Exhibit 10.2


 


SHUTTLE PHARMACEUTICALS, INC.


 


2016 STOCK INCENTIVE PLAN


 


1.           Purposes
of the Plan.         The purposes of this Plan are to attract and retain
the best available personnel, to provide additional incentives to Employees, Directors and Consultants and to promote the success
of the Company’s business.


 


2.           Definitions.         The
following definitions shall apply as used herein and in the individual Award Agreements except as defined otherwise in an individual
Award Agreement. In the event a term is separately defined in an individual Award Agreement, such definition shall supersede the
definition contained in this Section 2.


 


(a)          “Administrator”
means the Board or any of the Committees appointed to administer the Plan.


 


(b)          “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated
under the Exchange Act.


 


(c)          “Applicable
Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of federal securities
laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and
the rules of any non-U.S. jurisdiction applicable to Awards granted to residents therein.


 


(d)          “Assumed”
means that pursuant to a Corporate Transaction either (i) the Award is expressly affirmed by the Company or (ii) the
contractual obligations represented by the Award are expressly assumed (and not simply by operation of law) by the successor entity
or its Parent in connection with the Corporate Transaction with appropriate adjustments to the number and type of securities of
the successor entity or its Parent subject to the Award and the exercise or purchase price thereof which at least preserves the
compensation element of the Award existing at the time of the Corporate Transaction as determined in accordance with the instruments
evidencing the agreement to assume the Award.


 


(e)          “Award”
means the grant of an Option, SAR, Dividend Equivalent Right, Restricted Stock, Restricted Stock Unit or other right or benefit
under the Plan.


 


(f)          “Award
Agreement” means the written agreement evidencing the grant of an Award executed by the Company and the Grantee,
including any amendments thereto.


 


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


 


(h)          “Cause”
means, with respect to the termination by the Company or a Related Entity of the Grantee’s Continuous Service, that such
termination is for “Cause” as such term (or word of like import) is expressly defined in a then-effective written
agreement between the Grantee and the Company or such Related Entity, or in the absence of such then-effective written agreement
and definition, is based on, in the determination of the Administrator, the Grantee’s: (i) performance of any act or
failure to perform any act in bad faith and to the detriment of the Company or a Related Entity; (ii) dishonesty, intentional
misconduct or material breach of any agreement with the Company or a Related Entity; or (iii) commission of a crime involving
dishonesty, breach of trust, or physical or emotional harm to any person; provided, however, that with regard to any agreement
that defines “Cause” on the occurrence of or in connection with a Corporate Transaction or a Change in Control,
such definition of “Cause” shall not apply until a Corporate Transaction or a Change in Control actually occurs.


 




    	1 | Page



     


    

 


(i)          “Change
in Control” means a change in ownership or control of the Company after the Registration Date effected through
either of the following transactions:


 


(i)          the
direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by
a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common
control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing
more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender
or exchange offer made directly to the Company’s shareholders which a majority of the Continuing Directors who are not Affiliates
or Associates of the offeror do not recommend such shareholders accept, or


 


(ii)         a
change in the composition of the Board over a period of twelve (12) months or less such that a majority of the Board members (rounded
up to the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals
who are Continuing Directors.


 


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


 


(k)          “Committee”
means any committee composed of members of the Board appointed by the Board to administer the Plan.


 


(l)          “Common
Stock” means the common stock of the Company.


 


(m)          “Company”
means Shuttle Pharmaceuticals, Inc., a Maryland corporation, or any successor entity that adopts the Plan in connection with a
Corporate Transaction.


 


(n)          “Consultant”
means any person (other than an Employee or a Director, solely with respect to rendering services in such person’s capacity
as a Director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the Company or
such Related Entity.


 


(o)          “Continuing
Directors” means members of the Board who either (i) have been Board members continuously for a period of at
least twelve (12) months or (ii) have been Board members for less than twelve (12) months and were elected or nominated
for election as Board members by at least a majority of the Board members described in clause (i) who were still in office
at the time such election or nomination was approved by the Board.


 




    	2 | Page



     


    

 


(p)          “Continuous
Service” means that the provision of services to the Company or a Related Entity in any capacity of Employee, Director
or Consultant is not interrupted or terminated. In jurisdictions requiring notice in advance of an effective termination as an
Employee, Director or Consultant, Continuous Service shall be deemed terminated upon the actual cessation of providing services
to the Company or a Related Entity notwithstanding any required notice period that must be fulfilled before a termination as an
Employee, Director or Consultant can be effective under Applicable Laws. A Grantee’s Continuous Service shall be deemed to
have terminated either upon an actual termination of Continuous Service or upon the entity for which the Grantee provides services
ceasing to be a Related Entity. Continuous Service shall not be considered interrupted in the case of (i) any approved leave
of absence, (ii) transfers among the Company, any Related Entity, or any successor, in any capacity of Employee, Director
or Consultant, or (iii) any change in status as long as the individual remains in the service of the Company or a Related
Entity in any capacity of Employee, Director or Consultant (except as otherwise provided in the Award Agreement). Notwithstanding
the foregoing, except as otherwise determined by the Administrator, in the event of any spin-off of a Related Entity, service as
an Employee, Director or Consultant for such Related Entity following such spin-off shall be deemed to be Continuous Service for
purposes of the Plan and any Award under the Plan. An approved leave of absence shall include sick leave, military leave, or any
other authorized personal leave. For purposes of each Incentive Stock Option granted under the Plan, if such leave exceeds three
months, and reemployment upon expiration of such leave is not guaranteed by statute or contract, then the Incentive Stock Option
shall be treated as a Non-Qualified Stock Option on the day three months and one day following the expiration of such three month
period.


