Exhibit 10.2


 


Janel
Corporation


 


2017
Equity Incentive Plan


 


Adopted:
May 12, 2017


Approved
By Stockholders: ________, 201__


 


1.             Purposes.


 


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


 


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


 


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


 


2.             Definitions.


 


As used in this
Plan, the following terms have the following meanings:


 


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


 


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


 


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


 


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


 


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


 




     


     


    

 


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


 


(iii)        individuals
who, on the date this Plan is adopted by the Board, are members of the Board (the “Incumbent Board”) cease for any
reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or
nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent
Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.;
or


 


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


 


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


 


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


 


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


 


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


 


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


 


(h)          “Company”
means Janel Corporation, a Nevada corporation.


 


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


 




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


 


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


 


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


 


(ii)         a
sale or other disposition of at least fifty percent (50%) of the outstanding securities of the Company;


 


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


 


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


 


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


 


(m)          “Disability”
means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the Code.


 


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


 


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


 


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


 


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


 




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(r)          “Fair
Market Value” means, as of any date, the value of the Common Stock determined in good faith by the Board and in accordance
with Section 409A of the Code and applicable guidance thereunder.


 


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


 


(t)          “Listing
Date” means the first date upon which any security of the Company is listed (or approved for listing) upon notice
of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market
security on an interdealer quotation system.


 


(u)          “Non-statutory
Stock Option” means an Option not intended to qualify as an Incentive Stock Option.


 


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


 


(w)          “Option”
means an Incentive Stock Option or a Non-statutory Stock Option granted pursuant to the Plan.


 


(x)          “Option
Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions
of an individual Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan; provided, however,
that an Option Agreement may contain terms that vary from the terms of the Plan.


 


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


 


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


 


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


 


(bb)         “Plan”
means this Janel Corporation 2017 Equity Incentive Plan.


 


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


 


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


 




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(ee)         “Stock
Appreciation Right” means a right to receive the appreciation on Common Stock that is granted pursuant to the terms
and conditions of Section 7(b).


 


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


 


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


 


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


 


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


 


3.             Administration.


 


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


 


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


 


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


 


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


 


(iii)        To
effect, at any time and from time to time, with the consent of any adversely affected Optionholder, (1) the reduction of the exercise
price of any outstanding Option under the Plan, (2) the cancellation of any outstanding Option under the Plan and the grant in
substitution therefor of (A) a new Option under the Plan or another equity plan of the Company covering the same or a different
number of shares of Common Stock, (B) a Restricted Stock Award (including a stock bonus), (C) a Stock Appreciation Right, (D) cash
and/or (E) other valuable consideration (as determined by the Board, in its sole discretion), or (3) any other action that is treated
as a repricing under generally accepted accounting principles.


 




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


 


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


 


(vi)        To
approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards, including,
but not limited to, amendments to provide terms more favorable than previously provided in the Stock Award Agreement, subject to
any specified limits in the Plan that are not subject to Board discretion; provided however, that, the rights under any
Award shall not be impaired by any such amendment unless (i) the Company requests the consent of the affected Participant, and
(ii) such Participant consents in writing. Notwithstanding the foregoing, subject to the limitations of applicable law, if any,
and without the affected Participant’s consent, the Board may amend the terms of any one or more Stock Awards if necessary
to maintain the qualified status of the Stock Award as an Incentive Stock Option, to exempt the Stock Award from Section 409A of
the Code and the related guidance thereunder, or to bring the Stock Award into compliance with Section 409A of the Code and the
related guidance thereunder.


 


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


 


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


 


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


 


4.             Shares
Subject to the Plan.


 


(a)           Share
Reserve. Subject to the provisions of Section 11(a) relating to Capitalization Adjustments, the Common Stock that may be issued
pursuant to Stock Awards shall not exceed in the aggregate 10.77% of the fully-diluted 928,656 shares of Common Stock, or 100,000
shares.


