enable Innovation Beverage Group Limited, an Australian public limited company (the &ldquo;<B>Company</B>&rdquo;),
and any Affiliate to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company&rsquo;s
long range success; (b) provide incentives that align the interests of Employees, Consultants and Directors with those of the shareholders
of the Company; and (c) promote the success of the Company&rsquo;s business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Eligible
Award Recipients</B></FONT>. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company and its
Affiliates and such other individuals designated by the Committee who are reasonably expected to become Employees, Consultants and Directors
after the receipt of Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Available
Awards</B></FONT>. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock Options, (c)
Stock Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, (f) Cash Awards, and (g) Other Equity-Based Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Definitions</FONT></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Affiliate</B>&rdquo;
means a corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common
control with, the Company.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Applicable Laws</B>&rdquo;
means the requirements related to or implicated by the administration of the Plan under applicable state corporate law, United States
federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Ordinary Shares are listed
or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Award</B>&rdquo; means
any right granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation Right, a Restricted
Award, a Performance Share Award, a Cash Award, or an Other Equity-Based Award.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Award Agreement</B>&rdquo;
means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual
Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award
Agreement shall be 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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Beneficial Owner</B>&rdquo;
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership
of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that such Person has the right to
acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage
of time. The terms &ldquo;Beneficially Owns&rdquo; and &ldquo;Beneficially Owned&rdquo; have a corresponding meaning.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Board</B>&rdquo; means
the Board of Directors of the Company, as constituted at any time.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Cash Award</B>&rdquo;
means an Award denominated in cash that is granted under Section 0 of the Plan.</P>

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<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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Cause</B>&rdquo; means:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;With respect to any Employee or
Consultant, unless the applicable Award Agreement states otherwise:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Employee or Consultant is a party to an employment or service agreement with the Company or &nbsp;its &nbsp;Affiliates and such agreement provides
for a definition of Cause, the definition contained therein; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
no such agreement exists, or if such agreement does not define Cause: (i) the commission of, or &nbsp;plea of &nbsp;guilty or no
contest to, a felony or a crime involving moral turpitude or the commission of any other act &nbsp;involving willful
&nbsp;malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (ii) conduct that &nbsp;&nbsp;brings or
is reasonably likely to bring the Company or an Affiliate negative publicity or into public disgrace, &nbsp;embarrassment, or
&nbsp;&nbsp;disrepute; (iii) gross negligence or willful misconduct with respect to the Company or an Affiliate; &nbsp;(iv) material
violation &nbsp;of state or federal securities laws; or (v) material violation of the Company&rsquo;s written policies or &nbsp;codes of
conduct, &nbsp;&nbsp;including written policies related to discrimination, harassment, performance of illegal or unethical
&nbsp;activities, and ethical &nbsp;misconduct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;With respect to any Director,
unless the applicable Award Agreement states otherwise, a determination by a majority of the disinterested Board members that the Director
has engaged in any of the following:</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 0 0 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;malfeasance
in office;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gross
misconduct or neglect;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;false
or fraudulent misrepresentation inducing the director&rsquo;s appointment;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;willful
conversion of corporate funds; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repeated
failure to participate in Board meetings on a regular basis despite having received proper &nbsp;notice of the meetings in advance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee, in its absolute
discretion, shall determine the effect of all matters and questions relating to &nbsp;whether a Participant has been discharged for Cause.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Change in Control</B>&rdquo;
means:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Award is not subject to Section 409A of the Code:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole,
to any Person that is not a subsidiary of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Incumbent Directors cease for any reason to constitute at least a majority of the Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
date which is 10 business days prior to the consummation of a complete liquidation or dissolution of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
acquisition by any Person of Beneficial Ownership of more than 50% (on a fully diluted basis) of either (i) the then outstanding shares
of Ordinary Shares of the Company, taking into account as outstanding for this purpose such Ordinary Shares issuable upon the exercise
of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Ordinary Shares
(the &ldquo;<B>Outstanding Company Ordinary Shares</B>&rdquo;) or (ii) the combined voting power of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors (the &ldquo;<B>Outstanding Company Voting Securities</B>&rdquo;);
<I>provided, however</I>, that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (A) any
acquisition by the Company or any Affiliate, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or
any subsidiary, (C) any acquisition which complies with clauses, (i), (ii) and (iii) of subsection (e) of this definition or (D) in respect
of an Award held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or
any entity controlled by the Participant or any group of persons including the Participant); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the
Company that requires the approval of the Company&rsquo;s shareholders, whether for such transaction or the issuance of securities in
the transaction (a &ldquo;<B>Business Combination</B>&rdquo;), unless immediately following such Business Combination: (i) more than 50%
of the total voting power of (A) the entity resulting from such Business Combination (the &ldquo;<B>Surviving Company</B>&rdquo;), or
(B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible
to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (the &ldquo;<B>Parent
Company</B>&rdquo;), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such Business
Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant
to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power
of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination; (ii) no Person (other
than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company) is or becomes the Beneficial Owner,
directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect members of the
board of directors of the Parent Company (or the analogous governing body) (or, if there is no Parent Company, the Surviving Company);
and (iii) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if
there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time
of the Board&rsquo;s approval of the execution of the initial agreement providing for such Business Combination; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">if the Award is subject to Section 409A of the Code:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
Person (or more than one Person acting as a group) acquires ownership of stock of the Company that, together with the stock held by such
person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; <I>provided,
that</I>, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total
fair market value or total voting power of the Company&rsquo;s stock and acquires additional stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
person (or more than one person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of the
most recent acquisition) ownership of the Company&rsquo;s stock possessing 30% or more of the total voting power of the stock of such
corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed
by a majority of the Board before the date of appointment or election; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
person (or more than one person acting as a group), acquires (or has acquired during the twelve-month period ending on the date of the
most recent acquisition) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross
fair market value of all of the assets of the Company immediately before such acquisition(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Code</B>&rdquo; means
the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed to include
a reference to any regulations promulgated thereunder.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Committee</B>&rdquo;
means a committee of one or more members of the Board appointed by the Board to administer the Plan in accordance with Section 0 and Section
0.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Ordinary Shares</B>&rdquo;
means the ordinary shares, no par value per share, of the Company, or such other securities of the Company as may be designated by the
Committee from time to time in substitution thereof.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Consultant</B>&rdquo;
means any individual or entity which performs bona fide services to the Company or an Affiliate, other than as an Employee or Director,
and who may be offered securities registerable pursuant to a registration statement on Form S-8 under the Securities Act.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Continuous Service</B>&rdquo;
means that the Participant&rsquo;s service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted
or terminated. The Participant&rsquo;s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity
in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity
for which the Participant renders such service, <I>provided that</I> there is no interruption or termination of the Participant&rsquo;s
Continuous Service; <I>provided further that</I> if any Award is subject to Section 409A of the Code, this sentence shall only be given
effect to the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company to a Director
of an Affiliate will not constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may
determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including
sick leave, military leave or any other personal or family leave of absence. The Committee or its delegate, in its sole discretion, may
determine whether a Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed
to result in a termination of Continuous Service for purposes of affected Awards, and such decision shall be final, conclusive and binding.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Deferred Stock Units
(DSUs)</B>&rdquo; has the meaning set forth in Section 0 hereof.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Director</B>&rdquo;
means a member of the Board.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Disability</B>&rdquo;
means, unless the applicable Award Agreement says otherwise, that the Participant is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment; <I>provided, however,</I> for purposes of determining the term
of an Incentive Stock Option pursuant to Section 0 hereof, the term Disability shall have the meaning ascribed to it under Section 22(e)(3)
of the Code. The determination of whether an individual has a Disability shall be determined under procedures established by the Committee.
