Exhibit 10.11


 


TRULI
MEDIA GROUP, INC.


2017
EQUITY INCENTIVE PLAN


  


1. Scope
of Plan; Definitions.


 


(a) This
2017 Equity Incentive Plan (the “Plan”) is intended to advance the interests of Truli Media Group, Inc. (the “Company”)
and its Related Corporations by enhancing the ability of the Company to attract and retain qualified employees, consultants, Officers,
and directors, by creating incentives and rewards for their contributions to the success of the Company and its Related Corporations.
This Plan will provide to (a) Officers and other employees of the Company and its Related Corporations opportunities to purchase
common stock (“Common Stock”) of the Company pursuant to Options granted hereunder which qualify as incentive stock
options (“ISOs”) under Section 422(b) of the Internal Revenue Code of 1986 (the “Code”), (b) directors,
Officers, employees, and consultants of the Company and Related Corporations opportunities to purchase Common Stock in the Company
pursuant to options granted hereunder which do not qualify as ISOs (“Non-Qualified Options”); (c) directors, Officers,
employees, and consultants of the Company and Related Corporations opportunities to receive shares of Common Stock of the Company
which normally are subject to restrictions on sale (“Restricted Stock”); (d) directors, Officers, employees, and consultants
of the Company and Related Corporations opportunities to receive grants of stock appreciation rights (“SARs”); and
(e) directors, Officers, employees, and consultants of the Company and Related Corporations opportunities to receive grants of
restricted stock units (“RSUs”). ISOs and Non-Qualified Options are referred to hereafter as (“Options”).
Options, Restricted Stock and RSUs are sometimes referred to hereafter collectively as (“Stock Rights”). Any of the
Options and/or Stock Rights may in the Compensation Committee’s discretion be issued in tandem to one or more other Options
and/or Stock Rights to the extent permitted by law.


 


(b) For
purposes of the Plan, capitalized words and terms shall have the following meaning:


 


“Board”
means the board of directors of the Company.


 


“Change
of Control” means the occurrence of any of the following events: (i) the consummation of the sale or disposition by the
Company of all or substantially all of the Company’s assets in a transaction which requires shareholder approval under applicable
state law; or (ii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent)
at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent
outstanding immediately after such merger or consolidation.


 


“Code”
has the meaning given to it in Section 1(a).


 


“Common
Stock” has the meaning given to it in Section 1(a).


  



     


     


    

 


“Company”
has the meaning given to it in Section 1(a).


 


“Compensation
Committee” means the compensation committee of the Board, if any, which shall consist of two or more members of the Board,
each of whom shall be both an “outside director” within the meaning of Section 162(m) of the Code and a “non-employee
director” within the meaning of Rule 16b-3. All references in this Plan to the Compensation Committee shall mean the Board
when (i) there is no Compensation Committee or (ii) the Board has retained the power to administer this Plan.


 


“Disability”
means “permanent and total disability” as defined in Section 22(e)(3) of the Code or successor statute.


 


“Disqualifying
Disposition” means any disposition (including any sale) of Common Stock underlying an ISO before the later of (i) two years
after the date of employee was granted the ISO or (ii) one year after the date the employee acquired Common Stock by exercising
the ISO.


 


“Exchange
Act” means the Securities Exchange Act of 1934.


 


“Fair
Market Value” shall be determined as of the last Trading Day before the date a Stock Right is granted and shall mean:


 


(1) the
closing price on the principal market if the Common Stock is listed on a national securities exchange or the OTCQB or OTCQX.


 


(2) if
the Company’s shares are not listed on a national securities exchange or the OTCQB or OTCQX, then the closing price if reported
or the average bid and asked price for the Company’s shares as quoted by OTC Pink;


 


(3) if
there are no prices available under clauses (1) or (2), then Fair Market Value shall be based upon the average closing bid and
asked price as determined following a polling of all dealers making a market in the Company’s Common Stock; or


 


(4) if
there is no regularly established trading market for the Company’s Common Stock or if the Company’s Common Stock is
listed, quoted, or reported under clauses (1) or (2) but it trades sporadically rather than every day, the Fair Market Value shall
be established by the Board or the Compensation Committee taking into consideration all relevant factors including the most recent
price at which the Company’s Common Stock was sold.


 


“ISO”
has the meaning given to it in Section 1(a).


 


“Non-Qualified
Options” has the meaning given to it in Section 1(a).