 




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(b)           Reversion
of Shares to the Share Reserve. If any Stock Award shall for any reason expire or otherwise terminate, in whole or in part,
without having been exercised in full, or if any shares of Common Stock issued to a Participant pursuant to a Stock Award are forfeited
back to or repurchased by the Company, including, but not limited to, any repurchase or forfeiture caused by the failure to meet
a contingency or condition required for the vesting of such shares, then the shares of Common Stock not acquired under such Stock
Award shall revert to and again become available for issuance under the Plan; provided, however, that subject to the provisions
of Section 11(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued
as Incentive Stock Options shall be the number of shares originally set forth in Section 3(a) above before any amendment. If any
shares subject to a Stock Award are not delivered to a Participant because such shares are withheld for the payment of taxes, then
the number of shares that are not delivered shall revert to and again become available for issuance under the Plan. If the exercise
price of any Stock Award is satisfied by tendering shares of Common Stock held the Participant (either by actual deliver or attestation),
then the number of such tendered shares shall revert to and again become available for issuance under the Plan.


 


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


 


5.             Eligibility.


 


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


 


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


 


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


 


6.             Option
Provisions.


 


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


 


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


 


(b)           Exercise
Price of a Stock Option. Subject to the provisions of Section 5(b) regarding Ten Percent Stockholders, the exercise price of
each Stock Option shall be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the
Option on the date the Option is granted. Notwithstanding the foregoing, a Stock Option may be granted with an exercise price lower
than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option
in a manner satisfying the provisions of Sections 409A and 424(a) of the Code.


 




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(c)           Consideration.
The purchase price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes
and regulations, either (i) by cash, check, bank draft or money order payable to the Company at the time the Option is exercised
or (ii) at the discretion of the Board at the time of the grant of the Option (or subsequently in the case of a Non-statutory Stock
Option) (1) by delivery to the Company of other Common Stock, (2) according to a deferred payment or other similar arrangement
with the Optionholder or (3) pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that,
prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable
instruction to pay the aggregate exercise price to the Company from the sales proceeds, or (4) in any other form of legal consideration
that may be acceptable to the Board. Unless otherwise specifically provided in the Option, the purchase price of Common Stock acquired
pursuant to an Option that is paid by delivery to the Company of other Common Stock acquired, directly or indirectly from the Company,
shall be paid only by shares of the Common Stock of the Company that have been held for more than six (6) months (or such longer
or shorter period of time required to avoid a charge to earnings for financial accounting purposes).


 


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


 


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


 


(e)           Transferability
of a Non-statutory Stock Option. A Non-statutory Stock Option shall be transferable to the extent provided in the Option Agreement.
If the Non-statutory Stock Option does not provide for transferability, then the Non-statutory 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, (i) 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, and (ii) the Board may, in its sole discretion, permit transfer of a Non-statutory Stock Option
in a manner consistent with applicable tax and securities laws upon the Optionholder’s request.


 


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


 




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(g)           Termination
of Continuous Service. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the
Company and the Optionholder, in the event that an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s
death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise
such Option as of the date of termination) but only within such period of time ending on the earlier of (i) the date three (3)
months following the termination of the Optionholder’s Continuous Service (or such longer or shorter period specified in
the Option Agreement), or (ii) the expiration of the term of the Option as set forth in the Option Agreement. If, after termination,
the Optionholder does not exercise his or her Option within the time specified in the Option Agreement, the Option shall terminate.


 


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


 


(i)            Disability
of Optionholder. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Company
and the Optionholder, in the event that an Optionholder’s Continuous Service terminates as a result of the Optionholder’s
Disability, the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such
Option as of the date of termination), but only within such period of time ending on the earlier of (i) the date twelve (12) months
following such termination (or such longer or shorter period specified in the Option Agreement) or (ii) the expiration of the term
of the Option as set forth in the Option Agreement. If, after termination, the Optionholder does not exercise his or her Option
within the time specified herein, the Option shall terminate.


