Exhibit 10.13


 


CWB
HOLDINGS, INC.


2015 STOCK OPTION PLAN


 


1.              Purposes
of and Benefits Under the Plan. This 2015 Stock Option Plan (the “Plan”) is intended to encourage stock ownership by employees,
consultants and directors of CWB Holdings, Inc. (the “Corporation”), so that they may acquire or increase their proprietary
interest in the Corporation, and is intended to facilitate the Corporation’s efforts to: (i) induce qualified persons to become
employees, officers and directors (whether or not they are employees) and consultants to the Corporation; (ii) compensate employees,
officers, directors and consultants for services to the Corporation; and (iii) encourage such persons to remain in the employ of
or associated with the Corporation and to put forth maximum efforts for the success of the Corporation. It is further intended that options
granted by the Committee pursuant to Section 6 of this Plan shall constitute “incentive stock options” (“Incentive
Stock Options”) within the meaning of Section 422 of the Internal Revenue Code, and the regulations issued thereunder, and
options granted by the Committee pursuant to Section 7 of this Plan shall constitute “non-qualified stock options” (“Non-qualified
Stock Options”).


 


2.              Definitions.
As used in this Plan, the following words and phrases shall have the meanings indicated:


 


(a) “Board”
shall mean the Board of Directors of the Corporation.


 


(b) “Bonus”
means any Common Stock bonus issued pursuant to the provisions of this Plan.


 


(c) “Committee”
shall mean any Committee appointed by the Board to administer this Plan, if one has been appointed. If no Committee has been appointed,
the term “Committee” shall mean the Board.


 


(d) “Common
Stock” shall mean common shares, $0.0001 par value in the capital of the Corporation.


 


(e) “Disability”
shall mean a Recipient’s inability to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of
not less than 12 months. If the Recipient has a disability insurance policy, the term “Disability” shall be as defined therein.


 


(f) “Fair
Market Value” per share as of a particular date shall mean the last sale price of the Corporation’s Common Stock as reported
on a national securities exchange or by NASDAQ, or if the quotation for the last sale reported is not available for the Corporation’s
Common Stock, the average of the closing bid and asked prices of the Corporation’s Common Stock as so reported or, if such quotations
are unavailable, the value determined by the Committee in accordance with its discretion in making a bona fide, good faith determination
of fair market value. Fair Market Value shall be determined without regard to any restriction other than a restriction which, by its
terms, never will lapse. In the case of Options and Bonuses granted at a time when the Corporation does not have a registration statement
in effect relating to the shares issuable hereunder, the value at which the Bonus shares are issued may be determined by the Committee
at a reasonable discount from Fair Market Value to reflect the restricted nature of the shares to be issued and the inability of the
Recipient to sell those shares promptly.


 






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(g) “Options”
means options granted pursuant to the provisions of this Plan, including Incentive Stock Options and Non-qualified Stock Options.


 


(h) “Recipient”
means any person granted an Option or awarded a Bonus hereunder.


 


(i) “Internal
Revenue Code” shall mean the United States Internal Revenue Code of 1986, as amended from time to time (codified as Title 26 of
the United States Code) and any successor legislation.


 


3.               Administration.


 


(a) The
Plan shall be administered by the Committee. The Committee shall have the authority in its discretion, subject to and not inconsistent
with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically conferred
under the Plan or necessary or advisable in the administration of the Plan, including the authority: to grant Options and Bonuses; to
determine the vesting schedule and other restrictions, if any, relating to Options and Bonuses; to determine the purchase price of the
shares of Common Stock covered by each Option (the “Option Price”); to determine the persons to whom, and the time or times
at which, Options and Bonuses shall be granted; to determine the number of shares to be covered by each Option or Bonus; to determine
Fair Market Value per share; to interpret the Plan; to prescribe, amend and rescind rules and regulations relating to the Plan; to
determine the terms and provisions of the Option agreements (which need not be identical) entered into in connection with Options granted
under the Plan; and to make all other determinations deemed necessary or advisable for the administration of the Plan. The Committee may
delegate to one or more of its members or to one or more agents such administrative duties as it may deem advisable, and the Committee
or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility
the Committee or such person may have under the Plan.


 


(b) Options
and Bonuses granted under the Plan shall be evidenced by duly adopted resolutions of the Committee included in the minutes of the meeting
at which they are adopted or in a unanimous written consent.


 


(c) The
Committee shall endeavor to administer the Plan and grant Options and Bonuses hereunder in a manner that is compatible with the obligations
of persons subject to Section 16 of the U.S. Securities Exchange Act of 1934 (the “1934 Act”), although compliance with
Section 16 is the obligation of the Recipient, not the Corporation. Neither the Committee, the Board nor the Corporation can assume
any legal responsibility for a Recipient’s compliance with his obligations under Section 16 of the 1934 Act.