  



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“Officer”
means a person who is an executive officer of the Company and is required to file ownership reports under Section 16(a) of the
Exchange Act.


 


“Option”
has the meaning given to it in Section 1(a).


 


“Plan”
has the meaning given to it in Section 1(a).


 


“Related
Corporation” means a corporation which is a subsidiary corporation with respect to the Company within the meaning of Section
425(f) of the Code.


 


“Restricted
Stock” has the meaning given to it in Section 1(a).


 


“RSU”
has the meaning given to it in Section 1(a).


 


“SAR”
has the meaning given to it in Section 1(a).


 


“Securities
Act” means the Securities Act of 1933.


 


“Stock
Rights” has the meaning given to it in Section 1(a).


 


“Trading
Day” means a day on which the New York Stock Exchange is open for business.


 


This
Plan is intended to comply in all respects with Rule 16b-3 (“Rule 16b-3”) and its successor rules as promulgated under
Section 16(b) of the Exchange Act for participants who are subject to Section 16 of the Exchange Act. To the extent any provision
of the Plan or action by the Plan administrators fails to so comply, it shall be deemed null and void to the extent permitted
by law and deemed advisable by the Plan administrators. Provided, however, such exercise of discretion by the Plan
administrators shall not interfere with the contract rights of any grantee. In the event that any interpretation or construction
of the Plan is required, it shall be interpreted and construed in order to ensure, to the maximum extent permissible by law, that
such grantee does not violate the short-swing profit provisions of Section 16(b) of the Exchange Act and that any exemption available
under Rule 16b-3 or other rule is available.


 


2. Administration
of the Plan.


 


(a) The
Plan may be administered by the entire Board or by the Compensation Committee. Once appointed, the Compensation Committee shall
continue to serve until otherwise directed by the Board. A majority of the members of the Compensation Committee shall constitute
a quorum, and all determinations of the Compensation Committee shall be made by the majority of its members present at a meeting.
Any determination of the Compensation Committee under the Plan may be made without notice or meeting of the Compensation Committee
by a writing signed by all of the Compensation Committee members. Subject to ratification of the grant of each Stock Right by
the Board (but only if so required by applicable state law), and subject to the terms of the Plan, the Compensation Committee
shall have the authority to (i) determine the employees of the Company and Related Corporations (from among the class of employees
eligible under Section 3 to receive ISOs) to whom ISOs may be granted, and to determine (from among the class of individuals and
entities eligible under Section 3 to receive Non-Qualified Options, Restricted Stock, RSUs and SARs) to whom Non-Qualified Options,
Restricted Stock, RSUs and SARs may be granted; (ii) determine when Stock Rights may be granted; (iii) determine the exercise
prices of Stock Rights other than Restricted Stock and RSUs, which shall not be less than the Fair Market Value; (iv) determine
whether each Option granted shall be an ISO or a Non-Qualified Option; (v) determine when Stock Rights shall become exercisable,
the duration of the exercise period, and when each Stock Right shall vest; (vi) determine whether restrictions such as repurchase
options are to be imposed on shares subject to or issued in connection with Stock Rights, and the nature of such restrictions,
if any, and (vii) interpret the Plan and promulgate and rescind rules and regulations relating to it. The interpretation and construction
by the Compensation Committee of any provisions of the Plan or of any Stock Right granted under it shall be final, binding, and
conclusive unless otherwise determined by the Board. The Compensation Committee may from time to time adopt such rules and regulations
for carrying out the Plan as it may deem best.


  



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No
members of the Compensation Committee or the Board shall be liable for any action or determination made in good faith with respect
to the Plan or any Stock Right granted under it. No member of the Compensation Committee or the Board shall be liable for any
act or omission of any other member of the Compensation Committee or the Board or for any act or omission on his own part, including
but not limited to the exercise of any power and discretion given to him under the Plan, except those resulting from his own gross
negligence or willful misconduct.


 


(b) The
Compensation Committee may select one of its members as its chairman and shall hold meetings at such time and places as it may
determine. All references in this Plan to the Compensation Committee shall mean the Board if no Compensation Committee has been
appointed. From time to time the Board may increase the size of the Compensation Committee and appoint additional members thereof,
remove members (with or without cause), and appoint new members in substitution therefor, fill vacancies however caused, or remove
all members of the Compensation Committee and thereafter directly administer the Plan.