 


(q)          “Corporate
Transaction” means any of the following transactions, provided, however, that the Administrator shall determine under
(iv) and (v) whether multiple transactions are related, and its determination shall be final, binding and conclusive:


 


(i)          a
merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which
is to change the state in which the Company is incorporated;


 


(ii)         the
sale, transfer or other disposition of all or substantially all of the assets of the Company;


 


(iii)        the
complete liquidation or dissolution of the Company;


 


(iv)         any
reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a tender offer
followed by a reverse merger) in which the Company is the surviving entity but (A) the shares of Common Stock outstanding
immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of
securities, cash or otherwise; or (B) in which securities possessing more than forty percent (40%) of the total combined voting
power of the Company’s outstanding securities are transferred to a person or persons different from those who held such securities
immediately prior to such merger or the initial transaction culminating in such merger, but excluding any such transaction
or series of related transactions that the Administrator determines shall not be a Corporate Transaction; or


 




    	3 | Page



     


    

 


(v)          acquisition
in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored
employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing
more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any
such transaction or series of related transactions that the Administrator determines shall not be a Corporate Transaction.


 


(r)          “Covered
Employee” means an Employee who is a “covered employee” under Section 162(m) (3) of the Code.


 


(s)          “Director”
means a member of the Board or the board of directors of any Related Entity.


 


(t)          “Disability”
means as defined under the long-term disability policy of the Company or the Related Entity to which the Grantee provides services
regardless of whether the Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee provides
service does not have a long-term disability plan in place, “Disability” means that a Grantee is unable to carry out
the responsibilities and functions of the position held by the Grantee by reason of any medically determinable physical or mental
impairment for a period of not less than ninety (90) consecutive days. A Grantee will not be considered to have incurred a
Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.


 


(u)          “Dividend
Equivalent Right” means a right entitling the Grantee to compensation measured by dividends paid with respect to
Common Stock.


 


(v)          “Employee”
means any person, including an Officer or Director, who is in the employ of the Company or any Related Entity, subject to the control
and direction of the Company or any Related Entity as to both the work to be performed and the manner and method of performance.
The payment of a Director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment”
by the Company.


 


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


 


(x)          “Fair
Market Value” means, as of any date, the value of Common Stock determined as follows:


 


(i)          If
the Common Stock is listed on one or more established stock exchanges or national market systems, including without limitation
The NASDAQ Global Select Market, The NASDAQ Global Market, The NASDAQ Capital Market of The NASDAQ Stock Market LLC, the New York
Stock Exchange or the NYSE MKT, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no
sales were reported) as quoted on the principal exchange or system on which the Common Stock is listed (as determined by the Administrator)
on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last
trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal or such other source
as the Administrator deems reliable;


 




    	4 | Page



     


    

 


(ii)         If
the Common Stock is regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities
dealer, its Fair Market Value shall be the closing sales price for such stock as quoted on such system or by such securities dealer
on the date of determination or the average of any such prices for such period as determined by the Administrator in good faith
not to exceed thirty (30) trading days prior to the date of determination, but if selling prices are not reported, the Fair Market
Value of a share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the date of
determination (or, if no such prices were reported on that date, on the last date such prices were reported) or the average thereof
for such period prior to the date of determination as established by the Administrator above, as reported in The Wall Street Journal
or such other source as the Administrator deems reliable; or


 


(iii)        In
the absence of an established market for the Common Stock of the type described in (i) and (ii), above, the Fair
Market Value thereof shall be determined by the Administrator in good faith.


 


(y)          “Good
Reason” means the occurrence after a Corporate Transaction or Change in Control of any of the following events or
conditions unless consented to by the Grantee (and the Grantee shall be deemed to have consented to any such event or condition
unless the Grantee provides written notice of the Grantee’s non-acquiescence within thirty (30) days of the effective
time of such event or condition):


 


(i)          a
change in the Grantee’s responsibilities or duties that represents a material and substantial diminution in the Grantee’s
responsibilities or duties as in effect immediately preceding the consummation of a Corporate Transaction or Change in Control;


 


(ii)         a
reduction in the Grantee’s base salary to a level below that in effect at any time within six months preceding the consummation
of a Corporate Transaction or Change in Control or at any time thereafter; provided that an across-the-board reduction in
the salary level of substantially all other individuals in positions similar to the Grantee’s by substantially the same percentage
amount shall not constitute such a salary reduction; or


 


(iii)        a
requirement that the Grantee to be based at any place outside a 50-mile radius from the Grantee’s job location or residence
prior to the Corporate Transaction or Change in Control except for reasonably required travel on business that is not materially
greater than such travel requirements prior to the Corporate Transaction or Change in Control. 


 


(z)           “Grantee”
means an Employee, Director or Consultant who receives an Award under the Plan.


 


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


 


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


 




    	5 | Page



     


    

 


(cc)         “Officer”
means a person who is an officer of the Company or a Related Entity within the meaning of Section 16 of the Exchange Act and
the rules and regulations promulgated thereunder.


 


(dd)        “Option”
means an option to purchase Shares pursuant to an Award Agreement granted under the Plan.


 


(ee)         “Parent”
means a “parent corporation”, whether now or hereafter existing, as defined in Section 424(e) of the Code.


 


(ff)          “Performance-Based
Compensation” means compensation qualifying as “performance-based compensation” under Section 162(m)
of the Code.


 


(gg)        “Plan”
means this 2016 Stock Incentive Plan.


 


(hh)        “Registration
Date” means the first to occur of (i) the closing of the first sale, subsequent to the date this Plan is adopted,
to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission
under the Securities Act of 1933, as amended, of (A) the Common Stock or (B) the same class of securities of a successor
corporation (or its Parent) issued pursuant to a Corporate Transaction in exchange for or in substitution of the Common Stock;
(ii) the date the Common Stock is otherwise registered under and the Company becomes subject to the reporting requirements of Sections
13 or 15 (d) or the Exchange Act; and (iii) in the event of a Corporate Transaction, the date of the consummation of the Corporate
Transaction if the same class of securities of the successor corporation (or its Parent) issuable in such Corporate Transaction
shall have been sold to the general public pursuant to a registration statement filed with and declared effective by the Securities
and Exchange Commission under the Securities Act of 1933, as amended, on or prior to the date of consummation of such Corporate
Transaction.