Except in situations where the Committee is determining Disability for purposes of the term of an Incentive Stock Option pursuant to Section
0 hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a Participant is disabled
for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant participates.</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"></P>

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<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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Disqualifying Disposition</B>&rdquo;
has the meaning set forth in Section 0.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Effective Date</B>&rdquo;
shall mean the date as of which this Plan is adopted by the Board.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Employee</B>&rdquo;
means any person, including an Officer or Director, employed by the Company or an Affiliate; <I>provided, that,&nbsp;</I>for purposes
of determining eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary
corporation within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director&rsquo;s fee by the Company
or an Affiliate shall not be sufficient to constitute &ldquo;employment&rdquo; by the Company or an Affiliate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Exchange Act</B>&rdquo;
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: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Fair Market Value</B>&rdquo;
means, as of any date, the value of the Ordinary Shares as determined below. If the Ordinary Shares is listed on any established stock
exchange or a national market system, including without limitation, the New York Stock Exchange or the Nasdaq Stock Market, the Fair Market
Value shall be the closing price of a share of Ordinary Shares (or if no sales were reported the closing price on the date immediately
preceding such date) as quoted on such exchange or system on the day of determination, as reported in the <I>Wall Street Journal</I>.
In the absence of an established market for the Ordinary Shares, the Fair Market Value shall be determined in good faith by the Committee
and such determination shall be conclusive and binding on all persons.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Fiscal Year</B>&rdquo;
means the Company&rsquo;s fiscal year.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Free Standing Rights</B>&rdquo;
has the meaning set forth in Section 0.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Good Reason</B>&rdquo;
means, unless the applicable Award Agreement states otherwise:</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: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Employee or Consultant is a party to an employment or service agreement with the Company or &nbsp;its Affiliates and such agreement provides
for a definition of Good Reason, the definition contained therein; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
no such agreement exists or if such agreement does not define Good Reason, the occurrence of &nbsp;one or more of the following without the
Participant&rsquo;s express written consent, which circumstances are not remedied by &nbsp;the Company within thirty (30) days of its receipt
of a written notice from the Participant describing the applicable &nbsp;circumstances (which notice must be provided by the Participant within
ninety (90) days of the Participant&rsquo;s knowledge &nbsp;of the applicable circumstances):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
material, adverse change in the Participant&rsquo;s duties, responsibilities, authority, title, status or reporting structure;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
material reduction in the Participant&rsquo;s base salary or bonus opportunity; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
geographical relocation of the Participant&rsquo;s principal office location by more than fifty (50) miles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Grant Date</B>&rdquo;
means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant
that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such date as is set
forth in such resolution.</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"></P>

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<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: 0pt; text-align: justify; text-indent: 2em">&ldquo;<B>Incentive Stock Option</B>&rdquo;
means an Option that is designated by the Committee as an incentive stock option within the meaning of Section 422 of the Code and that
meets the requirements set out in the Plan.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Incumbent Directors</B>&rdquo;
means individuals who, on the Effective Date, constitute the Board, <I>provided that</I> any individual becoming a Director subsequent
to the Effective Date whose election or nomination for election to the Board was approved by a vote of at least two-thirds of the Incumbent
Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named
as a nominee for Director without objection to such nomination) shall be an Incumbent Director. No individual initially elected or nominated
as a director of the Company as a result of an actual or threatened election contest with respect to Directors or as a result of any other
actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be an Incumbent Director.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Non-Employee Director</B>&rdquo;
means a Director who is a &ldquo;non-employee director&rdquo; within the meaning of Rule 16b-3.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Non-qualified Stock
Option</B>&rdquo; means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Officer</B>&rdquo; means
a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated
thereunder.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Option</B>&rdquo; means
an Incentive Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Optionholder</B>&rdquo;
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Option Exercise Price</B>&rdquo;
means the price at which a share of Ordinary Shares may be purchased upon the exercise of an Option.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;<B>&ldquo;Other Equity-Based Award&rdquo;</B>
means an Award that is not an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or Performance Share Award that
is granted under Section 0 and is payable by delivery of Ordinary Shares and/or which is measured by reference to the value of Ordinary
Shares.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Participant</B>&rdquo;
means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Award.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Performance Goals</B>&rdquo;
means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon business criteria
or other performance measures determined by the Committee in its discretion.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Performance Period</B>&rdquo;
means the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be
measured for the purpose of determining a Participant&rsquo;s right to and the payment of a Performance Share Award or a Cash Award.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Performance Share Award</B>&rdquo;
means any Award granted pursuant to Section 0 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"></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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Performance Share</B>&rdquo;
means the grant of a right to receive a number of actual shares of Ordinary Shares or share units based upon the performance of the Company
during a Performance Period, as determined by the Committee.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Permitted Transferee</B>&rdquo;
means:</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: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
member of the Optionholder&rsquo;s immediate family (child, stepchild, grandchild, parent, stepparent, &nbsp;grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, &nbsp;brother-in-law, or sister-in-law, including adoptive
relationships), any person sharing the Optionholder&rsquo;s household &nbsp;&nbsp;(other than a tenant or employee), a trust in which these persons
have more than 50% of the beneficial interest, a &nbsp;foundation in which these persons (or the Optionholder) control the management of assets,
and any other entity in &nbsp;which these persons (or the Optionholder) own more than 50% of the voting interests; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
other transferees as may be permitted by the Committee in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<B>&ldquo;Person&rdquo;</B> means
a person as defined in Section 13(d)(3) of the Exchange Act.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Plan</B>&rdquo; means
this Innovation Beverage Group Limited 2022 Equity Incentive Plan, as amended and/or amended and restated from time to time.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Related Rights</B>&rdquo;
has the meaning set forth in Section 0.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Restricted Award</B>&rdquo;