 


(c) Stock
Rights may be granted to members of the Board, whether such grants are in their capacity as directors, Officers, or consultants.
All grants of Stock Rights to members of the Board shall in all other respects be made in accordance with the provisions of this
Plan applicable to other eligible persons. Members of the Board who are either (i) eligible for Stock Rights pursuant to the Plan
or (ii) have been granted Stock Rights may vote on any matters affecting the administration of the Plan or the grant of any Stock
Rights pursuant to the Plan.


 


(d) In
addition to such other rights of indemnification as he may have as a member of the Board, and with respect to administration of
the Plan and the granting of Stock Rights under it, each member of the Board and of the Compensation Committee shall be entitled
without further act on his part to indemnification from the Company for all expenses (including advances of litigation expenses,
the amount of judgment, and the amount of approved settlements made with a view to the curtailment of costs of litigation) reasonably
incurred by him in connection with or arising out of any action, suit, or proceeding, including any appeal thereof, with respect
to the administration of the Plan or the granting of Stock Rights under it in which he may be involved by reason of his being
or having been a member of the Board or the Compensation Committee, whether or not he continues to be such member of the Board
or the Compensation Committee at the time of the incurring of such expenses; provided, however, that such indemnity
shall be subject to the limitations contained in any indemnification agreement between the Company and the Board member or Officer.
The foregoing right of indemnification shall inure to the benefit of the heirs, executors, or administrators of each such member
of the Board or the Compensation Committee and shall be in addition to all other rights to which such member of the Board or the
Compensation Committee would be entitled to as a matter of law, contract, or otherwise.


  



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(e) The
Board may delegate the powers to grant Stock Rights to Officers to the extent permitted by the laws of the Company’s state
of incorporation.


 


3. Eligible
Employees and Others. ISOs may be granted to any employee of the Company or any Related Corporation. Those Officers
and directors of the Company who are not employees may not be granted ISOs under the Plan. Subject to compliance with Rule
16b-3 and other applicable securities laws, Non-Qualified Options, Restricted Stock, RSUs, and SARs may be granted to any
director (whether or not an employee), Officers, employees, or consultants of the Company or any Related Corporation. The
Compensation Committee may take into consideration a recipient’s individual circumstances in determining whether to
grant an ISO, a Non-Qualified Option, Restricted Stock, RSUs, or a SAR. Granting of any Stock Right to any individual or
entity shall neither entitle that individual or entity to, nor disqualify him from participation in, any other grant of Stock
Rights.


 


4. Common
Stock. The Common Stock subject to Stock Rights shall be authorized but unissued shares of Common Stock, par value
$0.0001, or shares of Common Stock reacquired by the Company in any manner, including purchase, forfeiture, or otherwise. The
aggregate number of shares of Common Stock which may be issued pursuant to the Plan is 38,000,000 less any Stock Rights
previously granted or exercised subject to adjustment as provided in Section 14. Provided, however, 500,000 of
such shares shall be reserved for future grants to the Company’s Chief Executive Officer and 300,000 of such shares
shall be reserved for future grants to the Company’s Chief Financial Officer. Any such shares may be issued under ISOs,
Non-Qualified Options, Restricted Stock, RSUs, or SARs, so long as the number of shares so issued does not exceed the
limitations in this Section. If any Stock Rights granted under the Plan shall expire or terminate for any reason without
having been exercised in full or shall cease for any reason to be exercisable in whole or in part, or if the Company shall
reacquire any unvested shares, the unpurchased shares subject to such Stock Rights and any unvested shares so reacquired by
the Company shall again be available for grants under the Plan.


 


5. Granting
of Stock Rights.


 


(a) The
date of grant of a Stock Right under the Plan will be the date specified by the Board or Compensation Committee at the time it
grants the Stock Right; provided, however, that such date shall not be prior to the date on which the Board or Compensation
Committee acts to approve the grant. The Board or Compensation Committee shall have the right, with the consent of the optionee,
to convert an ISO granted under the Plan to a Non-Qualified Option pursuant to Section 17.


  



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(b) The
Board or Compensation Committee shall grant Stock Rights to participants that it, in its sole discretion, selects. Stock Rights
shall be granted on such terms as the Board or Compensation Committee shall determine, except that ISOs shall be granted on terms
that comply with the Code and regulations thereunder.