 


(ii)           “Related
Entity” means any Parent or Subsidiary of the Company.


 


(jj)           “Replaced”
means that pursuant to a Corporate Transaction the Award is replaced with a comparable stock award or a cash incentive program
of the Company, the successor entity (if applicable) or Parent of either of them which preserves the compensation element of such
Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same (or a more
favorable) vesting schedule applicable to such Award. The determination of Award comparability shall be made by the Administrator
and its determination shall be final, binding and conclusive.


 


(kk)         “Restricted
Stock” means Shares issued under the Plan to the Grantee for such consideration, if any, and subject to such restrictions
on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and conditions as established
by the Administrator.


 


(ll)           “Restricted
Stock Units” means an Award that may be earned in whole or in part upon the passage of time or the attainment of
performance criteria established by the Administrator and that may be settled for cash, Shares or other securities or a combination
of cash, Shares or other securities as established by the Administrator.


 




    	6 | Page



     


    

 


(mm)       “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act or any successor thereto.


 


(nn)        “SAR”
means a stock appreciation right entitling the Grantee to Shares or cash compensation, as established by the Administrator, measured
by appreciation in the value of Common Stock.


 


(oo)        “Share”
means a share of the Common Stock.


 


(pp)        “Subsidiary”
means a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code.


 


3.           Stock
Subject to the Plan.


 


(a)          Subject
to the provisions of Section 10, below, the maximum aggregate number of Shares that may be issued pursuant to all Awards
is 7,500,000 Shares, plus an annual increase to be added on the first day of the calendar year beginning January 1, 2017, equal
to 15% of the number of Shares outstanding as of such date or a lesser number of Shares determined by the Administrator. Notwithstanding
the foregoing, subject to the provisions of Section 10, below, of the number of Shares specified above, the maximum
aggregate number of Shares available for grant of Incentive Stock Options shall be 1,500,000 Shares, plus an annual increase to
be added on the first day of the calendar year beginning January 1, 2017, equal to (i) 2% of the number of Shares outstanding
as of such date; or (ii) a lesser number of Shares determined by the Administrator. The Shares to be issued pursuant to Awards
may be authorized, but unissued or reacquired Common Stock.


 


(b)          Any
Shares covered by an Award (or portion of an Award) that is forfeited, canceled or expires (whether voluntarily or involuntarily)
shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares that may be issued under
the Plan. Shares that actually have been issued under the Plan pursuant to an Award shall not be returned to the Plan and shall
not become available for future issuance under the Plan, except that if unvested Shares are forfeited, or repurchased by the Company
at the lesser of their original purchase price or their Fair Market Value at the time of repurchase, such Shares shall become available
for future grant under the Plan


 


(c)          To
the extent not prohibited by the listing requirements of The NASDAQ Stock Market LLC (or other established stock exchange or national
market system on which the Common Stock is traded) or Applicable Law, any Shares covered by an Award that are surrendered (i) in
payment of the Award exercise or purchase price (including pursuant to the “net exercise” of an option pursuant to
Section 7(b)(v)) or (ii) in satisfaction of tax withholding obligations incident to the exercise of an Award shall
be deemed not to have been issued for purposes of determining the maximum number of Shares that may be issued pursuant to all Awards
under the Plan, unless otherwise determined by the Administrator.


 




    	7 | Page



     


    

 


4.           Administration
of the Plan.


 


(a)          Plan
Administrator.


 


(i)          Administration
with Respect to Directors and Officers.        With respect to grants of Awards to
Directors or Employees who are also Officers or Directors of the Company, the Plan shall be administered by (A) the Board;
or (B) a Committee designated by the Board, which Committee shall be constituted in such a manner as to satisfy the Applicable
Laws and to permit such grants and related transactions under the Plan to be exempt from Section 16(b) of the Exchange Act
in accordance with Rule 16b-3. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise
directed by the Board.


 


(ii)         Administration
With Respect to Consultants and Other Employees.       With respect to
grants of Awards to Employees or Consultants who are neither Directors nor Officers of the Company, the Plan shall be administered
by (A) the Board; or (B) a Committee designated by the Board, which Committee shall be constituted in such a manner as to satisfy
the Applicable Laws. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed
by the Board. The Board may authorize one or more Officers to grant such Awards and may limit such authority as the Board determines
from time to time.


 


(iii)        Administration
With Respect to Covered Employees.        Notwithstanding the foregoing, as of and
after the date that the exemption for the Plan under Section 162(m) of the Code expires, as set forth in Section 18,
grants of Awards to any Covered Employee intended to qualify as Performance-Based Compensation shall be made only by a Committee
(or subcommittee of a Committee) that is comprised solely of two or more Directors eligible to serve on a committee making Awards
qualifying as Performance-Based Compensation. In the case of such Awards granted to Covered Employees, references to the “Administrator”
or to a “Committee” shall be deemed to be references to such Committee or subcommittee.


 


(iv)         Administration
Errors.         In the event an Award is granted in a manner inconsistent
with the provisions of this subsection (a), such Award shall be presumptively valid as of its grant date to the extent
permitted by the Applicable Laws.