 


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


 


(k)            Early
Exercise. The Option may, but need not, include a provision whereby the Optionholder may elect at any time before the Optionholder’s
Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock subject to the Option
prior to the full vesting of the Option. Any unvested shares of Common Stock so purchased may be subject to a repurchase option
in favor of the Company or to any other restriction the Board determines to be appropriate.


 




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(l)             Right
of Repurchase. The Option may, but need not, include a provision whereby the Company may elect to repurchase all or any part
of the vested shares of Common Stock acquired by the Optionholder pursuant to the exercise of the Option.


 


(m)            Right
of First Refusal. The Option may, but need not, include a provision whereby the Company may elect to exercise a right of first
refusal following receipt of notice from the Optionholder of the intent to transfer all or any part of the shares of Common Stock
received upon the exercise of the Option.


 


7.             Provisions
of Stock Awards other than Options.


 


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


 


(i)          Purchase
Price. At the time of the grant of a Restricted Stock Award, the Board will determine the price to be paid by the Participant
for each share subject to the Restricted Stock Award. To the extent required by applicable law, the price to be paid by the Participant
for each share of the Restricted Stock Award will not be less than the par value of a share of Common Stock. A Restricted Stock
Award may be awarded as a stock bonus (i.e., with no cash purchase price to be paid) to the extent permissible under applicable
law.


 


(ii)         Consideration.
At the time of the grant of a Restricted Stock Award, the Board will determine the consideration permissible for the payment of
the purchase price of the Restricted Stock Award. The purchase price of Common Stock acquired pursuant to the Restricted Stock
Award shall be paid in one of the following ways: (i) in cash at the time of purchase; (ii) at the discretion of the Board, according
to a deferred payment or other similar arrangement with the Participant; (iii) by services rendered or to be rendered to the Company;
or (iv) in any other form of legal consideration that may be acceptable to the Board.


 


(iii)        Vesting.
Shares of Common Stock acquired under a Restricted Stock Award may, but need not, be subject to a share repurchase option in favor
of the Company in accordance with a vesting schedule to be determined by the Board.


 


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


 


(v)         Transferability.
Rights to purchase or receive shares of Common Stock granted under a Restricted Stock Award shall be transferable by the Participant
only upon such terms and conditions as are set forth in the Restricted Stock Award agreement, as the Board shall determine in its
discretion, and so long as Common Stock awarded under the Restricted Stock Award remains subject to the terms of the Restricted
Stock Award agreement.


 




    	 	- 10 -	 



     


    

 


 


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


 


(i)          Term.
No Stock Appreciation Right shall be exercisable after the expiration of ten (10) years from the date of its grant or such shorter
period specified in the Stock Appreciation Right Agreement.


 


(ii)         Strike
Price. Notwithstanding anything in the applicable Stock Award Agreement to the contrary, the strike price of each Stock Appreciation
Right shall not be less than the Fair Market Value of the Common Stock equivalents subject to the Stock Appreciation Right on the
date of grant.


 


(iii)        Calculation
of Appreciation. Each Stock Appreciation Right will be denominated in share of Common Stock equivalents. The appreciation distribution
payable on the exercise of a Stock Appreciation Right will be not greater than an amount equal to the excess of (A) the aggregate
Fair Market Value (on the date of the exercise of the Stock Appreciation Right) of a number of shares of Common Stock equal to
the number of share of Common Stock equivalents in which the Participant is vested under such Stock Appreciation Right and with
respect to which the Participant is exercising the Stock Appreciation Right on such date, over (B) the strike price that is determined
by the Committee pursuant to Section 7(b)(ii).


 


(iv)        Vesting.
At the time of the grant of a Stock Appreciation Right, the Board may impose such restrictions or conditions to the vesting
of such Right as it deems appropriate.