 


(c) A
SAR entitles the holder to receive, as designated by the Board or Compensation Committee, cash or shares of Common Stock, value
equal to (or otherwise based on) the excess of: (a) the Fair Market Value of a specified number of shares of Common Stock at the
time of exercise over (b) an exercise price established by the Board or Compensation Committee. The exercise price of each SAR
granted under this Plan shall be established by the Compensation Committee or shall be determined by a method established by the
Board or Compensation Committee at the time the SAR is granted, provided the exercise price shall not be less than $0.02 per share,
subject to equitable adjustment, or such higher price as is established by the Board or Compensation Committee. A SAR shall be
exercisable in accordance with such terms and conditions and during such periods as may be established by the Board or Compensation
Committee. Shares of Common Stock delivered pursuant to the exercise of a SAR shall be subject to such conditions, restrictions,
and contingencies as the Board or Compensation Committee may establish in the applicable SAR agreement or document, if any. The
Board or Compensation Committee, in its discretion, may impose such conditions, restrictions, and contingencies with respect to
shares of Common Stock acquired pursuant to the exercise of each SAR as the Board or Compensation Committee determines to be desirable.
A SAR under the Plan shall be subject to such terms and conditions, not inconsistent with the Plan, as the Board or Compensation
Committee shall, in its discretion, prescribe. The terms and conditions of any SAR to any grantee shall be reflected in such form
of agreement as is determined by the Board or Compensation Committee. A copy of such document, if any, shall be provided to the
grantee, and the Board or Compensation Committee may condition the granting of the SAR on the grantee executing such agreement.


 


(d) An
RSU gives the grantee the right to receive a number of shares of the Company’s Common Stock on applicable vesting or other
dates. Delivery of the RSUs may be deferred beyond vesting as determined by the Board or Compensation Committee. RSUs shall be
evidenced by an RSU agreement in the form determined by the Board or Compensation Committee. With respect to an RSU that becomes
non-forfeitable due to the lapse of time, the Compensation Committee shall prescribe in the RSU agreement the vesting period.
With respect to the granting of an RSU that becomes non-forfeitable due to the satisfaction of certain pre-established performance-based
objectives imposed by the Board or Compensation Committee, the measurement date of whether such performance-based objectives have
been satisfied shall be a date no earlier than the first anniversary of the date of the RSU. A recipient who is granted an RSU
shall possess no incidents of ownership with respect to such underlying Common Stock, although the RSU agreement may provide for
payments in lieu of dividends to such grantee.


 


(e) Notwithstanding
any provision of this Plan, the Board or Compensation Committee may impose conditions and restrictions on any grant of Stock Rights
including forfeiture of vested Options, cancellation of Common Stock acquired in connection with any Stock Right, and forfeiture
of profits.


 


(f) The
Options and SARs shall not be exercisable for a period of more than 10 years from the date of grant.


  



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6. Sale
of Shares. The shares underlying Stock Rights granted to any Officer, director, or a beneficial owner of 10% or more of the
Company’s securities registered under Section 12 of the Exchange Act shall not be sold, assigned, or transferred by the
grantee until at least six months elapse from the date of the grant thereof.


 


7. ISO
Minimum Option Price and Other Limitations.


 


(a) The
exercise price per share relating to all Options granted under the Plan shall not be less than $0.02 per share, subject to equitable
adjustment. For purposes of determining the exercise price, the date of the grant shall be the later of (i) the date of approval
by the Board or Compensation Committee or the Board, or (ii) for ISOs, the date the recipient becomes an employee of the Company.
In the case of an ISO to be granted to an employee owning Common Stock which represents more than 10% of the total combined voting
power of all classes of stock of the Company or any Related Corporation, the price per share shall not be less than 110% of the
Fair Market Value per share of Common Stock on the date of grant and such ISO shall not be exercisable after the expiration of
five years from the date of grant.


 


(b) In
no event shall the aggregate Fair Market Value (determined at the time an ISO is granted) of Common Stock for which ISOs granted
to any employee are exercisable for the first time by such employee during any calendar year (under all stock option plans of
the Company and any Related Corporation) exceed $100,000.


 


8. Duration
of Stock Rights. Subject to earlier termination as provided in Sections 3, 5, 9, 10 and 11, each Option and SAR shall expire
on the date specified in the original instrument granting such Stock Right (except with respect to any part of an ISO that is
converted into a Non-Qualified Option pursuant to Section 17), provided, however, that such instrument must comply
with Section 422 of the Code with regard to ISOs and Rule 16b-3 with regard to all Stock Rights granted pursuant to the Plan to
Officers, directors, and 10% shareholders of the Company.