 






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(d) No
member of the Committee or the Board shall be liable for any action taken or determination made in good faith with respect to the Plan
or any Option or Bonus granted hereunder.


 


4.              Eligibility.


 


(a) Subject
to certain limitations hereinafter set forth, Options and Bonuses may be granted to employees (including officers) consultants and directors
(whether or not they are employees) of the Corporation or its present or future divisions, affiliates and subsidiaries. In determining
the persons to whom Options or Bonuses shall be granted and the number of shares to be covered by each Option or Bonus, the Committee
shall take into account the duties of the respective persons, their present and potential contributions to the success of the Corporation,
and such other factors as the Committee shall deem relevant to accomplish the purposes of the Plan.


 


(b) A
Recipient shall be eligible to receive more than one grant of an Option or Bonus during the term of the Plan, on the terms and subject
to the restrictions herein set forth.


 


5.              Stock
Reserved.


 


(a) The
stock subject to Options or Bonuses hereunder shall be shares of Common Stock. Such shares, in whole or in part, may be authorized but
unissued shares or shares that shall have been or that may be reacquired by the Corporation. The aggregate number of shares of Common
Stock as to which Options and Bonuses may be granted from time to time under the Plan shall not exceed 1,500,000, subject to adjustment
as provided in Section 8(i) hereof.


 


(b) If
any Option outstanding under the Plan for any reason expires or is terminated without having been exercised in full, or if any Bonus granted
is forfeited because of vesting or other restrictions imposed at the time of grant, the shares of Common Stock allocable to the unexercised
portion of such Option or the forfeited portion of the Bonus shall become available for subsequent grants of Options and Bonuses under
the Plan.


 


6.              Incentive
Stock Options.


 


(a) Options
granted pursuant to this Section 6 are intended to constitute Incentive Stock Options and shall be subject to the following special
terms and conditions, in addition to the general terms and conditions specified in Section 8 hereof. Only employees of the Corporation
or its wholly owned subsidiary shall be entitled to receive Incentive Stock Options.


 


(b) The
aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the shares of Common Stock with respect
to which Incentive Stock Options granted under this and any other plan of the Corporation or any parent or subsidiary of the Corporation
are exercisable for the first time by a Recipient during any calendar year may not exceed the amount set forth in Section 422(d) of
the Internal Revenue Code.


 






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(c) Incentive
Stock Options granted under this Plan are intended to satisfy all requirements for incentive stock options under Section 422 of the
Internal Revenue Code and the Treasury Regulations promulgated thereunder and, notwithstanding any other provision of this Plan, the Plan
and all Incentive Stock Options granted under it shall be so construed, and all contrary provisions shall be so limited in scope and effect
and, to the extent they cannot be so limited, they shall be void.


 


7.              Non-qualified
Stock Options. Options granted pursuant to this Section 7 are intended to constitute Non-qualified Stock Options and shall be
subject only to the general terms and conditions specified in Section 8 hereof.


 


8.              Terms
and Conditions of Options. Each Option granted pursuant to the Plan shall be evidenced by a written Option agreement between the Corporation
and the Recipient, which agreement shall be substantially in the form of Exhibit A hereto as modified from time to time by
the Committee in its discretion, and which shall comply with and be subject to the following terms and conditions:


 


(a) Number
of Shares. Each Option agreement shall state the number of shares of Common Stock covered by the Option.


 


(b) Type
of Option. Each Option Agreement shall specifically identify the portion, if any, of the Option which constitutes an Incentive Stock
Option and the portion, if any, which constitutes a Non-qualified Stock Option.


 


(c) Option
Price. Subject to adjustment as provided in Section 8 (i) hereof, each Option agreement shall state the Option Price, which
shall be determined by the Committee subject only to the following restrictions:


 


(1) Each
Option Agreement shall state the Option Price, which shall not be less than 100% of the Fair Market Value per share on the date of grant
of the Option.


 


(2) Any
Incentive Stock Option granted under the Plan to a person owning more than ten percent of the total combined voting power of the Common
Stock shall be at a price of no less than 110% of the Fair Market Value per share on the date of grant of the Incentive Stock Option.


 


(3) Any
Non-qualified Stock Option granted under the Plan shall be at a price no less than 100% of the Fair Market Value per share on the date
of grant of the Non-qualified Stock Option.


 






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(4) The
date on which the Committee adopts a resolution expressly granting an Option shall be considered the day on which such Option is granted,
unless a future date is specified in the resolution.


 


(d) Term
of Option. Each Option agreement shall state the period during and times at which the Option shall be exercisable, in accordance with
the following limitations:


 


(1) The
date on which the Committee adopts a resolution expressly granting an Option shall be considered the day on which such Option is granted,
unless a future date is specified in the resolution, although any such grant shall not be effective until the Recipient has executed an
Option agreement with respect to such Option.