 


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


 


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


 


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


 


8.             Covenants
of the Company.


 


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


 




    	 	- 11 -	 



     


    

 


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


 


9.             Use
of Proceeds from Stock.


 


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


 


10.           Miscellaneous.


 


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


 


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


 


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


 


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


 




    	 	- 12 -	 



     


    

 


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


 


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


 


(g)            Electronic
Delivery. Any reference herein to a “written” agreement or document shall include any agreement or document delivered
electronically or posted on the Company’s website.


 


(h)            Corporate
Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the Company of a Stock Award to any Participant
shall be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when
the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received or accepted by, the
Participant. If the Board determines that the terms of a Stock Award do not reflect the appropriate exercise, strike or purchase
price on the appropriate date of grant in accordance with the requirements of the Plan, the terms of the Stock Award shall be automatically
corrected to reflect the appropriate price or other terms provided for under the Plan, as determined by the Board, without the
need for consent of the Participant; provided, however , that no such correction shall result in a direct or indirect reduction
in the exercise price or strike price of the Stock Award.


 




    	 	- 13 -	 



     


    

 


(i)            Compliance
with 409A. To the extent that the Board determines that any Stock Award granted under the Plan is subject to Section 409A of
the Code, the Stock Award Agreement evidencing such Stock Award shall incorporate the terms and conditions necessary to avoid the
consequences specified in Section 409A(a)(1) of the Code. To the extent permitted by applicable law, the Plan and Stock Award Agreements
shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive
guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued or amended after
the date the Plan was approved by the Board and stockholders of the Company. Notwithstanding anything in the Plan or in any Stock
Award Agreement to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation”
for purposes of the Code would otherwise be payable or distributable under the Plan or any Stock Award Agreement by reason of the
occurrence of a Change in Control, or Participant’s Disability or separation from service, such amount or benefit will not
be payable or distributable to Participant by reason of such circumstance unless (i) the circumstances giving rise to such Change
in Control, Disability or separation from service meet any description or definition of “change in control event,”
“disability” or “separation from service”, as the case may be, in Section 409A of the Code and applicable
regulations (without giving effect to any elective provisions that may be available under such definition), or (ii) the payment
or distribution of such amount or benefit would be exempt from the application of Section 409A of the Code by reason of the short-term
deferral exemption or otherwise. This provision does not prohibit the vesting of any amount upon a Change in Control, Disability
or separation from service, however defined. If this provision prevents the payment or distribution of any amount or benefit, such
payment or distribution shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant “change
in control event” “disability” or “separation from service” as the case may be. In addition, to the
greatest extent permitted by applicable law, the Board may adopt such amendments to the Plan and the applicable Stock Award Agreement
(including but not limited to increasing the exercise price of an Award to the extent required for the avoidance of the tax consequences
set forth in Section 409A(a)(1)) or adopt other policies and procedures (including amendments, policies and procedures with retroactive
effect), or take any other actions, that the Board determines are necessary or appropriate to (i) exempt the Stock Award from Section
409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Stock Award, or (ii) comply
with the requirements of Section 409A of the Code and related Department of Treasury guidance.


 


11.           Adjustments
upon Changes in Stock.


 


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


 


(b)            Dissolution
or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution or liquidation of
the Company, and upon ten (10) days prior written notice, all outstanding Stock Awards shall terminate immediately prior to the
completion of such dissolution or liquidation, and shares of Common Stock subject to the Company’s repurchase option may
be repurchased by the Company notwithstanding the fact that the holder of such stock in still in Continuous Service, provided,
however, that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable and/or
no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before
the dissolution or liquidation is completed but contingent on its completion.