 


(b)          Powers
of the Administrator.         Subject to Applicable Laws and the provisions
of the Plan (including any other powers given to the Administrator hereunder), and except as otherwise provided by the Board, the
Administrator shall have the authority, in its discretion:


 


(i)          to
select the Employees, Directors and Consultants to whom Awards may be granted from time to time hereunder;


 


(ii)         to
determine whether and to what extent Awards are granted hereunder;


 




    	8 | Page



     


    

 


(iii)        to
determine the number of Shares or the amount of other consideration to be covered by each Award granted hereunder;


 


(iv)         to
approve forms of Award Agreements for use under the Plan;


 


(v)          to
determine the terms and conditions of any Award granted hereunder;


 


(vi)         to
amend the terms of any outstanding Award granted under the Plan, provided that


 


(A)         any
amendment that would adversely affect the Grantee’s rights under an outstanding Award shall not be made without the Grantee’s
written consent, provided, however, that an amendment or modification that may cause an Incentive Stock Option to
become a Non-Qualified Stock Option shall not be treated as adversely affecting the rights of the Grantee;


 


(B)         the
reduction of the exercise price of any Option awarded under the Plan and the base appreciation amount of any SAR awarded under
the Plan shall be subject to shareholder approval; and


 


(C)         canceling
an Option or SAR at a time when its exercise price or base appreciation amount (as applicable) exceeds the Fair Market Value of
the underlying Shares, in exchange for another Option, SAR, Restricted Stock, or other Award or for cash shall be subject to shareholder
approval, unless the cancellation and exchange occurs in connection with a Corporate Transaction. Notwithstanding the foregoing,
canceling an Option or SAR in exchange for another Option, SAR, Restricted Stock, or other Award or for cash with an exercise price,
purchase price or base appreciation amount (as applicable) that is equal to or greater than the exercise price or base appreciation
amount (as applicable) of the original Option or SAR shall not be subject to shareholder approval;


 


(vii)        to
construe and interpret the terms of the Plan and Awards, including without limitation, any notice of award or Award Agreement,
granted pursuant to the Plan;


 


(viii)       to
grant Awards to Employees, Directors and Consultants employed outside the United States on such terms and conditions different
from those specified in the Plan as may, in the judgment of the Administrator, be necessary or desirable to further the purpose
of the Plan; and


 


(ix)          to
take such other action, not inconsistent with the terms of the Plan, as the Administrator deems appropriate.


 


The express grant in
the Plan of any specific power to the Administrator shall not be construed as limiting any power or authority of the Administrator;
provided that the Administrator may not exercise any right or power reserved to the Board. Any decision made, or action taken,
by the Administrator or in connection with the administration of this Plan shall be final, conclusive and binding on all persons
having an interest in the Plan.


 




    	9 | Page



     


    

 


(c)          Indemnification.         In
addition to such other rights of indemnification as they may have as members of the Board or as Officers or Employees of the Company
or a Related Entity, members of the Board and any Officers or Employees of the Company or a Related Entity to whom authority to
act for the Board, the Administrator or the Company is delegated shall be defended and indemnified by the Company to the extent
permitted by law on an after-tax basis against all reasonable expenses, including attorneys’ fees, actually and necessarily
incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection with any appeal
therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with
the Plan, or any Award granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement
is approved by the Company) or paid by them in satisfaction of a judgment in any such claim, investigation, action, suit or proceeding,
except in relation to matters as to which it shall be adjudged in such claim, investigation, action, suit or proceeding that such
person is liable for gross negligence, bad faith or intentional misconduct; provided, however, that within 30 days after the
institution of such claim, investigation, action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity
at the Company’s expense to defend the same.


 


5.           Eligibility.         Awards
other than Incentive Stock Options may be granted to Employees, Directors and Consultants. Incentive Stock Options may be granted
only to Employees of the Company or a Parent or a Subsidiary of the Company. An Employee, Director or Consultant, who has been
granted an Award may, if otherwise eligible, be granted additional Awards. Awards may be granted to such Employees, Directors or
Consultants who are residing in non-U.S. jurisdictions as the Administrator may determine from time to time.


 


6.           Terms
and Conditions of Awards.


 


(a)          Types
of Awards.         The Administrator is authorized under the Plan to
award any type of arrangement to an Employee, Director or Consultant that is not inconsistent with the provisions of the Plan and
that by its terms involves or might involve the issuance of (i) Shares; (ii) cash; (iii) an Option; (iv) an SAR;
or (v) a similar right with a fixed or variable price related to the Fair Market Value of the Shares and with an exercise or conversion
privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or
other conditions. Such awards include, without limitation, Options, SARs, sales or bonuses of Restricted Stock, Restricted Stock
Units or Dividend Equivalent Rights, and an Award may consist of one such security or benefit, or two or more of them in any combination
or alternative.


 


(b)          Designation
of Award.         Each Award shall be designated in the Award Agreement.
In the case of an Option, the Option shall be designated as either an Incentive Stock Option or a Non-Qualified Stock Option. However,
notwithstanding such designation, an Option will qualify as an Incentive Stock Option under the Code only to the extent the $100,000
limitation of Section 422(d) of the Code is not exceeded. The $100,000 limitation of Section 422(d) of the Code is calculated
based on the aggregate Fair Market Value of the Shares subject to Options designated as Incentive Stock Options that become exercisable
for the first time by a Grantee during any calendar year (under all plans of the Company or any Parent or Subsidiary of the Company).
For purposes of this calculation, Incentive Stock Options shall be taken into account in the order in which they were granted,
and the Fair Market Value of the Shares shall be determined as of the grant date of the relevant Option. In the event that the
Code or the regulations promulgated thereunder are amended after the date the Plan becomes effective to provide for a different
limit on the Fair Market Value of Shares permitted to be subject to Incentive Stock Options, then such different limit will be
automatically incorporated herein and will apply to any Options granted after the effective date of such amendment.