 


9. Exercise
of Options and SARs; Vesting of Stock Rights. Subject to the provisions of Sections 3 and 9 through 13, each Option and SAR
granted under the Plan shall be exercisable as follows:


 


(a) The
Options and SARs shall either be fully vested and exercisable from the date of grant or shall vest and become exercisable in such
installments as the Board or Compensation Committee may specify.


 


(b) Once
an installment becomes exercisable it shall remain exercisable until expiration or termination of the Option and SAR, unless otherwise
specified by the Board or Compensation Committee.


  



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(c) Each
Option and SAR or installment, once it becomes exercisable, may be exercised at any time or from time to time, in whole or in
part, for up to the total number of shares with respect to which it is then exercisable.


 


(d) The
Board or Compensation Committee shall have the right to accelerate the vesting date of any installment of any Stock Right; provided
that the Board or Compensation Committee shall not accelerate the exercise date of any installment of any Option granted to
any employee as an ISO (and not previously converted into a Non-Qualified Option pursuant to Section 17) if such acceleration
would violate the annual exercisability limitation contained in Section 422(d) of the Code as described in Section 7(b).


 


10. Termination
of Employment. Subject to any greater restrictions or limitations as may be imposed by the Board or Compensation Committee
or by a written agreement, if an optionee ceases to be employed by the Company and all Related Corporations other than by reason
of death or Disability, no further installments of his Options shall vest or become exercisable, and his Options shall terminate
as provided for in the grant or on the day 12 months after the day of the termination of his employment (except three months for
ISOs), whichever is earlier, but in no event later than on their specified expiration dates. Employment shall be considered as
continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations, or
governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such
optionee’s right to re-employment is guaranteed by statute. A leave of absence with the written approval of the Board shall
not be considered an interruption of employment under the Plan, provided that such written approval contractually obligates the
Company or any Related Corporation to continue the employment of the optionee after the approved period of absence. ISOs granted
under the Plan shall not be affected by any change of employment within or among the Company and any Related Corporations so long
as the optionee continues to be an employee of the Company or any Related Corporation.


 


11. Death;
Disability. Unless otherwise determined by the Board or Compensation Committee or by a written agreement:


 


(a) If
the holder of an Option or SAR ceases to be employed by the Company and all Related Corporations by reason of his death, any Options
or SARs held by the optionee may be exercised to the extent he could have exercised it on the date of his death, by his estate,
personal representative or beneficiary who has acquired the Options or SARs by will or by the laws of descent and distribution,
at any time prior to the earlier of: (i) the Options’ or SARs specified expiration date or (ii) one year (except three months
for an ISO) from the date of death.


 


(b) If
the holder of an Option or SAR ceases to be employed by the Company and all Related Corporations, or a director or Officer can
no longer perform his duties, by reason of his Disability, any Options or SARs held by the optionee may be exercised to the extent
he could have exercised it on the date of termination due to Disability until the earlier of (i) the Options’ or SARs’
specified expiration date or (ii) one year from the date of the termination.


  



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12. Assignment,
Transfer or Sale.


 


(a) No
ISO granted under this Plan shall be assignable or transferable by the grantee except by will or by the laws of descent and distribution,
and during the lifetime of the grantee, each ISO shall be exercisable only by him or his guardian or legal representative.


 


(b) Except
for ISOs, all Stock Rights are transferable subject to compliance with applicable securities laws and Section 6 of this Plan.


 


13. Terms
and Conditions of Stock Rights. Stock Rights shall be evidenced by instruments (which need not be identical) in such forms
as the Board or Compensation Committee may from time to time approve. Such instruments shall conform to the terms and conditions
set forth in Sections 5 through 12 hereof and may contain such other provisions as the Board or Compensation Committee deems advisable
which are not inconsistent with the Plan. In granting any Stock Rights, the Board or Compensation Committee may specify that Stock
Rights shall be subject to the restrictions set forth herein with respect to ISOs, or to such other termination and cancellation
provisions as the Board or Compensation Committee may determine. The Board or Compensation Committee may from time to time confer
authority and responsibility on one or more of its own members and/or one or more Officers of the Company to execute and deliver
such instruments. The proper Officers of the Company are authorized and directed to take any and all action necessary or advisable
from time to time to carry out the terms of such instruments.