 




    	 	- 14 -	 



     


    

 


(c)            Corporate
Transaction. Except as otherwise stated in the Stock Award Agreement, in the event of a Corporate Transaction, any surviving
corporation or acquiring corporation may assume or continue any or all Stock Awards outstanding under the Plan or may substitute
similar stock awards for Stock Awards outstanding under the Plan (it being understood that similar stock awards include, but are
not limited to, awards to acquire the same consideration paid to the stockholders or the Company, as the case may be, pursuant
to the Corporate Transaction), and any reacquisition or repurchase rights held by the Company in respect of Common Stock issued
pursuant to Stock Awards may be assigned by the Company to the successor of the Company (or such successor’s parent company),
if any, in connection with such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent) may choose
to assume or continue only a portion of a Stock Award or substitute a similar stock award for only a portion of a Stock Award.
Except as otherwise stated in the Stock Award Agreement, in the event that any surviving corporation or acquiring corporation does
not assume or continue any or all such outstanding Stock Awards or substitute similar stock awards for such outstanding Stock Awards,
then with respect to Stock Awards that have not been assumed, continued or substituted and that are held by Participants whose
Continuous Service has not terminated prior to the effective time of the Corporate Transaction (“Current Participants”),
the vesting of such Stock Awards (and, if applicable, the time at which such Stock Awards may be exercised) shall (contingent upon
the effectiveness of the Corporate Transaction) be accelerated in full to a date prior to the effective time of such Corporate
Transaction as the Board shall determine (or, if the Board shall not determine such a date, to the date that is five (5) days prior
to the effective time of the Corporate Transaction), the Stock Awards shall terminate if not exercised (if applicable) at or prior
to such effective time, and any reacquisition or repurchase rights held by the Company with respect to such Stock Awards held by
Participants whose Continuous Service has not terminated shall (contingent upon the effectiveness of the Corporate Transaction)
lapse. With respect to any other Stock Awards outstanding under the Plan that have not been assumed, continued or substituted that
are not held by current Participants, the vesting of such Stock Awards (and, if applicable, the time at which such Stock Award
may be exercised) shall not be accelerated, unless otherwise provided in a written agreement between the Company or any Affiliate
and the holder of such Stock Award, and such Stock Awards, upon advance written notice by the Company of at least 10 days to the
holders of such Stock Awards, shall terminate if not exercised (if applicable) prior to the effective time of the Corporate Transaction;
provided, however that any reacquisition or repurchase rights held by the Company with respect to such Stock Awards shall
not terminate and may continue to be exercised notwithstanding the Corporate Transaction.


 


(d)           Change
in Control.


 


(i)          Stock
Awards May be Assumed. Except as otherwise stated in the Stock Award Agreement, in the event of a Change in Control, any surviving
corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue
any or all Stock Awards outstanding under the Plan or may substitute similar stock awards for Stock Awards outstanding under the
Plan (including but not limited to, awards to acquire the same consideration paid to the stockholders of the Company pursuant to
the Change in Control), and any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant
to Stock Awards may be assigned by the Company to the successor of the Company (or the successor’s parent company, if any),
in connection with such Change in Control. A surviving corporation or acquiring corporation (or its parent) may choose to assume
or continue only a portion of a Stock Award or substitute a similar stock award for only a portion of a Stock Award.


 




    	 	- 15 -	 



     


    

 


(ii)         Stock
Awards Not Assumed Held by Current Participants. Except as otherwise stated in the Stock Award Agreement, in the event of a
Change in Control in which the surviving corporation or acquiring corporation (or its parent company) does not assume or continue
any or all outstanding Stock Awards or substitute similar stock awards for such outstanding Stock Awards, then with respect to
Stock Awards that have not been assumed, continued or substituted and that are held by Current Participants, the vesting of such
Stock Awards (and, if applicable, the time at which such Stock Awards may be exercised) shall (contingent upon the effectiveness
of the Change in Control) be accelerated in full to a date prior to the effective time of such Change in Control as the Board shall
determine (or, if the Board shall not determine such a date, to the date that is five business (5) days prior to the effective
time of the Change in Control), and such Stock Awards shall terminate if not exercised (if applicable) at or prior to the effective
time of the Change in Control, and any reacquisition or repurchase rights held by the Company with respect to such Stock Awards
shall lapse (contingent upon the effectiveness of the Change in Control).