 


(2) The
exercise period of any Option shall not exceed ten years from the date of grant of the Option.


 


(3) Incentive
Stock Options granted to a person owning more than ten percent of the total combined voting power of the Common Stock of the Corporation
shall be for no more than five years.


 


(4) The
Committee shall have the authority to accelerate or extend the exercisability of any outstanding Option at such time and under such circumstances
as it, in its sole discretion, deems appropriate. In any event, no exercise period may be so extended to increase the term of the Option
beyond ten years from the date of the grant.


 


(5) The
exercise period shall be subject to earlier termination as provided in Sections 8(f) and 8(g) hereof, and, furthermore, shall
be terminated upon surrender of the Option by the holder thereof if such surrender has been authorized in advance by the Committee.


 


(e)             Method
of Exercise and Medium and Time of Payment.


 


(1) Only
vested Options are exercisable. An Option may be exercised as to any or all whole shares of Common Stock as to which it then is exercisable,
provided, however, that no Option may be exercised as to less than 100 shares (or such number of shares as to which the Option is then
exercisable if such number of shares is less than 100).


 


(2) Each
exercise of an Option granted hereunder, whether in whole or in part, shall be effected by written notice to the Secretary of the Corporation
designating the number of shares as to which the Option is being exercised, and shall be accompanied by payment in full of the Option
Price for the number of shares so designated, together with any written statements required by, or deemed by the Corporation’s counsel
to be advisable pursuant to, any applicable securities laws.


 


(3) The
Option Price shall be paid in cash, or in shares of Common Stock having a Fair Market Value equal to such Option Price, or in property
or in a combination of cash, shares and property and, subject to approval of the Committee, may be effected in whole or in part with funds
received from the Corporation at the time of exercise as a compensatory cash payment.


 






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(4) The
Committee shall have the sole and absolute discretion to determine whether or not property other than cash or Common Stock may be used
to purchase the shares of Common Stock hereunder and, if so, to determine the value of the property received.


 


(5) The
Recipient shall make provision for the withholding of taxes as required by Section 10 hereof.


 


(f) Termination.


 


(1) Unless
otherwise provided in the Option Agreement by and between the Corporation and the Recipient, if the Recipient ceases to be an employee,
officer, director or consultant of the Corporation (other than by reason of death, Disability or retirement), all Options theretofore
granted to such Recipient but not theretofore exercised shall terminate thirty days following the date the Recipient ceased to be an employee,
officer, director or consultant of the Corporation, and shall terminate upon the date of termination of employment or other relationship
if discharged for cause.


 


(2) Nothing
in the Plan or in any Option or Bonus granted hereunder shall confer upon an individual any right to continue in the employ of or other
relationship with the Corporation or interfere in any way with the right of the Corporation to terminate such employment or other relationship
between the individual and the Corporation.


 


(g) Death,
Disability or Retirement of Recipient. Unless otherwise provided in the Option Agreement by and between the Corporation and the Recipient,
if a Recipient shall die while an employee, officer, director or consultant of the Corporation, or within ninety days after the termination
of such Recipient as an employee, officer, director or consultant, other than termination for cause, or if the Recipient’s relationship
with the Corporation shall terminate by reason of Disability or retirement, all Options theretofore granted to such Recipient (whether
or not otherwise exercisable) unless earlier terminated in accordance with their terms, may be exercised by the Recipient or by the Recipient’s
estate or by a person who acquired the right to exercise such Options by bequest or inheritance or otherwise by reason of the death or
Disability of the Recipient, at any time within one year after the date of death, Disability or retirement of the Recipient; provided,
however, that in the case of Incentive Stock Options such one-year period shall be limited to three months in the case of retirement.


 


(h) Transferability
Restriction.


 


(1) Options
granted under the Plan shall not be transferable other than by will or by the laws of descent and distribution or pursuant to a qualified
domestic relations order as defined by the Internal Revenue Code or Title I of the Employee Retirement Income Security Act of 1974, or
the rules thereunder. Options may be exercised during the lifetime of the Recipient only by the Recipient and thereafter only by
his legal representative.


 






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(2) Any
attempted sale, pledge, assignment, hypothecation or other transfer of an Option contrary to the provisions hereof and/or the levy of
any execution, attachment or similar process upon an Option, shall be null and void and without force or effect and shall result in a
termination of the Option.