means any Award granted pursuant to Section 0.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Restricted Period</B>&rdquo;
has the meaning set forth in Section 0.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Rule 16b-3</B>&rdquo;
means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Securities Act</B>&rdquo;
means the Securities Act of 1933, as amended.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Stock Appreciation Right</B>&rdquo;
means the right pursuant to an Award granted under Section 0 to receive, upon exercise, an amount payable in cash or shares equal to the
number of shares subject to the Stock Appreciation Right that is being exercised multiplied by the excess of (a) the Fair Market Value
of a share of Ordinary Shares on the date the Award is exercised, over (b) the exercise price specified in the Stock Appreciation Right
Award Agreement.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;<B>&ldquo;Substitute Award&rdquo;
</B>has the meaning set forth in Section 0.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;&ldquo;<B>Ten Percent Shareholder</B>&rdquo;
means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or of any of its Affiliates.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;<B>&ldquo;Total Share Reserve</B>&rdquo;
has the meaning set forth in Section 0.</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: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Administration</FONT></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Authority
of Committee</B></FONT>. The Plan shall be administered by the Committee or, in the Board&rsquo;s sole discretion, by the Board. Subject
to the terms of the Plan, the Committee&rsquo;s charter and Applicable Laws, and in addition to other express powers and authorization
conferred by the Plan, the Committee shall have the authority:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
construe and interpret the Plan and apply its provisions;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
authorize any person to execute, on behalf of the Company, any instrument required to carry out &nbsp;the purposes of the Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
delegate its authority to one or more Officers of the Company with respect to Awards that do not &nbsp;involve &ldquo;insiders&rdquo; within
the meaning of Section 16 of the Exchange Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine when Awards are to be granted under the Plan and the applicable Grant Date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from
time to time to select, subject to the limitations set forth in this Plan, those eligible Award &nbsp;recipients to whom Awards shall be granted;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine the number of shares of Ordinary Shares to be made subject to each Award;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock &nbsp;Option;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
prescribe the terms and conditions of each Award, including, without limitation, the exercise price &nbsp;and medium of payment and vesting
provisions, and to specify the provisions of the Award Agreement relating to such &nbsp;grant;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine the target number of Performance Shares to be granted pursuant to a Performance Share &nbsp;Award, the performance measures that will
be used to establish the Performance Goals, the Performance Period(s) and &nbsp;the number of Performance Shares earned by a Participant;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
amend any outstanding Awards, including for the purpose of modifying the time or manner of &nbsp;vesting, or the term of any outstanding Award;
<I>provided, however</I>, that if any such amendment impairs a Participant&rsquo;s &nbsp;rights or increases a Participant&rsquo;s obligations
under his or her Award or creates or increases a Participant&rsquo;s federal &nbsp;income tax liability with respect to an Award, such amendment
shall also be subject to the Participant&rsquo;s consent;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine the duration and purpose of leaves of absences which may be granted to a Participant &nbsp;without constituting termination of their
employment for purposes of the Plan, which periods shall be no shorter than &nbsp;the periods generally applicable to Employees under the Company&rsquo;s
employment policies;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
make decisions with respect to outstanding Awards that may become necessary upon a change in &nbsp;corporate control or an event that triggers
anti-dilution adjustments;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any &nbsp;omission in the Plan and any instrument
or agreement relating to, or Award granted under, the Plan; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
exercise discretion to make any and all other determinations which it determines to be necessary or &nbsp;advisable for the administration of
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2em; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: 0.9in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except in connection
with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash
dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms
of outstanding Awards may not be amended to reduce the exercise price 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
that is less than the exercise price of the original Options or Stock Appreciation Rights without stockholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Committee
Decisions Final</B></FONT>. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on the
Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Delegation</B></FONT>.
The Committee or, if no Committee has been appointed, the Board may delegate administration of the Plan to a committee or committees of
one or more members of the Board, and the term &ldquo;<B>Committee</B>&rdquo; shall apply to any person or persons to whom such authority
has been delegated. The Committee shall have the power to delegate to a subcommittee any of the administrative powers the Committee is
authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee),
subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.
The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members of the Committee shall
be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee,
add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies,
however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in the case of a Committee
comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent of the majority
of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject to the limitations
prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct of its business
as it may determine to be advisable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Committee
Composition</B></FONT>. Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee Directors.
The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3. However,
if the Board intends to satisfy such exemption requirements, with respect to any insider subject to Section 16 of the Exchange Act, the
Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors. Within
the scope of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are not Non-Employee
Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein
shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by a compensation
committee of the Board that does not at all times consist solely of two or more Non-Employee Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Indemnification</B></FONT>.
In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent allowed
by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney&rsquo;s fees,
actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Committee may
be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and
against all amounts paid by the Committee in settlement thereof (<I>provided, however</I>, that the settlement has been approved by the
Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action,
suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Committee
did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the
case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; <I>provided, however</I>, that within
60 days after the institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the opportunity
at its own expense to handle and defend such action, suit or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-weight: normal; vertical-align: baseline">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Shares
Subject to the Plan</FONT></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="vertical-align: baseline">&nbsp;<B>&nbsp;</B></FONT>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to adjustment in accordance with Section 0, no more than 3,400,000 shares of Ordinary Shares shall be available for the grant of Awards
under the Plan&nbsp;(the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; color: black"><B>Total Share Reserve</B></FONT>&rdquo;).