 


(iii)        Stock
Awards Not Assumed Held by Persons other than Current Participants. Except as otherwise stated in the Stock Award Agreement,
in the event of a Change in Control in which the surviving corporation or acquiring corporation (or its parent company) does not
assume or continue any or all outstanding Stock Awards or substitute similar stock awards for such outstanding Stock Awards, then
with respect to Stock Awards that have not been assumed, continued or substituted and that are held by persons other than current
Participants, the vesting of such Stock Awards (and, if applicable, the time at which such Stock Award may be exercised) shall
not be accelerated and such Stock Awards (other than a Stock Award consisting of vested and outstanding shares of Common Stock
not subject to the Company’s right of repurchase), upon advance written notice by the Company of at least 10 days to the
holders of such Stock Awards, shall terminate if not exercised (if applicable) prior to the effective time of the Change in Control;
provided, however, that any reacquisition or repurchase rights held by the Company with respect to such Stock Awards shall
not terminate and may continue to be exercised notwithstanding the Change in Control.


 


(iv)        Additional
Provisions. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in
Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement
between the Company or any Affiliate and the Participant. A Stock Award may vest as to all or any portion of the shares subject
to the Stock Award (i) immediately upon the occurrence of a Change in Control, whether or not such Stock Award is assumed, continued,
or substituted by a surviving or acquiring entity in the Change in Control, and/or (ii) in the event a Participant’s Continuous
Service is terminated, actually or constructively, within a designated period following the occurrence of a Change in Control.


 


12.           Amendment
of the Plan and Stock Awards.


 


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


 


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


 


(c)          Contemplated
Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable
to provide eligible Employees with the maximum benefits provided or to be provided under the provisions of the Code and the regulations
promulgated thereunder relating to Incentive Stock Options and to certain nonqualified deferred compensation under Section 409A
of the Code and/or to bring the Plan and/or Stock Awards granted under it into compliance therewith, subject to the limitations,
if any, of applicable law.


 




    	 	- 16 -	 



     


    

 


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


 


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


 


13.           Termination
or Suspension of the Plan.


 


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


 


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


 


14.           Effective
Date of Plan.


 


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


 


15.           Choice
of Law.


 


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


 




    	 	- 17 -	 



     


    

 


Attachment
A


 


Janel
Corporation


2017
Equity Incentive Plan


Stock
Option Agreement


(Incentive
Stock Option or Non-statutory Stock Option)


 


Pursuant to your Stock
Option Grant Notice (“Grant Notice”) and this Stock Option Agreement, Janel Corporation (the “Company”)
has granted you an option under its 2017 Equity Incentive Plan (the “Plan”) to purchase the number of shares of the
Company’s Common Stock indicated in your Grant Notice at the exercise price indicated in your Grant Notice. Defined terms
not explicitly defined in this Stock Option Agreement but defined in the Plan shall have the same definitions as in the Plan.


 


The details of your option
are as follows:


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




     A- i


     


    

 


(a)           In
the Company’s sole discretion at the time your option is exercised and provided that at the time of exercise the Common Stock
is publicly traded and quoted regularly in The Wall Street Journal, pursuant to a program developed under Regulation T as
promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or
check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales
proceeds.


 


(b)           Provided
that at the time of exercise the Common Stock is publicly traded and quoted regularly in The Wall Street Journal, by delivery
of already-owned shares of Common Stock either that you have held for the period required to avoid a charge to the Company’s
reported earnings (generally six (6) months) or that you did not acquire, directly or indirectly from the Company, that are owned
free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of
exercise. “Delivery” for these purposes, in the sole discretion of the Company at the time you exercise your option,
shall include delivery to the Company of your attestation of ownership of such shares of Common Stock in a form approved by the
Company. Notwithstanding the foregoing, you may not exercise your option by tender to the Company of Common Stock to the extent
such tender would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s
stock.