 


(3) (A) 
As a condition to the transfer of any shares of Common Stock issued upon exercise of an Option granted under this Plan, the Corporation
may require an opinion of counsel, satisfactory to the Corporation, to the effect that such transfer will not be in violation of the U.S.
Securities Act of 1933, as amended (the “1933 Act”) or any other applicable securities laws or that such transfer has been
registered under federal and all applicable state securities laws. (B) Further, the Corporation shall be authorized to refrain from
delivering or transferring shares of Common Stock issued under this Plan until the Committee determines that such delivery or transfer
will not violate applicable securities laws and the Recipient has tendered to the Corporation any federal, state or local tax owed by
the Recipient as a result of exercising the Option or disposing of any Common Stock when the Corporation has a legal liability to satisfy
such tax. (C)  The Corporation shall not be liable for damages due to delay in the delivery or issuance of any stock certificate
for any reason whatsoever, including, but not limited to, a delay caused by listing requirements of any securities exchange or any registration
requirements under the 1933 Act, the 1934 Act, or under any other state, federal or provincial law, rule or regulation. (D) 
The Corporation is under no obligation to take any action or incur any expense in order to register or qualify the delivery or transfer
of shares of Common Stock under applicable securities laws or to perfect any exemption from such registration or qualification. (E) Furthermore,
the Corporation will not be liable to any Recipient for failure to deliver or transfer shares of Common Stock if such failure is based
upon the provisions of this paragraph.


 


(i) Effect
of Certain Changes.


 


(1) If
there is any change in the number of shares of outstanding Common Stock through the declaration of stock dividends, or through a recapitalization
resulting in stock splits or combinations or exchanges of such shares, the number of shares of Common Stock available for Options and
the number of such shares covered by outstanding Options, and the exercise price per share of the outstanding Options, shall be proportionately
adjusted by the Committee to reflect any increase or decrease in the number of issued shares of Common Stock; provided, however, that
any fractional shares resulting from such adjustment shall be eliminated.


 


(2) In
the event of the proposed dissolution or liquidation of the Corporation, or any corporate separation or division, including, but not limited
to, split-up, split-off or spin-off, or a merger or consolidation of the Corporation with another corporation, the Committee may provide
that the holder of each Option then exercisable shall have the right to exercise such Option (at its then current Option Price) solely
for the kind and amount of shares of stock and other securities, property, cash or any combination thereof receivable upon such dissolution,
liquidation, corporate separation or division, or merger or consolidation by a holder of the number of shares of Common Stock for which
such Option might have been exercised immediately prior to such dissolution, liquidation, corporate separation or division, or merger
or consolidation; or, in the alternative the Committee may provide that each Option granted under the Plan shall terminate as of a date
fixed by the Committee; provided, however, that not less than 30 days’ written notice of the date so fixed shall be given to each
Recipient, who shall have the right, during the period of 30 days preceding such termination, to exercise the Option as to all or any
part of the shares of Common Stock covered thereby, including shares as to which such Option would not otherwise be exercisable.


 






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(3) Paragraph
2 of this Section 8(i) shall not apply to a merger or consolidation in which the Corporation is the surviving corporation and
shares of Common Stock are not converted into or exchanged for stock, securities of any other corporation, cash or any other thing of
value. Notwithstanding the preceding sentence, in case of any consolidation or merger of another corporation into the Corporation in which
the Corporation is the surviving corporation and in which there is a reclassification or change (including a change to the right to receive
cash or other property) of the shares of Common Stock (excluding a change in par value, or from no par value to par value, or any change
as a result of a subdivision or combination, but including any change in such shares into two or more classes or series of shares), the
Committee may provide that the holder of each Option then exercisable shall have the right to exercise such Option solely for the kind
and amount of shares of stock and other securities (including those of any new direct or indirect parent of the Corporation), property,
cash or any combination thereof receivable upon such reclassification, change, consolidation or merger by the holder of the number of
shares of Common Stock for which such Option might have been exercised.


 


(4) In
the event of a change in the Common Stock of the Corporation as presently constituted into the same number of shares with a different
par value, the shares resulting from any such change shall be deemed to be the Common Stock of the Corporation within the meaning of the
Plan.


 


(5) To
the extent that the foregoing adjustments relate to stock or securities of the Corporation, such adjustments shall be made by the Committee,
whose determination in that respect shall be final, binding and conclusive, provided that each Incentive Stock Option granted pursuant
to this Plan shall not be adjusted in a manner that causes such option to fail to continue to qualify as an Incentive Stock Option within
the meaning of Section 422 of the Internal Revenue Code.


 


(6) Except
as expressly provided in this Section 8(i), the Recipient shall have no rights by reason of any subdivision or consolidation of shares
of stock of any class, or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any
class, or by reason of any dissolution, liquidation, merger, or consolidation or spin-off of assets or stock of another corporation; and
any issue by the Corporation of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect,
and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an Option.
The grant of an Option pursuant to the Plan shall not affect in any way the right or power of the Corporation to make adjustments, reclassifications,
reorganizations or changes of its capital or business structures, or to merge or consolidate, or to dissolve, liquidate, or sell or transfer
all or any part of its business or assets.