In addition, subject to adjustment provided in Section 14, the Total Share Reserve will automatically increase on January 1<SUP>st</SUP>
of each calendar year, for the period beginning on April 29, 2022 and ending on December 31, 2030 (each, an &ldquo;<B>Evergreen Date</B>&rdquo;)
in an amount equal to 20% of the total number of shares of the Company&rsquo;s ordinary shares outstanding on December 31<SUP>st</SUP>
of the immediately preceding the applicable Evergreen Date (the &ldquo;<B>Evergreen Increase</B>&rdquo;). Notwithstanding the foregoing,
the Board may act prior to the Evergreen Date of a given year to provide that there will be no Evergreen Increase for such year, or that
the Evergreen Increase for such year will be a lesser number of shares of the Company&rsquo;s ordinary shares than would otherwise occur
pursuant to the preceding sentence. During the terms of the Awards, the Company shall keep available at all times the number of shares
of Ordinary Shares required to satisfy such Awards.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Ordinary Shares available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares, treasury
shares or shares reacquired by the Company in any manner.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to adjustment in accordance with Section 0, no more than 3,400,000 shares of Ordinary Shares may be issued in the aggregate pursuant to
the exercise of Incentive Stock Options (the <B>&ldquo;ISO Limit&rdquo;</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
shares of Ordinary Shares subject to an Award that expires or is cancelled, forfeited, or terminated without issuance of the full number
of shares of Ordinary Shares to which the Award related shall again be available for issuance of Awards or delivery under the Plan. Any
shares of Ordinary Shares subject to an Award under the Plan that are (a) tendered in payment of an Option, (b) delivered or withheld
by the Company to satisfy any tax withholding obligation, or (c) covered by a stock-settled Stock Appreciation Right or other Awards that
were not issued upon the settlement of the Award shall be added back to the shares of Ordinary Shares available for issuance of Awards
or delivery under the Plan and, to the extent permitted under Section 422 of the Code and the regulations promulgated thereunder, to the
shares of Ordinary Shares that may be issued as Incentive Stock Options.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards
may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously
granted by an entity acquired by the Company or with which the Company combines (&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; color: black"><B>Substitute
Awards</B></FONT>&rdquo;). Substitute Awards shall not be counted against the Total Share Reserve; <I>provided, that</I>, Substitute Awards
issued in connection with the assumption of, or in substitution for, outstanding options intended to qualify as Incentive Stock Options
shall be counted against the ISO limit. Subject to applicable stock exchange requirements, available shares under a shareholder-approved
plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect
such acquisition or transaction) may be used for Awards under the Plan and shall not count toward the Total Share Limit.</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: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Eligibility</FONT></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Eligibility
for Specific Awards</B></FONT>. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options may
be granted to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably expected to become
Employees, Consultants and Directors following the Grant Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Ten
Percent Shareholders</B></FONT>. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise Price
is at least 110% of the Fair Market Value of the Ordinary Shares on the Grant Date and the Option is not exercisable after the expiration
of five years from the Grant Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-weight: normal; vertical-align: baseline">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Options</FONT></B>.
Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject to the conditions
set forth in this Section 0, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.
All Options shall be separately designated Incentive Stock Options or Non-qualified Stock Options at the time of grant, and, if certificates
are issued, a separate certificate or certificates will be issued for shares of Ordinary Shares purchased on exercise of each type of
Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an Option designated
as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined to constitute &ldquo;nonqualified deferred
compensation&rdquo; within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section
409A of the Code. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions
hereof by reference in the Option or otherwise) the substance of each of the following provisions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Term</B></FONT>.
Subject to the provisions of Section 0 regarding Ten Percent Shareholders, no Incentive Stock Option shall be exercisable after the expiration
of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall be determined by the Committee;
<I>provided, however</I>, no Non-qualified Stock Option shall be exercisable after the expiration of 10 years from the Grant Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exercise
Price of an Incentive Stock Option</B></FONT>. Subject to the provisions of Section 0 regarding Ten Percent Shareholders, the Option Exercise
Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Ordinary Shares subject to the Option
on the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price lower than that
set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner
satisfying the provisions of Section 424(a) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exercise
Price of a Non-qualified Stock Option</B></FONT>. The Option Exercise Price of each Non-qualified Stock Option shall be not less than
100% of the Fair Market Value of the Ordinary Shares subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified
Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted
pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Consideration</B></FONT>.
The Option Exercise Price of Ordinary Shares acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes
and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised or (b) in the discretion of the
Committee, upon such terms as the Committee shall approve, the Option Exercise Price may be paid: (i) by delivery to the Company of other
Ordinary Shares, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option Exercise
Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the Participant identifies
for delivery specific shares of Ordinary Shares that have an aggregate Fair Market Value on the date of attestation equal to the Option
Exercise Price (or portion thereof) and receives a number of shares of Ordinary Shares equal to the difference between the number of shares
thereby purchased and the number of identified attestation shares of Ordinary Shares; (ii) a &ldquo;cashless&rdquo; exercise program established
with a broker; (iii) by reduction in the number of shares of Ordinary Shares otherwise deliverable upon exercise of such Option with a
Fair Market Value equal to the aggregate Option Exercise Price at the time of exercise; (iv) by any combination of the foregoing methods;
or (v) in any other form of legal consideration that may be acceptable to the Committee. Unless otherwise specifically provided in the
Option, the exercise price of Ordinary Shares acquired pursuant to an Option that is paid by delivery (or attestation) to the Company
of other Ordinary Shares acquired, directly or indirectly from the Company, shall be paid only by shares of the Ordinary Shares of the
Company that have been held for more than six months (or such longer or shorter period of time required to avoid a charge to earnings
for financial accounting purposes). Notwithstanding the foregoing, during any period for which the Ordinary Shares is publicly traded
(i.e., the Ordinary Shares is listed on any established stock exchange or a national market system) an exercise by a Director or Officer
that involves or may involve a direct or indirect extension of credit or arrangement of an extension of credit by the Company, directly
or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002 shall be prohibited with respect to any Award under this
Plan.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Transferability
of an Incentive Stock Optio</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">n</FONT></FONT>. An Incentive
Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime
of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the
Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter
be entitled to exercise the Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Transferability
of a Non-qualified Stock Option</B></FONT>. A Non-qualified Stock Option may, in the sole discretion of the Committee, be transferable
to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the Non-qualified
Stock Option does not provide for transferability, then the Non-qualified Stock Option shall not be transferable except by will or by
the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding
the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third
party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Vesting
of Options</B></FONT>. Each Option may, but need not, vest and therefore become exercisable in periodic installments that may, but need
not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be
based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may vary.