 




    	10 | Page



     


    

 


(c)          Conditions
of Award.         Subject to the terms of the Plan, the Administrator
shall determine the provisions, terms, and conditions of each Award including, but not limited to, the Award vesting schedule,
repurchase provisions, rights of first refusal, forfeiture provisions, form of payment (cash, Shares, or other consideration) upon
settlement of the Award, payment contingencies, and satisfaction of any performance criteria. The performance criteria established
by the Administrator may be based on any one of, or combination of, the following: (i) increase in share price; (ii) earnings per
share; (iii) total shareholder return; (iv) operating margin; (v) gross margin; (vi) return on equity; (vii) return on assets;
(viii) return on investment; (ix) operating income; (x) net operating income; (xi) pre-tax profit; (xii) cash flow; (xiii) revenue;
(xiv) expenses; (xv) earnings before interest, taxes and depreciation; (xvi) economic value added; and (xvii) market
share. The performance criteria may be applicable to the Company, Related Entities and/or any individual business units of the
Company or any Related Entity. Partial achievement of the specified criteria may result in a payment or vesting corresponding to
the degree of achievement as specified in the Award Agreement. In addition, the performance criteria shall be calculated in accordance
with generally accepted accounting principles, but excluding the effect (whether positive or negative) of any change in accounting
standards and any extraordinary, unusual or nonrecurring item, as determined by the Administrator, occurring after the establishment
of the performance criteria applicable to the Award intended to be performance-based compensation. Each such adjustment, if any,
shall be made solely for the purpose of providing a consistent basis from period to period for the calculation of performance criteria
in order to prevent the dilution or enlargement of the Grantee’s rights with respect to an Award intended to be performance-based
compensation.


 


(d)          Acquisitions
and Other Transactions.         The Administrator may issue Awards
under the Plan in settlement, assumption or substitution for, outstanding awards or obligations to grant future awards in connection
with the Company or a Related Entity acquiring another entity, an interest in another entity or an additional interest in a Related
Entity whether by merger, stock purchase, asset purchase or other form of transaction.


 


(e)          Deferral
of Award Payment.         The Administrator may establish one or more
programs under the Plan to permit selected Grantees the opportunity to elect to defer receipt of consideration upon exercise of
an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Grantee to payment or
receipt of Shares or other consideration under an Award. The Administrator may establish the election procedures, the timing of
such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other
consideration so deferred, and such other terms, conditions, rules and procedures that the Administrator deems advisable for the
administration of any such deferral program.


 




    	11 | Page



     


    

 


(f)          Separate
Programs.         The Administrator may establish one or more separate
programs under the Plan for the purpose of issuing particular forms of Awards to one or more classes of Grantees on such terms
and conditions as determined by the Administrator from time to time. 


 


(g)          Individual
Limitations on Awards.


 


(i)          Individual
Limit for Options and SARs. Following the date that the exemption from application of Section 162(m) of
the Code described in Section 18 (or any exemption having similar effect) ceases to apply to Awards, the maximum number
of Shares with respect to which Options and SARs may be granted to any Grantee in any calendar year shall be 100,000 Shares. In
connection with a Grantee’s commencement of Continuous Service, a Grantee may be granted Options and SARs for up to an additional
150,000 Shares that shall not count against the limit set forth in the previous sentence. The foregoing limitations shall be adjusted
proportionately in connection with any change in the Company’s capitalization pursuant to Section 10, below.
To the extent required by Section 162(m) of the Code or the regulations thereunder, in applying the foregoing limitations
with respect to a Grantee, if any Option or SAR is canceled, the canceled Option or SAR shall continue to count against the maximum
number of Shares with respect to which Options and SARs may be granted to the Grantee. For this purpose, the repricing of an Option
(or in the case of a SAR, the base amount on which the stock appreciation is calculated is reduced to reflect a reduction in the
Fair Market Value of the Common Stock) shall be treated as the cancellation of the existing Option or SAR and the grant of a new
Option or SAR.


 


(ii)         Individual
Limit for Restricted Stock and Restricted Stock Units.         Following
the date that the exemption from application of Section 162(m) of the Code described in Section 18 (or any exemption
having similar effect) ceases to apply to Awards, for awards of Restricted Stock and Restricted Stock Units that are intended to
be Performance-Based Compensation, the maximum number of Shares with respect to which such Awards may be granted to any Grantee
in any calendar year shall be 250,000 Shares. The foregoing limitation shall be adjusted proportionately in connection with any
change in the Company’s capitalization pursuant to Section 10.


 


(h)          Deferral.         If
the vesting or receipt of Shares under an Award is deferred to a later date, any amount (whether denominated in Shares or cash)
paid in addition to the original number of Shares subject to such Award will not be treated as an increase in the number of Shares
subject to the Award if the additional amount is based either on a reasonable rate of interest or on one or more predetermined
actual investments such that the amount payable by the Company at the later date will be based on the actual rate of return of
a specific investment (including any decrease as well as any increase in the value of an investment).


 


(i)           Early
Exercise.         The Award Agreement may, but need not, include a
provision whereby the Grantee may elect at any time while an Employee, Director or Consultant to exercise any part or all of the
Award prior to full vesting of the Award. Any unvested Shares received pursuant to such exercise may be subject to a repurchase
right in favor of the Company or a Related Entity or to any other restriction the Administrator determines to be appropriate.


 




    	12 | Page



     


    

 


(j)          Term
of Award.         The term of each Award shall be the term stated in
the Award Agreement, provided, however, that the term of an Award shall be no more than ten years from the date of grant thereof.
However, in the case of an Incentive Stock Option granted to a Grantee who, at the time the Option is granted, owns stock representing
more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary of the Company,
the term of the Incentive Stock Option shall be five (5) years from the date of grant thereof or such shorter term as may be provided
in the Award Agreement. Notwithstanding the foregoing, the specified term of any Award shall not include any period for which the
Grantee has elected to defer the receipt of the Shares or cash issuable pursuant to the Award.


 


(k)          Transferability
of Awards.         Incentive Stock Options may not be sold, pledged,
assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution
and may be exercised, during the lifetime of the Grantee, only by the Grantee. Other Awards shall be transferable (i) by will
and by the laws of descent and distribution; and (ii) during the lifetime of the Grantee, to the extent and in the manner
authorized by the Administrator but only to the extent such transfers are made to family members, to family trusts, to family controlled
entities, to charitable organizations, and pursuant to domestic relations orders or agreements, in all cases without payment for
such transfers to the Grantee. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s
Award in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator.