 


(c)           Pursuant
to the following deferred payment alternative:


 


(i)          Not
less than one hundred percent (100%) of the aggregate exercise price, plus accrued interest, shall be due four (4) years from date
of exercise or, at the Company’s election, upon termination of your Continuous Service.


 


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


 


(iii)        At
any time that the Company is incorporated in Delaware, payment of the Common Stock’s “par value,” as defined
in the Delaware General Corporation Law, shall be made in cash and not by deferred payment.


 


(iv)        In
order to elect the deferred payment alternative, you must, as a part of your written notice of exercise, give notice of the election
of this payment alternative and, in order to secure the payment of the deferred exercise price to the Company hereunder, if the
Company so requests, you must tender to the Company a promissory note and a pledge agreement covering the purchased shares of Common
Stock, both in form and substance satisfactory to the Company, or such other or additional documentation as the Company may request.


 


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


 


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


 




     A- ii


     


    

 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


8.             Exercise.


 


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


 


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


 




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


 


(d)          By
exercising your option you agree that you shall not sell, dispose of, transfer, make any short sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock
or other securities of the Company held by you, for a period of time specified by the managing underwriter(s) (not to exceed one
hundred eighty (180) days) following the effective date of a registration statement of the Company filed under the Securities Act
(the “Lock Up Period”); provided, however, that nothing contained in this section shall prevent the exercise
of a repurchase option, if any, in favor of the Company during the Lock Up Period. You further agree to execute and deliver such
other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing
or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer
instructions with respect to your shares of Common Stock until the end of such period. The underwriters of the Company’s
stock are intended third party beneficiaries of this Section 8(d) and shall have the right, power and authority to enforce the
provisions hereof as though they were a party hereto.


 


9.             Transferability.
Your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life
only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company,
you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option.


 


10.           Change
In Control.


 


(a)          If
a Change in Control occurs and as of the effective time of such Change in Control your Continuous Service terminates due to an
involuntary termination (not including death or Disability) without Cause or due to a voluntary termination with Good Reason, then,
as of the date of termination of Continuous Service, the vesting and exercisability of your option shall be accelerated in full.


 


(b)          “Cause”
means the occurrence of any one or more of the following: (i) your commission of any crime involving fraud, dishonesty or moral
turpitude; (ii) your attempted commission of or participation in a fraud or act of dishonesty against the Company that results
in (or might have reasonably resulted in) material harm to the business of the Company; (iii) your intentional, material violation
of any contract or agreement between you and the Company or any statutory duty you owe to the Company; or (iv) your conduct that
constitutes gross insubordination, incompetence or habitual neglect of duties and that results in (or might have reasonably resulted
in) material harm to the business of the Company; provided, however, that the action or conduct described in clauses (iii)
and (iv) above will constitute “Cause” only if such action or conduct continues after the Company has provided you
with written notice thereof and thirty (30) days to cure the same.


 




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(c)          “Good
Reason” means that one or more of the following are undertaken by the Company without your express written consent: (i) the
assignment to you of any duties or responsibilities that results in a material diminution in your function as in effect immediately
prior to the effective date of the Change in Control; provided, however, that a change in your title or reporting relationships
shall not provide the basis for a voluntary termination with Good Reason; (ii) a material reduction by the Company in your annual
base salary, as in effect on the effective date of the Change in Control or as increased thereafter; provided, however,
that Good Reason shall not be deemed to have occurred in the event of a reduction in your annual base salary that is pursuant to
a salary reduction program affecting substantially all of the employees of the Company and that does not adversely affect you to
a greater extent than other similarly situated employees; (iii) any failure by the Company to continue in effect any benefit plan
or program, including incentive plans or plans with respect to the receipt of securities of the Company, in which you were participating
immediately prior to the effective date of the Change in Control (hereinafter referred to as “Benefit Plans”), or the
taking of any action by the Company that would adversely affect your participation in or reduce your benefits under the Benefit
Plans or deprive you of any fringe benefit that you enjoyed immediately prior to the effective date of the Change in Control; provided,
however, that Good Reason shall not be deemed to have occurred if the Company provides for your participation in benefit plans
and programs that, taken as a whole, are comparable to the Benefit Plans; (iv) a relocation of your business office to a location
more than fifty (50) miles from the location at which you performed your duties as of the effective date of the Change in Control,
except for required travel by you on the Company’s business to an extent substantially consistent with your business travel
obligations prior to the effective date of the Change in Control; or (v) a material breach by the Company of any provision of the
Plan or the Option Agreement or any other material agreement between you and the Company concerning the terms and conditions of
your employment.