No Option may be exercised for a fraction of a share of Ordinary Shares. The Committee may, but shall not be required to, provide for
an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Termination
of Continuous Service</B></FONT>. Unless otherwise provided in an Award Agreement or in an employment agreement the terms of which have
been approved by the Committee, in the event an Optionholder&rsquo;s Continuous Service terminates (other than upon the Optionholder&rsquo;s
death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following
the termination of the Optionholder&rsquo;s Continuous Service or (b) the expiration of the term of the Option as set forth in the Award
Agreement; <I>provided that</I>, if the termination of Continuous Service is by the Company for Cause, all outstanding Options (whether
or not vested) shall immediately terminate and cease to be exercisable. If, after termination, the Optionholder does not exercise his
or her Option within the time specified in the Award Agreement, the Option shall terminate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Extension
of Termination Date</B></FONT>. An Optionholder&rsquo;s Award Agreement may also provide that if the exercise of the Option following
the termination of the Optionholder&rsquo;s Continuous Service for any reason would be prohibited at any time because the issuance of
shares of Ordinary Shares would violate the registration requirements under the Securities Act or any other state or federal securities
law or the rules of any securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a) the
expiration of the term of the Option in accordance with Section 0 or (b) the expiration of a period after termination of the Participant&rsquo;s
Continuous Service that is three months after the end of the period during which the exercise of the Option would be in violation of such
registration or other securities law requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Disability
of Optionholder</B></FONT>. Unless otherwise provided in an Award Agreement, in the event that an Optionholder&rsquo;s Continuous Service
terminates as a result of the Optionholder&rsquo;s Disability, the Optionholder may exercise his or her Option (to the extent that the
Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending on the earlier
of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the Award Agreement.
If, after termination, the Optionholder does not exercise his or her Option within the time specified herein or in the Award Agreement,
the Option shall terminate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Death
of Optionholder</B></FONT>. Unless otherwise provided in an Award Agreement, in the event an Optionholder&rsquo;s Continuous Service terminates
as a result of the Optionholder&rsquo;s death, then the Option may be exercised (to the extent the Optionholder was entitled to exercise
such Option as of the date of death) by the Optionholder&rsquo;s estate, by a person who acquired the right to exercise the Option by
bequest or inheritance or by a person designated to exercise the Option upon the Optionholder&rsquo;s death, but only within the period
ending on the earlier of (a) the date 12 months following the date of death or (b) the expiration of the term of such Option as set forth
in the Award Agreement. If, after the Optionholder&rsquo;s death, the Option is not exercised within the time specified herein or in the
Award Agreement, the Option shall terminate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Incentive
Stock Option $100,000 Limitation</B></FONT>. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Ordinary
Shares with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under
all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the
order in which they were granted) shall be treated as Non-qualified Stock Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Stock
Appreciation Rights</B></FONT>. Each Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Stock
Appreciation Right so granted shall be subject to the conditions set forth in this Section 0, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. Stock Appreciation Rights may be granted alone (&ldquo;<B>Free Standing
Rights</B>&rdquo;) or in tandem with an Option granted under the Plan (&ldquo;<B>Related Rights</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Grant
Requirements for Related Rights</B></FONT>. Any Related Right that relates to a Non-qualified Stock Option may be granted at the same
time the Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related Right that relates
to an Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Term</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">.
</FONT></FONT>The term of a Stock Appreciation Right granted under the Plan shall be determined by the Committee; <I>provided, however</I>,
no Stock Appreciation Right shall be exercisable later than the tenth (10<SUP>th</SUP>) anniversary of the Grant Date.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Vesting
of SARs</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">. </FONT></FONT>Each Stock Appreciation Right may,
but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Stock Appreciation
Right may be subject to such other terms and conditions on the time or times when it may be exercised as the Committee may deem appropriate.
The vesting provisions of individual Stock Appreciation Rights may vary. No Stock Appreciation Right may be exercised for a fraction of
a share of Ordinary Shares. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability
in the terms of any Stock Appreciation Right upon the occurrence of a specified event.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exercise
and Payment</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">. </FONT></FONT>Upon exercise of a Stock Appreciation
Right, the holder shall be entitled to receive from the Company an amount equal to the number of shares of Ordinary Shares subject to
the Stock Appreciation Right that is being exercised multiplied by the excess of (i) the Fair Market Value of a share of Ordinary Shares
on the date the Award is exercised, over (ii) the exercise price specified in the Stock Appreciation Right or related Option. Payment
with respect to the exercise of a Stock Appreciation Right shall be made on the date of exercise. Payment shall be made in the form of
shares of Ordinary Shares (with or without restrictions as to substantial risk of forfeiture and transferability, as determined by the
Committee in its sole discretion), cash or a combination thereof, as determined by the Committee.</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"></P>

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<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: 0pt; text-align: justify; text-indent: 2em">&nbsp;7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exercise
Price</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">.</FONT></FONT> The exercise price of a Free Standing
Right shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value of one share of Ordinary Shares on
the Grant Date of such Stock Appreciation Right. A Related Right granted simultaneously with or subsequent to the grant of an Option and
in conjunction therewith or in the alternative thereto shall have the same exercise price as the related Option, shall be transferable
only upon the same terms and conditions as the related Option, and shall be exercisable only to the same extent as the related Option;
<I>provided, however</I>, that a Stock Appreciation Right, by its terms, shall be exercisable only when the Fair Market Value per share
of Ordinary Shares subject to the Stock Appreciation Right and related Option exceeds the exercise price per share thereof and no Stock
Appreciation Rights may be granted in tandem with an Option unless the Committee determines that the requirements of Section 7.1 are satisfied.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Reduction
in the Underlying Option Shares</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">.</FONT></FONT> Upon any
exercise of a Related Right, the number of shares of Ordinary Shares for which any related Option shall be exercisable shall be reduced
by the number of shares for which the Stock Appreciation Right has been exercised. The number of shares of Ordinary Shares for which a
Related Right shall be exercisable shall be reduced upon any exercise of any related Option by the number of shares of Ordinary Shares
for which such Option has been exercised.</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: 0in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Restricted
Awards</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><U>.</U></FONT></B>
A Restricted Award is an Award of actual shares of Ordinary Shares (&ldquo;<B>Restricted Stock</B>&rdquo;) or hypothetical Ordinary Shares
units (&ldquo;<B>Restricted Stock Units</B>&rdquo;) having a value equal to the Fair Market Value of an identical number of shares of
Ordinary Shares, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise disposed
of, pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose for
such period (the &ldquo;<B>Restricted Period</B>&rdquo;) as the Committee shall determine. Each Restricted Award granted under the Plan
shall be evidenced by an Award Agreement. Each Restricted Award so granted shall be subject to the conditions set forth in this Section
0, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Restricted
Stock and Restricted Stock Units</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted Stock
setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that the
Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable
restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory
to the Committee, if applicable and (B) the appropriate blank stock power with respect to the Restricted Stock covered by such agreement.