 


(l)          Time
of Granting Awards.         The date of grant of an Award shall for
all purposes be the date on which the Administrator makes the determination to grant such Award, or such other later date as is
determined by the Administrator.


 


7.           Award
Exercise or Purchase Price, Consideration and Taxes.


 


(a)          Exercise
or Purchase Price.         The exercise or purchase price, if any,
for an Award shall be as follows:


 


(i)          In
the case of an Incentive Stock Option:


 


(A)         granted
to an Employee who, at the time of the grant of such Incentive Stock Option owns stock representing more than ten percent (10%)
of the voting power of all classes of stock of the Company or any Parent or Subsidiary of the Company, the per Share exercise price
shall be not less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant; or


 


(B)         granted
to any Employee other than an Employee described in the preceding paragraph, the per Share exercise price shall be not less than
one hundred percent (100%) of the Fair Market Value per Share on the date of grant.


 


(ii)         In
the case of a Non-Qualified Stock Option, the per Share exercise price shall be not less than one hundred percent (100%) of the
Fair Market Value per Share on the date of grant.


 




    	13 | Page



     


    

 


(iii)        In
the case of Awards intended to qualify as Performance-Based Compensation, the exercise or purchase price, if any, shall be not
less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.


 


(iv)         In
the case of SARs, the base appreciation amount shall not be less than one hundred percent (100%) of the Fair Market Value per Share
on the date of grant.


 


(v)          In
the case of other Awards, such price as is determined by the Administrator.


 


(vi)         Notwithstanding
the foregoing provisions of this Section 7(a), in the case of an Award issued pursuant to Section 6(d),
above, the exercise or purchase price for the Award shall be determined in accordance with the provisions of the relevant instrument
evidencing the agreement to issue such Award.


 


(b)          Consideration.         Subject
to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase of an Award including the
method of payment shall be determined by the Administrator. In addition to any other types of consideration the Administrator may
determine, the Administrator is authorized to accept as consideration for Shares issued under the Plan the following, provided
that the portion of the consideration equal to the par value of the Shares must be paid in cash or other legal consideration permitted
by the Maryland General Corporation Law:


 


(i)          cash;


 


(ii)         check;


 


(iii)        surrender
of Shares, or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require, that
have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which
said Award shall be exercised;


 


(iv)         with
respect to Options, if the exercise occurs on or after the Registration Date, payment through a broker-dealer sale and remittance
procedure pursuant to which the Grantee (A) shall provide written instructions to a Company designated brokerage firm to effect
the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise
price payable for the purchased Shares; and (B) shall provide written directives to the Company to deliver the certificates for
the purchased Shares directly to such brokerage firm in order to complete the sale transaction;


 


(v)          with
respect to Options, payment through a “net exercise” such that, without the payment of any funds, the Grantee
may exercise the Option and receive the net number of Shares equal to (A) the number of Shares as to which the Option is being
exercised; multiplied by (B) a fraction, the numerator of which is the Fair Market Value per Share (on such date as is determined
by the Administrator) less the exercise price per Share, and the denominator of which is such Fair Market Value per Share (the
number of net Shares to be received shall be rounded down to the nearest whole number of Shares); or


 




    	14 | Page



     


    

 


(vi)         any
combination of the foregoing methods of payment.


 


The Administrator may
at any time or from time to time, by adoption of or by amendment to the standard forms of Award Agreement described in Section 4(b)
(iv), or by other means, grant Awards that do not permit all of the foregoing forms of consideration to be used in payment
for the Shares or that otherwise restrict one or more forms of consideration.


 


(c)          Taxes.         No
Shares shall be delivered under the Plan to any Grantee or other person until such Grantee or other person has made arrangements
acceptable to the Administrator for the satisfaction of any non-U.S., federal, state, or local income and employment tax withholding
obligations, including, without limitation, obligations incident to the receipt of Shares. Upon exercise or vesting of an Award
the Company shall withhold or collect from the Grantee an amount sufficient to satisfy such tax obligations, including, but not
limited to, by surrender of the whole number of Shares covered by the Award sufficient to satisfy the minimum applicable tax withholding
obligations incident to the exercise or vesting of an Award (reduced to the lowest whole number of Shares if such number of Shares
withheld would result in withholding a fractional Share with any remaining tax withholding settled in cash).


 


8.           Exercise
of Award.


 


(a)          Procedure
for Exercise; Rights as a Shareholder.


 


(i)          Any
Award granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under the
terms of the Plan and specified in the Award Agreement.


 


(ii)         An
Award shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the
terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award
is exercised has been made, including, to the extent selected, use of the broker-dealer sale and remittance procedure to pay the
purchase price as provided in Section 7(b) (iv).


 


(b)          Exercise
of Award Following Termination of Continuous Service. In the event of termination of a Grantee’s Continuous Service
for any reason other than Disability or death (but not in the event of a Grantee’s change of status from Employee to Consultant
or from Consultant to Employee), such Grantee may, but only during the post-termination exercise period (but in no event later
than the expiration date of the term of such Award as set forth in the Award Agreement), exercise the portion of the Grantee’s
Award that was vested at the date of such termination or such other portion of the Grantee’s Award as may be determined by
the Administrator. The Grantee’s Award Agreement may provide that upon the termination of the Grantee’s Continuous
Service for Cause, the Grantee’s right to exercise the Award shall terminate concurrently with the termination of Grantee’s
Continuous Service. In the event of a Grantee’s change of status from Employee to Consultant, an Employee’s Incentive
Stock Option shall convert automatically to a Non-Qualified Stock Option on the day three months and one day following such change
of status. To the extent that the Grantee’s Award was unvested at the date of termination, or if the Grantee does not exercise
the vested portion of the Grantee’s Award within the post-termination exercise period, the Award shall terminate.