 


14. Adjustments
Upon Certain Events.


 


(a) Subject
to any required action by the shareholders of the Company, the number of shares of Common Stock covered by each outstanding Stock
Right, and the number of shares of Common Stock which have been authorized for issuance under the Plan but as to which no Stock
Rights have yet been granted or which have been returned to the Plan upon cancellation or expiration of a Stock Right, as well
as the price per share of Common Stock (or cash, as applicable) covered by each such outstanding Option or SAR, shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock
split, stock dividend, combination, or reclassification of Common Stock, or any other increase or decrease in the number of issued
shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion
of any convertible securities of the Company or the voluntary cancellation, whether by virtue of a cashless exercise of a derivative
security of the Company or otherwise, shall not be deemed to have been “effected without receipt of consideration.”
Such adjustment shall be made by the Board or Compensation Committee, whose determination in that respect shall be final, binding,
and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to,
the number or price of shares of Common Stock subject to a Stock Right. No adjustments shall be made for dividends or other distributions
paid in cash or in property other than securities of the Company.


   


(b) In
the event of the proposed dissolution or liquidation of the Company, the Board or Compensation Committee shall notify each participant
as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised,
a Stock Right will terminate immediately prior to the consummation of such proposed action.


  



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(c) In
the event of a merger of the Company with or into another corporation, or a Change of Control, each outstanding Stock Right shall
be assumed (as defined below) or an equivalent option or right substituted by the successor corporation or a parent or subsidiary
of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the Stock Rights,
the participants shall fully vest in and have the right to exercise their Stock Rights as to which it would not otherwise be vested
or exercisable. If a Stock Right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a
merger or sale of assets, the Board or Compensation Committee shall notify the participant in writing or electronically that the
Stock Right shall be fully vested and exercisable for a period of at least 15 days from the date of such notice, and any Options
or SARs shall terminate one minute prior to the closing of the merger or sale of assets.


 


For
the purposes of this Section 14(c), the Stock Right shall be considered “assumed” if, following the merger or Change
of Control, the option or right confers the right to purchase or receive, for each share of Common Stock subject to the Stock
Right immediately prior to the merger or Change of Control, the consideration (whether stock, cash, or other securities or property)
received in the merger or Change of Control by holders of Common Stock for each share held on the effective date of the transaction
(and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding
shares); provided, however, that if such consideration received in the merger or Change of Control is not solely
common stock of the successor corporation or its parent, the Board or Compensation Committee may, with the consent of the successor
corporation, provide for the consideration to be received upon the exercise of the Stock Right, for each share of Common Stock
subject to the Stock Right, to be solely common stock of the successor corporation or its parent equal in Fair Market Value to
the per share consideration received by holders of Common Stock in the merger or Change of Control.


 


(d) Notwithstanding
the foregoing, any adjustments made pursuant to Section 14(a), (b) or (c) with respect to ISOs shall be made only after the Board
or Compensation Committee, after consulting with counsel for the Company, determines whether such adjustments would constitute
a “modification” of such ISOs (as that term is defined in Section 425(h) of the Code) or would cause any adverse tax
consequences for the holders of such ISOs. If the Board or Compensation Committee determines that such adjustments made with respect
to ISOs would constitute a modification of such ISOs, it may refrain from making such adjustments.


 


(e) No
fractional shares shall be issued under the Plan and the optionee shall receive from the Company cash in lieu of such fractional
shares.


  



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15. Means
of Exercising Stock Rights.


 


(a) An
Option or SAR (or any part or installment thereof) shall be exercised by giving written notice to the Company at its principal
office address. Such notice shall identify the Stock Right being exercised and specify the number of shares as to which such Stock
Right is being exercised, accompanied by full payment of the exercise price therefor (to the extent it is exercisable in cash)
either (i) in United States dollars by check or wire transfer; or (ii) at the discretion of the Board or Compensation Committee,
through delivery of shares of Common Stock having a Fair Market Value equal as of the date of the exercise to the cash exercise
price of the Stock Right; or (iii) at the discretion of the Board or Compensation Committee, by any combination of (i) and (ii)
above. If the Board or Compensation Committee exercises its discretion to permit payment of the exercise price of an ISO by means
of the methods set forth in clauses (ii) or (iii) of the preceding sentence, such discretion need not be exercised in writing
at the time of the grant of the Stock Right in question. The holder of a Stock Right shall not have the rights of a shareholder
with respect to the shares covered by his Stock Right until the date of issuance of a stock certificate to him for such shares.
Except as expressly provided above in Section 14 with respect to changes in capitalization and stock dividends, no adjustment
shall be made for dividends or similar rights for which the record date is before the date such stock certificate is issued.