 






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(j) No
Rights as Shareholder - Non-Distributive Intent.


 


(1) Neither
a Recipient of an Option nor such Recipient’s legal representative, heir, legatee or distributee, shall be deemed to be the holder
of, or to have any rights of a holder with respect to, any shares subject to such Option until after the Option is exercised and the shares
are issued.


 


(2) No
adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or
other rights for which the record date is prior to the date such stock certificate is issued, except as provided in Section 8(i) hereof.


 


(3) Upon
exercise of an Option at a time when there is no registration statement in effect under the 1933 Act relating to the shares issuable upon
exercise, shares may be issued to the Recipient only if the Recipient represents and warrants in writing to the Corporation that the shares
purchased are being acquired for investment and not with a view to the distribution thereof and provides the Corporation with sufficient
information to establish an exemption from the registration requirements of the 1933 Act. A form of subscription agreement containing
representations and warranties deemed sufficient as of the date of adoption of this Plan is attached hereto as Exhibit B.


 


(4) No
shares shall be issued upon the exercise of an Option unless and until there shall have been compliance with any then applicable requirements
of the U.S. Securities and Exchange Commission or any other regulatory agencies having jurisdiction over the Corporation.


 


(k) Other
Provisions. Option Agreements authorized under the Plan may contain such other provisions, including, without limitation, (i) the
imposition of restrictions upon the exercise, and (ii) in the case of an Incentive Stock Option, the inclusion of any condition not
inconsistent with such Option qualifying as an Incentive Stock Option, as the Committee shall deem advisable.


 


9.              Grant
of Stock Bonuses. In addition to, or in lieu of, the grant of an Option, the Committee may grant Bonuses.


 


(a) At
the time of grant of a Bonus, the Committee may impose a vesting period of up to ten years, and such other restrictions which it deems
appropriate. Unless otherwise directed by the Committee at the time of grant of a Bonus, the Recipient shall be considered a shareholder
of the Corporation as to the Bonus shares which have vested in the grantee at any time regardless of any forfeiture provisions which have
not yet arisen.


 


(b) The
grant of a Bonus and the issuance and delivery of shares of Common Stock pursuant thereto shall be subject to approval by the Corporation’s
counsel of all legal matters in connection therewith, including compliance with the requirements of the 1933 Act, the 1934 Act, other
applicable securities laws, rules and regulations, and the requirements of any stock exchanges upon which the Common Stock then may
be listed. Any certificates prepared to evidence Common Stock issued pursuant to a Bonus grant shall bear legends as the Corporation’s
counsel may seem necessary or advisable. Included among the foregoing requirements, but without limitation, any Recipient of a Bonus at
a time when a registration statement relating thereto is not effective under the 1933 Act shall execute a Subscription Agreement substantially
in the form of Exhibit B.


 






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10.            Agreement
by Recipient Regarding Withholding Taxes. Each Recipient agrees that the Corporation, to the extent permitted or required by law,
shall deduct a sufficient number of shares due to the Recipient upon exercise of the Option or the grant of a Bonus to allow the Corporation
to pay federal, provincial, state and local taxes of any kind required by law to be withheld upon the exercise of such Option or payment
of such Bonus from any payment of any kind otherwise due to the Recipient. The Corporation shall not be obligated to advise any Recipient
of the existence of any tax or the amount which the Corporation will be so required to withhold.


 


11.            Term
of Plan. Options and Bonuses may be granted under this Plan from time to time within a period of ten years from the date the Plan
is adopted by the Board.


 


12.            Amendment
and Termination of the Plan.


 


(a)            (1)            Subject
to the policies, rules and regulations of any lawful authority having jurisdiction (including any exchange with which the shares
of the Corporation are listed for trading), the Board of Directors may at any time, without further action by the shareholders, amend
the Plan or any Option granted hereunder in such respects as it may consider advisable and, without limiting the generality of the foregoing,
it may do so to ensure that Options granted hereunder will comply with any provisions respecting stock options in the income tax and other
laws in force in any country or jurisdiction of which any Option holders may from time to time be a resident or citizen, or it may at
any time without action by shareholders terminate the Plan.


 


(2)            provided,
however, that any amendment that would: (A) materially increase the number of securities issuable under the Plan to persons who are
subject to Section 16(a) of the 1934 Act; or (B)  grant eligibility to a class of persons who are subject to Section 16(a) of
the 1934 Act and are not included within the terms of the Plan prior to the amendment; or (C) materially increase the benefits accruing
to persons who are subject to Section 16(a) of the 1934 Act under the Plan; or (D) require shareholder approval under applicable
state law, the rules and regulations of any national securities exchange on which the Corporation’s securities then may be
listed, the Internal Revenue Code or any other applicable law, shall be subject to the approval of the shareholders of the Corporation
as provided in Section 13 hereof.