 




    	15 | Page



     


    

 


(c)          Disability
of Grantee.         In the event of termination of a Grantee’s
Continuous Service as a result of his or her Disability, such Grantee may, but only within six months from the date of such termination
(or such longer period as specified in the Award Agreement but in no event later than the expiration date of the term of such Award
as set forth in the Award Agreement), exercise the portion of the Grantee’s Award that was vested at the date of such termination;
provided, however, that if such Disability is not a “disability” as such term is defined in Section 22(e)(3)
of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Non-Qualified
Stock Option on the day three months and one day following such termination. To the extent that the Grantee’s Award was unvested
at the date of termination, or if Grantee does not exercise the vested portion of the Grantee’s Award within the time specified
herein, the Award shall terminate.


 


(d)          Death
of Grantee.         In the event of a termination of the Grantee’s
Continuous Service as a result of his or her death, or in the event of the death of the Grantee during the post-termination exercise
period or during the six month period following the Grantee’s termination of Continuous Service as a result of his or her
Disability, the Grantee’s estate or a person who acquired the right to exercise the Award by bequest or inheritance may exercise
the portion of the Grantee’s Award that was vested as of the date of termination, within six months from the date of death
(or such longer period as specified in the Award Agreement but in no event later than the expiration of the term of such Award
as set forth in the Award Agreement). To the extent that, at the time of death, the Grantee’s Award was unvested, or if the
Grantee’s estate or a person who acquired the right to exercise the Award by bequest or inheritance does not exercise the
vested portion of the Grantee’s Award within the time specified herein, the Award shall terminate.


 


(e)          Extension
if Exercise Prevented by Law. Notwithstanding the foregoing, if the exercise of an Award within the applicable time periods
set forth in this Section 8 is prevented by the provisions of Section 9 below, the Award shall remain exercisable
until one month after the date the Grantee is notified by the Company that the Award is exercisable, but in any event no later
than the expiration of the term of such Award as set forth in the Award Agreement and only in a manner and to the extent permitted
under Code Section 409A.


 


9.           Conditions
Upon Issuance of Shares.


 


(a)          If
at any time the Administrator determines that the delivery of Shares pursuant to the exercise, vesting or any other provision of
an Award is or may be unlawful under Applicable Laws, the vesting or right to exercise an Award or to otherwise receive Shares
pursuant to the terms of an Award shall be suspended until the Administrator determines that such delivery is lawful and shall
be further subject to the approval of counsel for the Company with respect to such compliance. The Company shall have no obligation
to effect any registration or qualification of the Shares under federal or state laws.


 


(b)          As
a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the
time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or
distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any Applicable Laws.


 




    	16 | Page



     


    

 


10.         Adjustments
Upon Changes in Capitalization.         Subject to any required action
by the shareholders of the Company and Section 11 hereof, the number of Shares covered by each outstanding Award, and the
number of Shares that have been authorized for issuance under the Plan but as to which no Awards have yet been granted or that
have been returned to the Plan, the exercise or purchase price of each such outstanding Award, the maximum number of Shares with
respect to which Awards may be granted to any Grantee in any calendar year, as well as any other terms that the Administrator determines
require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of issued Shares resulting
from a stock split, reverse stock split, stock dividend, recapitalization, combination or reclassification of the Shares, or similar
transaction affecting the Shares; (ii) any other increase or decrease in the number of issued Shares effected without receipt
of consideration by the Company; or (iii)  any other transaction with respect to Common Stock including a corporate merger,
consolidation, acquisition of property or stock, separation (including a spin-off or other distribution of stock or property),
reorganization, liquidation (whether partial or complete) or any similar transaction; provided, however that conversion
of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.”
In the event of any distribution of cash or other assets to shareholders other than a normal cash dividend, the Administrator shall
also make such adjustments as provided in this Section 10 or substitute, exchange or grant Awards to effect such adjustments
(collectively “adjustments”). Any such adjustments to outstanding Awards will be effected in a manner that precludes
the enlargement of rights and benefits under such Awards. In connection with the foregoing adjustments, the Administrator may,
in its discretion, prohibit the exercise of Awards or other issuance of Shares, cash or other consideration pursuant to Awards
during certain periods of time. Except as the Administrator determines, no issuance by the Company of shares of any class, or securities
convertible into shares of any class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number
or price of Shares subject to an Award.


 


11.         Corporate
Transactions and Changes in Control.


 


(a)          Termination
of Award to Extent Not Assumed in Corporate Transaction.         Effective
upon the consummation of a Corporate Transaction, all outstanding Awards under the Plan shall terminate. However, all such Awards
shall not terminate to the extent they are Assumed in connection with the Corporate Transaction.


 


(b)          Acceleration
of Award Upon Corporate Transaction or Change in Control.         The
Administrator shall have the authority, exercisable either in advance of any actual or anticipated Corporate Transaction or Change
in Control or at the time of an actual Corporate Transaction or Change in Control and exercisable at the time of the grant of an
Award under the Plan or any time while an Award remains outstanding, to provide for the full or partial automatic vesting and exercisability
of one or more outstanding unvested Awards under the Plan and the release from restrictions on transfer and repurchase or forfeiture
rights of such Awards in connection with a Corporate Transaction or Change in Control, on such terms and conditions as the Administrator
may specify. The Administrator also shall have the authority to condition any such Award vesting and exercisability or release
from such limitations upon the subsequent termination of the Continuous Service of the Grantee within a specified period following
the effective date of the Corporate Transaction or Change in Control. The Administrator may provide that any Awards so vested or
released from such limitations in connection with a Change in Control, shall remain fully exercisable until the expiration or sooner
termination of the Award.


 




    	17 | Page



     


    

 


(c)          Effect
of Acceleration on Incentive Stock Options.         Any Incentive Stock
Option accelerated under this Section 11 in connection with a Corporate Transaction or Change in Control shall remain
exercisable as an Incentive Stock Option under the Code only to the extent the $100,000 dollar limitation of Section 422(d)
of the Code is not exceeded.