 


(b) Each
notice of exercise shall, unless the shares of Common Stock are covered by a then current registration statement under the Securities
Act, contain the holder’s acknowledgment in form and substance satisfactory to the Company that (i) such shares are being
purchased for investment and not for distribution or resale (other than a distribution or resale which, in the opinion of counsel
satisfactory to the Company, may be made without violating the registration provisions of the Securities Act), (ii) the holder
has been advised and understands that (1) the shares have not been registered under the Securities Act and are “restricted
securities” within the meaning of Rule 144 under the Securities Act and are subject to restrictions on transfer and (2)
the Company is under no obligation to register the shares under the Securities Act or to take any action which would make available
to the holder any exemption from such registration, and (iii) such shares may not be transferred without compliance with all applicable
federal and state securities laws. Notwithstanding the above, should the Company be advised by counsel that issuance of shares
should be delayed pending registration under federal or state securities laws or the receipt of an opinion that an appropriate
exemption therefrom is available, the Company may defer exercise of any Stock Right granted hereunder until either such event
has occurred.


 


16. Term,
Termination, and Amendment.


 


(a) This
Plan was adopted by the Board. This Plan may be approved by the Company’s shareholders, which approval is required for ISOs.


 


(b) The
Board may terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on October 24, 2027. No Stock Rights
may be granted under the Plan once the Plan is terminated. Termination of the Plan shall not impair rights and obligations under
any Stock Right granted while the Plan is in effect, except with the written consent of the grantee.


 


(c) The
Board at any time, and from time to time, may amend the Plan. Provided, however, except as provided in Section 14
relating to adjustments in Common Stock, no amendment shall be effective unless approved by the shareholders of the Company to
the extent (i) shareholder approval is necessary to satisfy the requirements of Section 422 of the Code or (ii) required by the
rules of the principal national securities exchange or trading market upon which the Company’s Common Stock trades. Rights
under any Stock Rights granted before amendment of the Plan shall not be impaired by any amendment of the Plan, except with the
written consent of the grantee.


  



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(d) The
Board at any time, and from time to time, may amend the terms of any one or more Stock Rights; provided, however,
that the rights under the Stock Right shall not be impaired by any such amendment, except with the written consent of the grantee.


 


17. Conversion
of ISOs into Non-Qualified Options; Termination of ISOs. The Board or Compensation Committee, at the written request of any
optionee, may in its discretion take such actions as may be necessary to convert such optionee’s ISOs (or any installments
or portions of installments thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any
time prior to the expiration of such ISOs, regardless of whether the optionee is an employee of the Company or a Related Corporation
at the time of such conversion. Provided, however, the Board or Compensation Committee shall not reprice the Options
or extend the exercise period or reduce the exercise price of the appropriate installments of such Options without the approval
of the Company’s shareholders. At the time of such conversion, the Board or Compensation Committee (with the consent of
the optionee) may impose such conditions on the exercise of the resulting Non-Qualified Options as the Board or Compensation Committee
in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall
be deemed to give any optionee the right to have such optionee’s ISOs converted into Non-Qualified Options, and no such
conversion shall occur until and unless the Board or Compensation Committee takes appropriate action. The Compensation Committee,
with the consent of the optionee, may also terminate any portion of any ISO that has not been exercised at the time of such termination.


 


18. Application
of Funds. The proceeds received by the Company from the sale of shares pursuant to Options or SARS (if cash settled) granted
under the Plan shall be used for general corporate purposes.


 


19. Governmental
Regulations. The Company’s obligation to sell and deliver shares of the Common Stock under this Plan is subject to the
approval of any governmental authority required in connection with the authorization, issuance, or sale of such shares.


 


20. Withholding
of Additional Income Taxes. In connection with the granting, exercise, or vesting of a Stock Right or the making of a Disqualifying
Disposition, the Company, in accordance with Section 3402(a) of the Code, may require the optionee to pay additional withholding
taxes in respect of the amount that is considered compensation includable in such person’s gross income.