If a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock
power, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant generally shall have the
rights and privileges of a shareholder as to such Restricted Stock, including the right to vote such Restricted Stock and the right to
receive dividends; <I>provided that</I>, any cash dividends and stock dividends with respect to the Restricted Stock shall be withheld
by the Company for the Participant&rsquo;s account, and interest may be credited on the amount of the cash dividends withheld at a rate
and subject to such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the Committee and attributable
to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to the Participant in cash or,
at the discretion of the Committee, in shares of Ordinary Shares having a Fair Market Value equal to the amount of such dividends, if
applicable, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such
dividends.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Ordinary Shares shall
be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside funds for the payment of any
such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. The Committee may
also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred beyond the vesting date until the occurrence
of a future payment date or event set forth in an Award Agreement (&ldquo;<B>Deferred Stock Units</B>&rdquo;). At the discretion of the
Committee, each Restricted Stock Unit or Deferred Stock Unit (representing one share of Ordinary Shares) may be credited with an amount
equal to the cash and stock dividends paid by the Company in respect of one share of Ordinary Shares (&ldquo;<B>Dividend Equivalents</B>&rdquo;).
Dividend Equivalents shall be withheld by the Company and credited to the Participant&rsquo;s account, and interest may be credited on
the amount of cash Dividend Equivalents credited to the Participant&rsquo;s account at a rate and subject to such terms as determined
by the Committee. Dividend Equivalents credited to a Participant&rsquo;s account and attributable to any particular Restricted Stock Unit
or Deferred Stock Unit (and earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Committee, in shares
of Ordinary Shares having a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the Participant
upon settlement of such Restricted Stock Unit or Deferred Stock Unit and, if such Restricted Stock Unit or Deferred Stock Unit is forfeited,
the Participant shall have no right to such Dividend Equivalents. Dividend Equivalents may, if so determined by the Committee, be deemed
re-invested in additional Restricted Stock Units or Deferred Stock Units based on the Fair Market Value of a share of Ordinary Shares
on the applicable dividend payment date and rounded down to the nearest whole share.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Restrictions</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">.</FONT></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period, and to such
other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is used, the Participant
shall not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the restrictions on transferability set
forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement;
and (D) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the Participant
to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted
Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement,
and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights of the Participant to such Restricted
Stock Units or Deferred Stock Units shall terminate without further obligation on the part of the Company and (B) such other terms and
conditions as may be set forth in the applicable Award Agreement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units and Deferred
Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the
date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;8.&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Restricted
Period</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">. </FONT></FONT>With respect to Restricted Awards,
the Restricted Period shall commence on the Grant Date and end at the time or times set forth on a schedule established by the Committee
in the applicable Award Agreement. No Restricted Award may be granted or settled for a fraction of a share of Ordinary Shares. The Committee
may, but shall not be required to, provide for an acceleration of vesting in the terms of any Award Agreement upon the occurrence of a
specified event.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></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: 0pt; text-align: justify; text-indent: 2em">&nbsp;8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Delivery
of Restricted Stock and Settlement of Restricted Stock Units</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">.</FONT></FONT>
Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in Section 0 and
the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable
Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary,
without charge, the stock certificate evidencing the shares of Restricted Stock which have not then been forfeited and with respect to
which the Restricted Period has expired (to the nearest full share) and any cash dividends or stock dividends credited to the Participant&rsquo;s
account with respect to such Restricted Stock and the interest thereon, if any. Upon the expiration of the Restricted Period with respect
to any outstanding Restricted Stock Units, or at the expiration of the deferral period with respect to any outstanding Deferred Stock
Units, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one share of Ordinary Shares for each
such outstanding vested Restricted Stock Unit or Deferred Stock Unit (&ldquo;<B>Vested Unit</B>&rdquo;) and cash equal to any Dividend
Equivalents credited with respect to each such Vested Unit in accordance with Section 0 hereof and the interest thereon or, at the discretion
of the Committee, in shares of Ordinary Shares having a Fair Market Value equal to such Dividend Equivalents and the interest thereon,
if any; <I>provided, however</I>, that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion,
elect to pay cash or part cash and part Ordinary Shares in lieu of delivering only shares of Ordinary Shares for Vested Units. If a cash
payment is made in lieu of delivering shares of Ordinary Shares, the amount of such payment shall be equal to the Fair Market Value of
the Ordinary Shares as of the date on which the Restricted Period lapsed in the case of Restricted Stock Units, or the delivery date in
the case of Deferred Stock Units, with respect to each Vested Unit.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Stock
Restrictions</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">.</FONT></FONT> Each certificate representing
Restricted Stock awarded under the Plan shall bear a legend in such form as the Company deems appropriate.</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: 0in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Performance
Share Awards</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><U>.</U></FONT></B>
Each Performance Share Award granted under the Plan shall be evidenced by an Award Agreement. Each Performance Share Award so granted
shall be subject to the conditions set forth in this Section 0, and to such other conditions not inconsistent with the Plan as may be
reflected in the applicable Award Agreement. The Committee shall have the discretion to determine: (i) the number of shares of Ordinary
Shares or stock-denominated units subject to a Performance Share Award granted to any Participant; (ii) the Performance Period applicable
to any Award; (iii) the conditions that must be satisfied for a Participant to earn an Award; and (iv) the other terms, conditions and
restrictions of the Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Earning
Performance Share Awards</B><FONT STYLE="font-weight: normal; color: black; vertical-align: baseline">.</FONT></FONT> The number of Performance
Shares earned by a Participant will depend on the extent to which the performance goals established by the Committee are attained within
the applicable Performance Period, as determined by the Committee.</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: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Other
Equity-Based Awards and Cash Awards<FONT STYLE="color: black; vertical-align: baseline"><U>. </U></FONT></B></FONT>The Committee may grant
Other Equity-Based Awards, either alone or in tandem with other Awards, in such amounts and subject to such conditions as the Committee
shall determine in its sole discretion. Each Equity-Based Award shall be evidenced by an Award Agreement and shall be subject to such
conditions, not inconsistent with the Plan, as may be reflected in the applicable Award Agreement. The Committee may grant Cash Awards
in such amounts and subject to such Performance Goals, other vesting conditions, and such other terms as the Committee determines in its
discretion. Cash Awards shall be evidenced in such form as the Committee may determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Securities
Law Compliance</B></FONT>. Each Award Agreement shall provide that no shares of Ordinary Shares shall be purchased or sold thereunder
unless and until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with
to the satisfaction of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered
to the Company a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall
use reasonable efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as
may be required to grant Awards and to issue and sell shares of Ordinary Shares upon exercise of the Awards; <I>provided, however</I>,
that this undertaking shall not require the Company to register under the Securities Act the Plan, any Award or any Ordinary Shares issued
or issuable pursuant to any such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission
or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Ordinary Shares under the Plan,
the Company shall be relieved from any liability for failure to issue and sell Ordinary Shares upon exercise of such Awards unless and