 


(3)            provided
further that any such increase or modification that may result from adjustments authorized by Section 8(i) hereof or which are
required for compliance with the 1934 Act, the Internal Revenue Code, the Employee Retirement Income Security Act of 1974, their rules or
other laws or judicial order, shall not require such approval of the shareholders.


 


(b)            Except
as provided in Section 8 hereof, no suspension, termination, modification or amendment of the Plan may adversely affect any Option
previously granted, unless the written consent of the Recipient is obtained.


 






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13.  
          Termination of Right of Action. Every right of action
arising out of or in connection with the Plan by or on behalf of the Corporation or any of its subsidiaries, or by any shareholder
of the Corporation or any of its subsidiaries against any past, present or future member of the Board, or against any employee, or
by an employee (past, present or future) against the Corporation or any of its subsidiaries, will, irrespective of the place where
an action may be brought and irrespective of the place of residence of any such shareholder, director or employee, cease and be
barred by the expiration of three years from the date of the act or omission in respect of which such right of action is alleged to
have risen.


 


14.            Tax
Litigation. The Corporation shall have the right, but not the obligation, to contest, at its expense, any tax ruling or decision,
administrative or judicial, on any issue which is related to the Plan and which the Board believes to be important to holders of Options
issued under the Plan and to conduct any such contest or any litigation arising therefrom to a final decision.


 


15.            Adoption.


 


(a) This
Plan was approved by resolution of the Board of Directors of the Corporation on December 30, 2015.


 


(b) If
this Plan is not approved by the shareholders of the Corporation within 12 months of the date the Plan was approved by the Board as required
by Section 422(b)(1) of the Internal Revenue Code, this Plan and any Options granted hereunder to Recipients shall be and remain
effective, but the reference to Incentive Stock Options herein shall be deleted and all Options granted hereunder shall be Non-qualified
Stock Options pursuant to Section 7 hereof.


 


[End of Plan]


 




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Exhibit A


 


FORM OF STOCK OPTION AGREEMENT


 


This STOCK OPTION AGREEMENT
made as of this ___ day of ____________, ______, by and between CWB Holdings, Inc. (the “Corporation”), and ________________
__________________________ (the “Recipient”).


 


In accordance with the Corporation’s
2015 Stock Option Plan (the “Plan”), the provisions of which are incorporated herein by reference, the Corporation desires,
in connection with the services of the Recipient, to provide the Recipient with an opportunity to acquire common shares with $0.0001 par
value in the capital of the Corporation (“Common Stock”) on favorable terms and thereby increase the Recipient’s proprietary
interest in the Corporation and incentive to put forth maximum efforts for the success of the business of the Corporation. Capitalized
terms used but not defined herein are used as defined in the Plan.


 


NOW, THEREFORE, in consideration
of the premises and mutual covenants herein set forth and other good and valuable consideration, the Corporation and the Recipient agree
as follows:


 


1.  Confirmation
of Grant of Option. Pursuant to a determination of the Committee or, in the absence of a Committee, by the Board of Directors of the
Corporation made on ___________, _____ (the “Date of Grant”), the Corporation, subject to the terms of the Plan and of this
Agreement, confirms that the Recipient has been irrevocably granted on the Date of Grant, as a matter of separate inducement and agreement,
and in addition to and not in lieu of salary or other compensation for services, a Stock Option (the “Option”) exercisable
to purchase an aggregate of ______ shares of Common Stock on the terms and conditions herein set forth, subject to adjustment as provided
in Paragraph 8 hereof.


 


2.  Option
Price. The Option Price of shares of Common Stock covered by the Option will be $_____ per share (the “Option Price”)
subject to adjustment as provided in Paragraph 8 hereof.


 


3.  Vesting
and Exercise of Option. (a)  Except as otherwise provided herein or in Section 8 of the Plan, the Option [shall vest
and become exercisable as follows: (insert vesting schedule), provided, however, that no option shall vest or become exercisable unless
the Recipient is an employee of the Corporation on such vesting date/or may be exercised in whole or in part at any time during the term
of the Option.] Only vested Options may be exercised. (b)  The Option may not be exercised at any one time as to fewer than 100
shares (or such number of shares as to which the Option is then exercisable if such number of shares is less than 100). (c)  The
Option may be exercised by written notice to the Secretary of the Corporation accompanied by payment in full of the Option Price as provided
in Section 8 of the Plan and the execution by the Recipient of a joinder to the Corporation’s Shareholder Agreement, if any
or if applicable, then in effect.