 


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


 


12.           Withholding
Obligations.


 


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


 


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


 




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


 


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


 


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


 




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Attachment
B


 


Janel
Corporation

Stock Option Grant Notice

(2017 Equity Incentive Plan)


 


Janel Corporation (the “Company”),
pursuant to its 2017 Equity Incentive Plan (the “Plan”), hereby grants to Optionholder an option to purchase the number
of shares of the Company’s Common Stock set forth below. This option is subject to all of the terms and conditions as set
forth herein and in the Stock Option Agreement, the Plan and the Notice of Exercise, all of which are attached hereto and incorporated
herein in their entirety.


 





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


 


	Type of Grant:	 ̈ Incentive Stock Option1	 ̈ Non-statutory Stock Option
	 	 	 
	Exercise Schedule:	 ̈ Same as Vesting Schedule	 ̈ Early Exercise Permitted


 


Vesting Schedule: 


 


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



 


		 ̈	By cash or check



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



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



		 ̈	By deferred payment



 


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


 


	Other Agreements:	 	 
	 	 	 


 





 






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


 




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	Janel Corporation	 	Optionholder:
	 	 	 	 	 
	By:	 	 	 
	 	Signature	 	 	Signature
	 	 	 	 	 
	Title:	 	 	Date:	 
	 	 	 	 	 
	Date:	 	 	 	 


 


Attachments:
Stock Option Agreement, 2017 Equity Incentive Plan and Notice of Exercise


 




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Attachment
C


 


NOTICE OF EXERCISE


 


TO: Janel Corporation


 


Date of Exercise: _______________


 


Ladies and Gentlemen:


 


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


 


	Type of option (check one):	Incentive   ̈	Non-statutory   ̈
	Stock option dated:	 	 
	Number of shares as to which option is exercised:	 	 
	Certificates to be issued in name of:	 	 
	Total exercise price:	$	 
	Cash payment delivered herewith:	$	 
	Promissory note delivered herewith:	$	 
	Value of ________ shares of common stock delivered herewith2:	$	 


 


By this exercise, I agree
(i) to provide such additional documents as you may require pursuant to the terms of the 2017 Equity Incentive Plan, (ii) to
provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the
exercise of this option, and (iii) if this exercise relates to an incentive stock option, to notify you in writing within
fifteen (15) days after the date of any disposition of any of the shares of Common Stock issued upon exercise of this option that
occurs within two (2) years after the date of grant of this option or within one (1) year after such shares of Common Stock are
issued upon exercise of this option.


 





 






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


 




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


 


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


 


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


 


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


 


I further agree that, if
required by the Company (or a representative of the underwriters) in connection with the first underwritten registration of the
offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale
of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale,
any Shares or other securities of the Company held by me, for a period of time specified by the underwriter(s) (not to exceed one
hundred eighty (180) days) following the effective date of the registration statement of the Company filed under the Securities
Act. I further agree to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s)
that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing
covenant, the Company may impose stop-transfer instructions with respect to my Shares until the end of such period.


 


	 	Very truly yours,
	 	 
	 	 


 




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