until such authority is obtained.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Use
of Proceeds from Stock</FONT></B>. Proceeds from the sale of Ordinary Shares pursuant to Awards, or upon exercise thereof, shall constitute
general funds of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Miscellaneous</FONT></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Acceleration
of Exercisability and Vesting</B></FONT>. The Committee shall have the power to accelerate the time at which an Award may first be exercised
or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award
stating the time at which it may first be exercised or the time during which it will vest.</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: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Shareholder
Rights</B></FONT>. Except as provided in the Plan, no Participant shall be deemed to be the holder of, or to have any of the rights of
a holder with respect to, any shares of Ordinary Shares subject to such Award unless and until such Participant has satisfied all requirements
for exercise of the Award pursuant to its terms and no adjustment shall be made for, nor shall any Participant be entitled to receive,
any dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the
record date is prior to the date the certificate representing Ordinary Shares issuable pursuant to an Award is actually issued, except
as provided in Section 0 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No
Employment or Other Service Rights</B></FONT>. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall
confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award
was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice
and with or without Cause or (b) the service of a Director pursuant to the By-laws of the Company or an Affiliate, and any applicable
provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Transfer;
Approved Leave of Absence</B></FONT>. For purposes of the Plan, no termination of employment by an Employee shall be deemed to result
from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to
another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the
Employee&rsquo;s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave
of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent with Section
409A of the Code if the applicable Award is subject thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Withholding
Obligations</B></FONT>. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee, the
Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Ordinary Shares
under an Award by any of the following means (in addition to the Company&rsquo;s right to withhold from any compensation paid to the Participant
by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold shares of Ordinary
Shares from the shares of Ordinary Shares otherwise issuable to the Participant as a result of the exercise or acquisition of Ordinary
Shares under the Award, <I>provided, however</I>, that no shares of Ordinary Shares are withheld with a value exceeding the maximum amount
of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Stock Award as a liability
for financial accounting purposes); or (c) delivering to the Company previously owned and unencumbered shares of Ordinary Shares of the
Company.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Adjustments
upon Changes in Stock</B></FONT>. In the event of changes in the outstanding Ordinary Shares or in the capital structure of the Company
by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate transaction such as
any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in capitalization occurring
after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and Stock Appreciation
Rights, the Performance Goals to which Performance Share Awards and Cash Awards are subject, the maximum number of shares of Ordinary
Shares subject to all Awards stated in Section 0 will be equitably adjusted or substituted, as to the number, price or kind of a share
of Ordinary Shares or other consideration subject to such Awards to the extent necessary to preserve the economic intent of such Award.
In the case of adjustments made pursuant to this Section 0, unless the Committee specifically determines that such adjustment is in the
best interests of the Company or its Affiliates, the Committee shall, in the case of Incentive Stock Options, ensure that any adjustments
under this Section 0 will not constitute a modification, extension or renewal of the Incentive Stock Options within the meaning of Section
424(h)(3) of the Code and in the case of Non-qualified Stock Options, ensure that any adjustments under this Section 0 will not constitute
a modification of such Non-qualified Stock Options within the meaning of Section 409A of the Code. Any adjustments made under this Section
0 shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. The
Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding
for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Effect
of Change in Control</FONT></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided in an Award Agreement, notwithstanding any provision of the Plan to the contrary:</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 0 0 0.7in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a Change in Control, all outstanding Options and Stock Appreciation Rights shall become immediately exercisable with respect
to 100% of the shares subject to such Options or Stock Appreciation Rights, and/or the Restricted Period shall expire immediately with
respect to 100% of the outstanding shares of Restricted Stock or Restricted Stock Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Performance Share Awards and Cash Awards, in the event of a Change in Control, all Performance Goals or other vesting criteria
will be deemed achieved at 100% of target levels and all other terms and conditions will be deemed met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days&rsquo; advance notice to
the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the
value of such Awards based upon the price per share of Ordinary Shares received or to be received by other shareholders of the Company
in the event. In the case of any Option or Stock Appreciation Right with an exercise price (or SAR Exercise Price in the case of a Stock
Appreciation Right) that equals or exceeds the price paid for a share of Ordinary Shares in connection with the Change in Control, the
Committee may cancel the Option or Stock Appreciation Right without the payment of consideration therefor.</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: 0pt; text-align: justify; text-indent: 2em">&nbsp;15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation
or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the
assets and business of the Company and its Affiliates, taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Amendment
of the Plan and Awards</FONT></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amendment
of Plan</B></FONT>. The Board at any time, and from time to time, may amend or terminate the Plan. However, except as provided in Section
0 relating to adjustments upon changes in Ordinary Shares and Section 0, no amendment shall be effective unless approved by the shareholders
of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time of such amendment, the Board
shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Shareholder
Approval</B></FONT>. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Contemplated
Amendments</B></FONT>. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable
to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the provisions of
the Code and the regulations promulgated thereunder relating to Incentive Stock Options or to the nonqualified deferred compensation provisions
of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No
Impairment of Rights</B></FONT>. Rights under any Award granted before amendment of the Plan shall not be impaired by any amendment of
the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amendment
of Awards</B></FONT>. The Committee at any time, and from time to time, may amend the terms of any one or more Awards; <I>provided, however</I>,
that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights under any Award unless (a)
the Company requests the consent of the Participant and (b) the Participant consents in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black; vertical-align: baseline"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">General
Provisions</FONT></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Forfeiture
Events</B></FONT>. The Committee may specify in an Award Agreement that the Participant&rsquo;s rights, payments and benefits with respect
to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to
applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality,
or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a termination of
the Participant&rsquo;s Continuous Service for Cause, or other conduct by the Participant that is detrimental to the business or reputation
of the Company and/or its Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Clawback</B></FONT>.
Notwithstanding any other provisions in this Plan, the Company may cancel any Award, require reimbursement of any Award by a Participant,
and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with any Company policies
that may be adopted and/or modified from time to time (<B>&ldquo;Clawback Policy&rdquo;</B>). In addition, a Participant may be required
to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement, in accordance with
the Clawback Policy. By accepting an Award, the Participant is agreeing to be bound by the Clawback Policy, as in effect or as may be
adopted and/or modified from time to time by the Company in its discretion (including, without limitation, to comply with applicable law
or stock exchange listing requirements).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other
Compensation Arrangements</B></FONT>. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation
arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or
applicable only in specific cases.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Sub-Plans</B></FONT>.