 






    


     


    

 


4.  Term
of Option. The term of the Option will be through __________, ____, subject to earlier termination or cancellation as provided in
this Agreement. The holder of the Option will not have any rights to dividends or any other rights of a shareholder with respect to any
shares of Common Stock subject to the Option until such shares shall have been issued (as evidenced by the appropriate transfer agent
of the Corporation) upon purchase of such shares through exercise of the Option.


 


5.  Transferability
Restriction. The Option may not be assigned, transferred or otherwise disposed of, or pledged or hypothecated in any way (whether
by operation of law or otherwise) except in strict compliance with Section 8 of the Plan. Any assignment, transfer, pledge, hypothecation
or other disposition of the Option or any attempt to make any levy of execution, attachment or other process will cause the Option to
terminate immediately upon the happening of any such event; provided, however, that any such termination of the Option under the provisions
of this Paragraph 5 will not prejudice any rights or remedies which the Corporation may have under this Agreement or otherwise.


 


6.  Exercise
Upon Termination. The Recipient’s rights to exercise this Option upon termination of employment or cessation of service as an
officer, director or consultant shall be as set forth in Section 8(f) of the Plan.


 


7.  Death,
Disability or Retirement of Recipient. The exercisability of this Option upon the death, Disability or retirement of the Recipient
shall be as set forth in Section 8(g) of the Plan.


 


8.  Adjustments.
The Option shall be subject to adjustment upon the occurrence of certain events as set forth in Section 8(i) of the Plan.


 


9.  No
Registration Obligation. The Recipient understands that the Option is not registered under the 1933 Act and, unless by separate written
agreement, the Corporation has no obligation to so register the Option or any of the shares of Common Stock subject to and issuable upon
the exercise of the Option, although it may from time to time register under the 1933 Act the shares issuable upon exercise of Options
granted pursuant to the Plan. The Recipient represents that the Option is being acquired for the Recipient’s own account and that
unless registered by the Corporation, the shares of Common Stock issued on exercise of the Option will be acquired by the Recipient for
investment. The Recipient understands that the Option is, and the underlying securities may be, issued to the Recipient in reliance upon
exemptions from the 1933 Act, and acknowledges and agrees that all certificates for the shares issued upon exercise of the Option may
bear the following legend unless such shares are registered under the 1933 Act prior to their issuance:


 


The
shares represented by this Certificate have not been registered under the Securities Act of 1933 (the “1933 Act”), and are
 “restricted securities” as that term is defined in Rule 144 under the 1933 Act. The shares may not be offered for sale,
sold or otherwise transferred except pursuant to an effective registration statement under the 1933 Act or pursuant to an exemption from
registration under the 1933 Act, the availability of which is to be established to the satisfaction of the Company.


 






    


     


    

 


The Recipient further understands
and agrees that the Option may be exercised only if at the time of such exercise the underlying shares are registered and/or the Recipient
and the Corporation are able to establish the existence of an exemption from registration under the 1933 Act and applicable state or other
laws.


 


10.  Notices.
Each notice relating to this Agreement will be in writing and delivered in person or by certified mail to the proper address. Notices
to the Corporation shall be addressed to the Corporation, attention: President, CWB Holdings, Inc., ___________________________,
___________, CO ______, or at such other address as may constitute the Corporation’s principal place of business at the time, with
a copy to: Theresa M. Mehringer, Esq., Burns, Figa & Will, P.C., 6400 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, Colorado 80111. Notices to the Recipient or other person or persons then entitled to exercise the Option shall be addressed to
the Recipient or such other person or persons at the Recipient’s address below specified. Anyone to whom a notice may be given under
this Agreement may designate a new address by notice to that effect given pursuant to this Paragraph 10.


 


11.  Approval
of Counsel. The exercise of the Option and the issuance and delivery of shares of Common Stock pursuant thereto shall be subject to
approval by the Corporation’s counsel of all legal matters in connection therewith, including compliance with the requirements of
the 1933 Act, the Securities Exchange Act of 1934, as amended, applicable state and other securities laws, the rules and regulations
thereunder, and the requirements of any national securities exchange(s) upon which the Common Stock then may be listed.


 


12.  Benefits
of Agreement. This Agreement will inure to the benefit of and be binding upon each successor and assignee of the Corporation. All
obligations imposed upon the Recipient and all rights granted to the Corporation under this Agreement will be binding upon the Recipient’s
heirs, legal representatives and successors.


 


13.  Effect
of Governmental and Other Regulations. The exercise of the Option and the Corporation’s obligation to sell and deliver shares
upon the exercise of the Option are subject to all applicable federal and state laws, rules and regulations, and to such approvals
by any regulatory or governmental agency which may, in the opinion of counsel for the Corporation, be required.