 


To
the extent that the Company is required to withhold taxes for federal income tax purposes as provided above, any optionee may
elect to satisfy such withholding requirement by (i) paying the amount of the required withholding tax to the Company; (ii) delivering
to the Company shares of its Common Stock (including shares of Restricted Stock) previously owned by the optionee; or (iii) having
the Company retain a portion of the shares covered by an Option exercise. The number of shares to be delivered to or withheld
by the Company times the Fair Market Value of such shares shall equal the cash required to be withheld.


  



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21. Notice
to Company of Disqualifying Disposition. Each employee who receives an ISO must agree to notify the Company in writing immediately
after the employee makes a Disqualifying Disposition of any Common Stock acquired pursuant to the exercise of an ISO. If the employee
has died before such stock is sold, the holding periods requirements of the Disqualifying Disposition do not apply and no Disqualifying
Disposition can occur thereafter.


 


22. Continued
Employment. The grant of a Stock Right pursuant to the Plan shall not be construed to imply or to constitute evidence of any
agreement, express or implied, on the part of the Company or any Related Corporation to retain the grantee in the employ of the
Company or a Related Corporation, as a member of the Company’s Board, or in any other capacity, whichever the case may be.


 


23. Governing
Law; Construction. The validity and construction of the Plan and the instruments evidencing Stock Rights shall be governed
by the laws of the Company’s state of incorporation. In construing this Plan, the singular shall include the plural and
the masculine gender shall include the feminine and neuter, unless the context otherwise requires.


 


24.
(a) Forfeiture of Stock Rights Granted to Employees or Consultants. Notwithstanding any other provision of this
Plan, and unless otherwise provided for in a Stock Rights Agreement, all vested or unvested Stock Rights granted to employees
or consultants shall be immediately forfeited at the discretion of the Board if any of the following events occur:


 


(1) Termination
of the relationship with the grantee for cause including, but not limited to, fraud, theft, dishonesty, and violation of Company
policy;


 


(2) Purchasing
or selling securities of the Company in violation of the Company’s insider trading guidelines then in effect;


 


(3) Breaching
any duty of confidentiality including that required by the Company’s insider trading guidelines then in effect;


 


(4) Competing
with the Company;


 


(5) Being
unavailable for consultation after leaving the Company’s employment if such availability is a condition of any agreement
between the Company and the grantee;


 


(6) Recruitment
of Company personnel after termination of employment, whether such termination is voluntary or for cause;


 


(7) Failure
to assign any invention or technology to the Company if such assignment is a condition of employment or any other agreements between
the Company and the grantee; or


 


(8) A
finding by the Board that the grantee has acted disloyally and/or against the interests of the Company.


 



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(b) Forfeiture
of Stock Rights Granted to Directors. Notwithstanding any other provision of this Plan, and unless otherwise provided
for in a Stock Rights Agreement, all vested or unvested Stock Rights granted to directors shall be immediately forfeited at
the discretion of the Board if any of the following events occur:


 


(1) Purchasing
or selling securities of the Company in violation of the Company’s insider trading guidelines then in effect;


 


(2) Breaching
any duty of confidentiality including that required by the Company’s insider trading guidelines then in effect;


 


(3) Competing
with the Company;


 


(4) Recruitment
of Company personnel after ceasing to be a director; or


 


(5) A
finding by the Board that the grantee has acted disloyally and/or against the interests of the Company.


 


The
Company may impose other forfeiture restrictions which are more or less restrictive and require a return of profits from the sale
of Common Stock as part of said forfeiture provisions if such forfeiture provisions and/or return of provisions are contained
in a Stock Rights Agreement.


 


(c) Profits
on the Sale of Certain Shares; Redemption. If any of the events specified in Section 24(a) or (b) of the Plan occur within
one year from the date the grantee last performed services for the Company in the capacity for which the Stock Rights were granted
(the “Termination Date”) (or such longer period required by any written agreement), all profits earned from the sale
of the Company’s securities, including the sale of shares of Common Stock underlying the Stock Rights, during the two-year
period commencing one year prior to the Termination Date shall be forfeited and immediately paid by the grantee to the Company.
Further, in such event, the Company may at its option redeem shares of Common Stock acquired upon exercise of the Stock Right
by payment of the exercise price to the grantee. To the extent that another written agreement with the Company extends the events
in Section 24(a) or (b) beyond one year following the Termination Date, the two-year period shall be extended by an equal number
of days. The Company’s rights under this Section 24(c) do not lapse one year from the Termination Date but are contract
rights subject to any appropriate statutory limitation period.


  


 


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