The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying securities, tax or other laws of various
jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions
as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply
only to the Participants in the jurisdiction for which the sub-plan was designed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Deferral
of Awards</B></FONT>. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity
to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent
the election would entitle the Participant to payment or receipt of shares of Ordinary Shares or other consideration under an Award. The
Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest
or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures
that the Committee deems advisable for the administration of any such deferral program. Any such deferral program must comply with Section
409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Unfunded
Plan</B></FONT>. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any special
or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Recapitalizations</B></FONT>.
Each Award Agreement shall contain provisions required to reflect the provisions of Section 0.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">&nbsp;17.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery</U></FONT>.
Upon exercise of a right granted under this Plan, the Company shall issue Ordinary Shares or pay any amounts due within a reasonable
period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan,
30 days shall be considered a reasonable period of time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No
Fractional Shares</B></FONT>. No fractional shares of Ordinary Shares shall be issued or delivered pursuant to the Plan. The Committee
shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of
Ordinary Shares or whether any fractional shares should be rounded, forfeited or otherwise eliminated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.10&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other
Provisions</B></FONT>. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this Plan,
including, without limitation, restrictions upon the exercise of Awards, as the Committee may deem advisable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.11&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
409A</B></FONT>. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the
maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the
Plan that are due within the &ldquo;short-term deferral period&rdquo; as defined in Section 409A of the Code shall not be treated as deferred
compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to
avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that
would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant&rsquo;s termination
of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant&rsquo;s separation
from service (or the Participant&rsquo;s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall
have any obligation to take any action to prevent the assessment of any additional tax or penalty on any Participant under Section 409A
of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.12&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Disqualifying
Dispositions</B></FONT>. Any Participant who shall make a &ldquo;disposition&rdquo; (as defined in Section 424 of the Code) of all or
any portion of shares of Ordinary Shares acquired upon exercise of an Incentive Stock Option within two years from the Grant Date of such
Incentive Stock Option or within one year after the issuance of the shares of Ordinary Shares acquired upon exercise of such Incentive
Stock Option (a &ldquo;<B>Disqualifying Disposition</B>&rdquo;) shall be required to immediately advise the Company in writing as to the
occurrence of the sale and the price realized upon the sale of such shares of Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.13&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Section
16</B></FONT>. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements
of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3,
or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16
of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in this Section
0, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.14&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Beneficiary
Designation</B></FONT>. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right
under the Plan is to be exercised in case of such Participant&rsquo;s death. Each designation will revoke all prior designations by the
same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant
in writing with the Company during the Participant&rsquo;s lifetime.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.15&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Expenses</B></FONT>.
The costs of administering the Plan shall be paid by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.16&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Severability</B></FONT>.
If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether in whole or in part,
such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and
the remaining provisions shall not be affected thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">17.17&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Headings</B></FONT>.
The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction of the provisions
hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;17.18&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Non-Uniform
Treatment</B></FONT>. The Committee&rsquo;s determinations under the Plan need not be uniform and may be made by it selectively among
persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee shall
be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective
Award Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;17.19&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Effective
Date of Plan</B></FONT>. The Plan shall become effective as of the Effective Date, but no Award shall be exercised (or, in the case of
a stock Award, shall be granted) unless and until the Plan has been approved by the shareholders of the Company, which approval shall
be within twelve (12) months before or after the date the Plan is adopted by the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;17.20&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Termination
or Suspension of the Plan</B></FONT>. The Plan shall terminate automatically on the tenth (10<SUP>th</SUP>) anniversary of the Effective
Date. No Award shall be granted pursuant to the Plan after such date, but (subject to Sections 0, 0 and 0) Awards theretofore granted
may extend beyond that date. The Board may suspend or terminate the Plan at any earlier date pursuant to Section 0 hereof. No Awards may
be granted under the Plan while the Plan is suspended or after it is terminated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 2em">&nbsp;17.21&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><B>Choice
of Law</B></FONT>. The law of the State of Delaware shall govern all questions concerning the construction, validity and interpretation
of this Plan, without regard to such state&rsquo;s conflict of law rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></P>

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

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

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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>e6562_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0"></P>

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

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT 23.1</B></FONT></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><IMG SRC="image_001.gif" ALT="">&nbsp;</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We hereby consent to the filing in this Registration
Statement on Form S-8 of Innovation Beverage Group Ltd. of our report dated May 15, 2025, relating to our audit of the consolidated financial
statements of Innovation Beverage Group Ltd. for the years ended December 31, 2024 and 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We also consent to the reference to our firm under
the caption &ldquo;Experts&rdquo; in the Prospectus, which is part of this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 48.75pt; width: 183.05pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt">June 4, 2025</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>e6562_ex107.htm
<DESCRIPTION>EXHIBIT 107
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 107 </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Form Type) </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>Innovation Beverage Group Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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-top: Black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Class<BR>
Title</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee<BR>
Calculation<BR>
Rule</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
Registered(1)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Unit(2)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum<BR>
Aggregate<BR>
Offering<BR>
Price(2)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of<BR>
Registration<BR>
Fee(2)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; padding-bottom: 1pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">Ordinary Shares, no par value</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">Rule 457(c) and Rule 457(h)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">5,068,131</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: center"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">$0.635</P></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: center"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">$3,218,263.18</P></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">$.00015310</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">$492.72</FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-left: black 1pt solid; padding-bottom: 1pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1pt; text-align: center"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">$492.72</P></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-left: black 1pt solid; padding-bottom: 1pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="vertical-align: top; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">$492.72</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This Registration Statement on Form S-8 covers 5,068,131 ordinary shares
of Innovation Beverage Group Ltd. (the &ldquo;Registrant&rdquo;) that may be issued pursuant to the Innovation Beverage Group Ltd. 2022
Equity Incentive Plan (the &ldquo;Plan&rdquo;), consisting of 3,400,000 ordinary shares initially reserved under the Plan and 1,668,131
ordinary shares automatically added on January 1, 2025 pursuant to the Plan&rsquo;s evergreen provision. Pursuant to Rule 416 under the
Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement also covers an indeterminate number
of additional ordinary shares that may become issuable under the Plan in connection with any share splits, share dividends, recapitalizations,
or other similar transactions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Estimated solely for the purpose of calculating the registration fee pursuant
to Rules 457(c) and 457(h) under the Securities Act, based on the average of the high and low prices of the Registrant&rsquo;s ordinary
shares on the Nasdaq Capital Market on June 2, 2025, which was $0.635 per share.</P></TD></TR></TABLE>

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

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

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

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