 


12.         Effective
Date and Term of Plan.         The Plan shall become effective upon
the earlier to occur of its adoption by the Board or its approval by the shareholders of the Company. It shall continue in effect
for a term of ten (10) years unless sooner terminated. Subject to Section 17, below, and Applicable Laws, Awards may
be granted under the Plan upon its becoming effective.


 


13.         Amendment,
Suspension or Termination of the Plan.


 


(a)          The
Board may at any time amend, suspend or terminate the Plan; provided, however, that no such amendment shall be made without the
approval of the Company’s shareholders to the extent such approval is required by Applicable Laws.


 


(b)          No
Award may be granted during any suspension of the Plan or after termination of the Plan.


 


(c)          No
suspension or termination of the Plan (including termination of the Plan under Section 11, above) shall adversely affect
any rights under Awards already granted to a Grantee.


 


14.         Reservation
of Shares.


 


(a)          The
Company, during the term of the Plan, will at all times reserve and keep available such number of Shares as shall be sufficient
to satisfy the requirements of the Plan.


 


(b)          The
inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s
counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in
respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.


 


15.         No
Effect on Terms of Employment/Consulting Relationship.         The
Plan shall not confer upon any Grantee any right with respect to the Grantee’s Continuous Service, nor shall it interfere
in any way with his or her right or the right of the Company or any Related Entity to terminate the Grantee’s Continuous
Service at any time, with or without cause, including, but not limited to, Cause, and with or without notice. The ability of the
Company or any Related Entity to terminate the employment of a Grantee who is employed at will is in no way affected by its determination
that the Grantee’s Continuous Service has been terminated for Cause for the purposes of this Plan.


 




    	18 | Page



     


    

 


16.         No
Effect on Retirement and Other Benefit Plans.         Except as specifically
provided in a retirement or other benefit plan of the Company or a Related Entity, Awards shall not be deemed compensation for
purposes of computing benefits or contributions under any retirement plan of the Company or a Related Entity, and shall not affect
any benefits under any other benefit plan of any kind or any benefit plan subsequently instituted under which the availability
or amount of benefits is related to level of compensation. The Plan is not a “Pension Plan” or “Welfare
Plan” under the Employee Retirement Income Security Act of 1974, as amended.


 


17.         Shareholder
Approval.         The grant of Incentive Stock Options under the Plan
shall be subject to approval of the Plan by the shareholders of the Company within twelve (12) months before or after the
date the Plan is adopted excluding Incentive Stock Options issued in substitution for outstanding Incentive Stock Options pursuant
to Section 424(a) of the Code. Such shareholder approval shall be obtained in the degree and manner required under Applicable
Laws. The Administrator may grant Incentive Stock Options under the Plan prior to approval by the shareholders, but until such
approval is obtained, no such Incentive Stock Option shall be exercisable. In the event that shareholder approval is not obtained
within the twelve (12) month period provided above, all Incentive Stock Options previously granted under the Plan shall be exercisable
as Non-Qualified Stock Options.


 


18.         Effect
of Section 162(m) of the Code.         Section 162(m) of
the Code does not apply to the Plan prior to the Registration Date. Following the Registration Date, the Plan, and all Awards issued
thereunder, are intended to be exempt from the application of Section 162(m) of the Code, which restricts under certain circumstances
the Federal income tax deduction for compensation paid by a public company to named executives in excess of $1 million per
year. The exemption is based on Treasury Regulation Section 1.162-27 (f), in the form existing on the effective date of the
Plan, with the understanding that such regulation generally exempts from the application of Section 162(m) of the Code compensation
paid pursuant to a plan that existed before a company becomes publicly held. Under such Treasury Regulation, this exemption is
available to the Plan for the duration of the period that lasts until the earliest of (a) the expiration of the Plan; (b) the
material modification of the Plan; (c) the exhaustion of the maximum number of shares of Common Stock available for Awards
under the Plan, as set forth in Section 3(a); (d) the first meeting of shareholders at which Directors are to be elected
that occurs after the close of the third calendar year following the calendar year in which the Company first becomes subject to
the reporting obligations of Section 13 or 15(d) of the Exchange Act; or (e) such other date required by Section 162(m)
of the Code and the rules and regulations promulgated thereunder. To the extent that the Administrator determines as of the date
of grant of an Award that (i) the Award is intended to qualify as Performance-Based Compensation; and (ii) the exemption
described above is no longer available with respect to such Award, such Award shall not be effective until any shareholder approval
required under Section 162(m) of the Code has been obtained.


 




    	19 | Page



     


    

 


19.         Unfunded
Obligation.         Grantees shall have the status of general unsecured
creditors of the Company. Any amounts payable to Grantees pursuant to the Plan shall be unfunded and unsecured obligations for
all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974, as amended. Neither
the Company nor any Related Entity shall be required to segregate any monies from its general funds, or to create any trusts, or
establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of
any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments
or the creation or maintenance of any trust or any Grantee account shall not create or constitute a trust or fiduciary relationship
between the Administrator, the Company or any Related Entity and a Grantee, or otherwise create any vested or beneficial interest
in any Grantee or the Grantee’s creditors in any assets of the Company or a Related Entity. The Grantees shall have no claim
against the Company or any Related Entity for any changes in the value of any assets that may be invested or reinvested by the
Company with respect to the Plan.


 


20.         Construction.         Captions
and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the
Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.
Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.


 


21.         Nonexclusivity
of the Plan.         Neither the adoption of the Plan by the Board,
the submission of the Plan to the shareholders of the Company for approval, nor any provision of the Plan will be construed as
creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable,
including, without limitation, the granting of Awards otherwise than under the Plan, and such arrangements may be either generally
applicable or applicable only in specific cases.


 




    	20 | Page