 


14.  Plan
Governs. In the event that any provision in this Agreement conflicts with a provision in the Plan, the provision of the Plan shall
govern.


 






    


     


    

 





Executed
in the name and on behalf of the Corporation by one of its duly authorized officers and by the Recipient all as of the date first above
written.


 


	 	 	 	CWB Holdings, Inc.
	 	 	 	 
	 	 	 	 
	Date ______________, _______	 	By:	 
	 	 	 	Joel Stanley, President


 


The undersigned Recipient
has read and understands the terms of this Option Agreement and the attached Plan and hereby agrees to comply therewith.


 


	Date ______________, _______	 	 	 
	 	 	 	Signature of Recipient


 


	Tax ID Number:	 	 	 
	 	 	 
	Address:	 	 	 
	 	 	 
	 	 	 	 
	 	 	 


 




    


     


    

 


Exhibit B


 


SUBSCRIPTION AGREEMENT


 


THE SECURITIES BEING ACQUIRED BY THE UNDERSIGNED
HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 OR ANY OTHER LAWS AND ARE OFFERED UNDER EXEMPTIONS FROM THE REGISTRATION
PROVISIONS OF SUCH LAWS. THESE SECURITIES CANNOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE
RESTRICTIONS ON TRANSFER CONTAINED IN THIS STOCK SUBSCRIPTION AGREEMENT AND APPLICABLE SECURITIES LAWS.


 


This Subscription Agreement
is entered for the purpose of the undersigned acquiring _____________ shares of common stock with $0.001 par value (the “Securities”)
of CWB Holdings, Inc. (the “Corporation”) from the Corporation as a Bonus or pursuant to exercise of an Option granted
pursuant to the Corporation's 2015 Stock Option Plan (the “Plan”). All capitalized terms not otherwise defined herein shall
be as defined in the Plan.


 


It is understood that no grant
of any Bonus or exercise of any Option at a time when no registration statement relating thereto is effective under the U.S. Securities
Act of 1933, as amended (the “1933 Act”) can be completed until the undersigned executes this Subscription Agreement and delivers
it to the Corporation, and that such grant or exercise is effective only in accordance with the terms of the Plan and this Subscription
Agreement.


 


In connection with the undersigned’s
acquisition of the Securities, the undersigned represents and warrants to the Corporation as follows:


 


1.              The
undersigned has been provided with, and has reviewed the Plan, and such other information as the undersigned may have requested of the
Corporation regarding its business, operations, management, and financial condition (all of which is referred to herein as the “Available
Information”).


 


2.              The
Corporation has given the undersigned the opportunity to ask questions of and to receive answers from persons acting on the Corporation’s
behalf concerning the terms and conditions of this transaction and the opportunity to obtain any additional information regarding the
Corporation, its business and financial condition or to verify the accuracy of the Available Information which the Corporation possesses
or can acquire without unreasonable effort or expense.


 


3.              The
Securities are being acquired by the undersigned for the undersigned’s own account and not on behalf of any other person or entity.


 




    


     


    

 


4.              The
undersigned understands that the Securities being acquired hereby have not been registered under the 1933 Act or any state or foreign
securities laws, and are, and unless registered will continue to be, restricted securities within the meaning of Rule 144 of the
General Rules and Regulations under the 1933 Act and other statutes, and the undersigned consents to the placement of appropriate
restrictive legends on any certificates evidencing the Securities and any certificates issued in replacement or exchange therefor and
acknowledges that the Corporation will cause its stock transfer records to note such restrictions.


 


5.              By
the undersigned’s execution below, it is acknowledged and understood that the Corporation is relying upon the accuracy and completeness
hereof in complying with certain obligations under applicable securities laws.


 


6.              This
Agreement binds and inures to the benefit of the representatives, successors and permitted assigns of the respective parties hereto.


 


7.              The
undersigned acknowledges that the grant of any Bonus or Option and the issuance and delivery of shares of Common Stock pursuant thereto
shall be subject to prior approval by the Corporation’s counsel of all legal matters in connection therewith, including compliance
with the requirements of the 1933 Act and other applicable securities laws, the rules and regulations thereunder, and the requirements
of any national securities exchange(s) upon which the Common Stock then may be listed.


 


8.              The
undersigned acknowledges and agrees that the Corporation has withheld ___________ shares for the payment of taxes as a result of the grant
of the Bonus or the exercise of an Option.


 


9.              The
Plan is incorporated herein by reference. In the event that any provision in this Agreement conflicts with ANY provision in the Plan,
the provisions of the Plan shall govern.


 


	Date: ______________, ______	 	 
	 	 	Signature of Recipient
	 	 	 	 
	 	 	Tax ID Number:	 






	 	 	 	 
	 	 	Address: