Exhibit 10.1


 


CYCLOPORTERS


 


2016 Stock Incentive Plan


 


1.            Purpose.


 


The purpose of this plan (the “Plan”)
is to secure for CycloPorters, Inc., a Delaware corporation (the “Company”) and its shareholders the benefits arising
from capital stock ownership by employees, officers and directors of, and consultants or advisors to, the Company and its parent and subsidiary
corporations who are expected to contribute to the Company’s future growth and success. Under the Plan recipients may be awarded
both (i) Options (as defined in Section 2.1) to purchase the Company’s common stock, par value $0.0001 per share (“Common
Stock”) and (ii) shares of Common Stock (“Restricted Stock Awards”). Except where the context otherwise requires,
the term “Company” shall include any parent and all present and future subsidiaries of the Company as defined in Sections
424(e) and 424(f) of the Internal Revenue Code of 1986, as amended or replaced from time to time (the “Code”). Those
provisions of the Plan which make express reference to Section 422 of the Code shall apply only to Incentive Stock Options (as that
term is defined below). Appendix A to this Plan shall apply only to participants in the Plan who are residents of the State of California.


 


2.            Types
of Awards and Administration.


 


2.1            Options.
Options granted pursuant to the Plan (“Options”) shall be authorized by action of the Board of Directors of the Company (the
 “Board” or “Board of Directors”) and may be either incentive stock options (“Incentive Stock Options”)
meeting the requirements of Section 422 of the Code or non-statutory Options which are not intended to meet the requirements of Section 422.
All Options when granted are intended to be non-statutory Options, unless the applicable Option Agreement (as defined in Section 5.1)
explicitly states that the Option is intended to be an Incentive Stock Option. The vesting of Options may be conditioned upon the completion
of a specified period of employment with the Company and/or such other conditions or events as the Board may determine. The Board may
also provide that Options are immediately exercisable subject to certain repurchase rights in the Company dependent upon the continued
employment of the optionee and/or such other conditions or events as the Board may determine.


 


2.1.1            Incentive
Stock Options. Incentive Stock Options may only be granted to employees of the Company. For so long as the Code shall so provide,
Options granted to any employee under the Plan (and any other incentive stock option plans of the Company) which are intended to constitute
Incentive Stock Options shall not constitute Incentive Stock Options to the extent that such Options, in the aggregate, become exercisable
for the first time in any one calendar year for shares of Common Stock with an aggregate fair market value (determined as of the respective
date or dates of grant) of more than $100,000. If an Option is intended to be an Incentive Stock Option, and if for any reason such Option
(or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option (or
portion thereof) shall be regarded as a non-statutory Option appropriately granted under the Plan provided that such Option (or portion
thereof) otherwise meets the Plan’s requirements relating to non-statutory Options.


 






     

     


    

 





2.2            Restricted
Stock Awards. The Board in its discretion may grant Restricted Stock Awards, entitling the recipient to acquire, for a purchase price
determined by the Board, shares of Common Stock subject to such restrictions and conditions as the Board may determine at the time of
grant (“Restricted Stock”), including continued employment and/or achievement of pre-established performance goals and objectives.


 


2.3            Administration.
The Plan shall be administered by the Board, whose construction and interpretation of the terms and provisions of the Plan shall be final
and conclusive. The Board may in its sole discretion authorize issuance of Restricted Stock, the grant of Options and the issuance of
shares upon exercise of such Options as provided in the Plan. The Board shall have authority, subject to the express provisions of the
Plan, to construe Restricted Stock Agreements, Option Agreements and the Plan, to prescribe, amend and rescind rules and regulations
relating to the Plan, to determine the terms and provisions of Restricted Stock Agreements and Option Agreements, and to make all other
determinations in the judgment of the Board necessary or desirable for the administration of the Plan, The Board may correct any defect
or supply any omission or reconcile any inconsistency in the Plan or in any Restricted Stock Agreement or Option Agreement in the manner
and to the extent it shall deem expedient.to carry the Plan into effect and it shall be the sole and final judge of such expediency. No
director or person acting pursuant to authority delegated by the Board shall be liable for any action or determination under the Plan
made in good faith. The Board may, to the full extent permitted by or consistent with applicable laws or regulations, delegate any or
all of its powers under the Plan to a committee (the “Committee”) appointed by the Board, and if the Committee is so appointed,
to the extent of such delegation, all references to the Board in the Plan shall mean and relate to such Committee, other than references
to the Board in this sentence and in Section 18 (as to amendment or termination of the Plan) and Section 22.


 


3.            Eligibility.


 


Options may be granted, and Restricted Stock may
be issued, to persons who are, at the time of such grant or issuance, employees, officers or directors of, or consultants or advisors
to, the Company; provided, that the class of persons to whom Incentive Stock Options may be granted shall be limited to employees
of the Company.


 


3.1            10%
Shareholder. If any employee to whom an Incentive Stock Option is to be granted is, at the time of the grant of such Option, the owner
of stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (after taking into account
the attribution of stock ownership rules of Section 424(d) of the Code) (a “Greater Than 10% Shareholder”),
any Incentive Stock Option granted to such individual must: (i) have an exercise price per share of not less than 110% of the fair
market value of one share of Common Stock at the time of grant; and (ii) expire by its terms not more than five years from the date
of grant.


 






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4.            Stock
Subject to Plan.


 





Subject to adjustment as provided in Section 14.2
below, the maximum number of shares of Common Stock which may be issued under the Plan is 816,523 shares, all of which may be issued with
respect to Incentive Stock Options. If an Option shall expire or terminate for any reason without having been exercised in full, the unpurchased
shares subject to such Option shall again be available for subsequent Option grants or Restricted Stock Awards under the Plan. If shares
of Restricted Stock shall be forfeited to, or otherwise repurchased by, the Company pursuant to a Restricted Stock Agreement, such repurchased
shares shall again be available for subsequent Option grants or Restricted Stock Awards under the Plan. If shares otherwise issuable upon
exercise of an Option are withheld by the Company in payment of the exercise price of an Option or to satisfy tax withholding obligations
with respect to such exercise, such withheld shares shall again be available for subsequent Option grants or Restricted Stock Awards under
the Plan.


 


5.            Forms
of Restricted Stock Agreements and Option Agreements.


 


5.1            Option
Agreement. Each recipient of an Option shall execute an option agreement (“Option Agreement”) in such form not inconsistent
with the Plan as may be approved by the Board of Directors. Such Option Agreements may differ among recipients.


 


5.2            Restricted
Stock Agreement. Each recipient of a grant of Restricted Stock shall execute an agreement (“Restricted Stock Agreement”)
in such form not inconsistent with the Plan as may be approved by the Board of Directors. Such Restricted Stock Agreements may differ
among recipients.


 


5.3            “Lock-Up”
Agreement. Unless the Board specifies otherwise, each Restricted Stock Agreement and Option Agreement shall provide that upon the
request of the Company or the managing underwriter(s) of any offering of securities of the Company that is the subject of a registration
statement filed under the United States Securities Act of 1933, as amended from time to time (the “Act”), the holder of any
Option or the purchaser of any Restricted Stock shall, in connection therewith, agree in writing (in such form as the Company or such
managing underwriter(s) shall request) to the general effect that for a period of time (not to exceed 180 days, plus such additional
number of days (not to exceed 35) as may reasonably be requested to enable the underwriter(s) of such offering to comply with Rule 2711(f) of
the Financial Industry Regulatory Authority or any amendment or successor thereto) from the effective date of the registration statement
under the Act for such offering, the holder or purchaser will not sell, make any short sale of, loan, grant any option for the purchase
of, or otherwise dispose of any shares of the common stock of the Company owned or controlled by him or her.


 


6.            Purchase
Price.


 


6.1            General.
The purchase price per share of Restricted Stock and per share of stock deliverable upon the exercise of an Option shall be determined
by the Board, provided, however, that in the case of any Option, the exercise price shall not be less than 100% of the fair market value
of such stock, as determined by the Board, at the time of grant of such Option, or less than 110% of such fair market value in the case
of any Incentive Stock Option granted to a Greater Than 10% Shareholder.


 






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6.2           Payment
of Purchase Price. Option Agreements may provide for the payment of the exercise price by delivery of cash or a check to the order
of the Company in an amount equal to the exercise price of such Options, or, to the extent provided in the applicable Option Agreement,
by one of the following methods:


 


(i)            with
the consent of the Board, by delivery to the Company of shares of Common Stock; such surrendered shares shall have a fair market value
equal in amount to the exercise price of the Options being exercised,


 


(ii)            with
the consent of the Board, a personal recourse note issued by the optionee to the Company in a principal amount equal to such aggregate
exercise price and with such other terms, including interest rate and maturity, as the Company may determine in its discretion; provided,
however, that the interest rate borne by such note shall not be less than the lowest applicable federal rate, as defined in Section 1274(d) of
the Code,


 


(iii)            with
the consent of the Board, if the class of Common Stock is registered under the Securities Exchange Act of 1934 at such time, subject to
rules as may be established by the Board, by delivery to the Company of a properly executed exercise notice along with irrevocable
instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price,


 


(iv)            with
the consent of the Board, by reducing the number of Option shares otherwise issuable to the optionee upon exercise of the Option by a
number of shares of Common Stock having a fair market value equal to such aggregate exercise price,


 


(v)            with
the consent of the Board, by any combination of such methods of payment.


 


The fair market value of any shares of Common Stock
or other non-cash consideration which may be delivered upon exercise of an Option shall be determined by the Board of Directors. Restricted
Stock Agreements may provide for the payment of any purchase price in any manner approved by the Board of Directors at the time of authorizing
the issuance thereof.


 


7.            Option
Period.


 


Notwithstanding any other provision of the Plan
or any Option Agreement, each Option and all rights thereunder shall expire on the date specified in the applicable Option Agreement,
provided that such date shall not be later than ten years after the date on which the Option is granted (or five years in the case of
an Incentive Stock Option granted to a Greater Than 10% Shareholder), and in either case, shall be subject to earlier termination as provided
in the Plan or Option Agreement.


 






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8.            Exercise
of Options.


 





8.1            General.
Each Option shall be exercisable either in full or in installments at such time or times and during such period as shall be set forth
in the Option Agreement evidencing such Option, subject to the provisions of the Plan. To the extent not exercised, installments shall
accumulate and be exercisable, in whole or in part, at any time after becoming exercisable, but not later than the date the Option expires.


 


8.2            Notice
of Exercise. An Option may be exercised by the optionee by delivering to the Company on any business day a written notice specifying
the number of shares of Common Stock the optionee then desires to purchase and specifying the address to which the certificates for such
shares are to be mailed (the “Notice”), accompanied by payment for such shares. In addition, the Company may require any individual
to whom an Option is granted, as a condition of exercising such Option, to give written assurances (the “Investment Letter”)
in a substance and form satisfactory to the Company to the effect that such individual is acquiring the Common Stock subject to the Option
for his or her own account for investment and not with a view to the resale or distribution thereof, and to such other effects as the
Company deems necessary or advisable in order to comply with any securities law(s).


 


8.3            Delivery.
As promptly as practicable after receipt of the Notice, the Investment Letter (if required) and payment, the Company shall deliver or
cause to be delivered to the optionee certificates for the number of shares with respect to which such Option has been so exercised, issued
in the optionee’s name; provided, however, that such delivery shall be deemed effected for all purposes when the Company or a stock
transfer agent shall have deposited such certificates in the United States mail, addressed to the optionee, at the address specified in
the Notice.


 


9.            Nontransferability
of Options.


 


No Option shall be assignable or transferable by
the person to whom it is granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution. During
the life of an optionee, an Option shall be exercisable only by the optionee.


 


10.          Termination
of Employment; Disability; Death. Except as may be otherwise expressly provided
in the terms and conditions of the Option Agreement, Options shall terminate on the earliest to occur of:


 


(i)            the
date of expiration thereof;


 


(ii)            0
days after termination of the optionee’s employment with, or provision of services to, the Company by the Company for Cause (as
hereinafter defined);


 


(iii)            90
days after the date of voluntary termination of the optionee’s employment with, or provision of services to, the Company by the
optionee (other than for death or permanent disability as defined below); or


 






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(iv)            90
days after the date of termination of the optionee’s employment with, or provision of services to, the Company by the Company without
Cause (other than for death or permanent disability as defined below).


 








Until the date on which the Option so expires,
the optionee may exercise that portion of his or her Option which is exercisable at the time of termination of the employment or service
relationship.


 


An employment or service relationship between the
Company and the optionee shall be deemed to exist during any period during which the optionee is employed by or providing services to
the Company. Whether an authorized leave of absence or an absence due to military or government service shall constitute termination of
the employment relationship between the Company and the optionee shall be determined by the Board at the time thereof.


 


For purposes of this Section 10, the term
 “Cause” shall mean (a) any material breach by the optionee of any agreement to which the optionee and the Company are
both parties, (b) any act (other than retirement) or omission to act by the optionee which may have a material and adverse effect
on the Company’s business or on the optionee’s ability to perform services for the Company, including, without limitation,
the commission of any crime (other than minor traffic violations), or (c) any material misconduct or material neglect of duties by
the optionee in connection with the business or affairs of the Company. An optionee’s employment shall be deemed to have been terminated
for Cause if the Company determines within thirty (30) days of the termination of employment (whether such termination was voluntary or
involuntary) that termination for Cause was warranted.


 


In the event of the permanent and total disability
or death of an optionee while in an employment or other relationship with the Company, any Option held by such optionee shall terminate
on the earlier of the date of expiration of the Option or one year following the date of such disability or death. After disability or
death, the optionee (or in the case of death, his or her executor, administrator or any person or persons to whom this option may be transferred
by will or by laws of descent and distribution) shall have the right, at any time prior to such termination of an Option, to exercise
the Option to the extent the optionee was entitled to exercise such Option as of the date of his or her disability or death. An optionee
is permanently and totally disabled if he or she is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to last for a continuous period of not less than 12 months; permanent and total disability
shall be determined in accordance with Section 22(e)(3) of the Code and the regulations issued thereunder.


 


11.          Rights
as a Shareholder. The holder of an Option shall have no rights as a shareholder with respect
to any shares covered by the Option (including, without limitation, any rights to receive dividends or non-cash distributions with respect
to such shares) until the date of issue of a stock certificate to him or her for such shares. No adjustment shall be made for dividends
or other rights for which the record date is prior to the date such stock certificate is issued.


 






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12.          Additional
Provisions. The Board of Directors may, in its sole discretion, include additional provisions
in Restricted Stock Agreements and Option Agreements, including, without limitation, restrictions on transfer, rights of the Company to
repurchase shares of Restricted Stock or shares of Common Stock acquired upon exercise of Options, commitments to pay cash bonuses, to
make, arrange for or guaranty loans or to transfer other property to optionees upon exercise of Options, or such other provisions as shall
be determined by the Board of Directors; provided that such additional provisions shall not be inconsistent with any other term
or condition of the Plan and such additional provisions shall not be such as to cause any Incentive Stock Option to fail to qualify as
an Incentive Stock Option within the meaning of Section 422 of the Code.


 





13.          Acceleration,
Extension, Etc. The Board of Directors may, in its sole discretion, (i) accelerate the date or dates on which all or
any particular Option or Options may be exercised or (ii) extend the period or periods of time during which all, or any particular,
Option or Options may be exercised.


 


14.          Adjustment
Upon Changes in Capitalization


 


14.1            No
Effect of Options upon Certain Corporate Transactions. The existence of outstanding Options shall not affect in any way the right
or power of the Company to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s
capital structure or its business, or any merger or consolidation, or any issue of Common Stock, or any issue of bonds, debentures, preferred
or prior preference stock ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character
or otherwise.


 


14.2            Adjustment
Provisions. If, through or as a result of any merger, consolidation, sale of all or substantially all of the assets of the Company,
reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, (i) the
outstanding shares of Common Stock are increased, decreased or exchanged for a different number or kind of shares or other securities
of the Company, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets
are distributed with respect to such shares of Common Stock or other securities, an appropriate and proportionate adjustment shall be
made in (x) the maximum number and kind of shares reserved for issuance under the Plan, (y) the number and kind of shares or
other securities subject to any then outstanding Options, and (z) the price for each share or other security subject to any then
outstanding Options, so that upon exercise of such Options, in lieu of the shares of Common Stock for which such Options were then exercisable,
the relevant optionee shall be entitled to receive, for the same aggregate consideration, the same total number and kind of shares or
other securities, cash or property that the owner of an equal number of outstanding shares of Common Stock immediately prior to the event
requiring adjustment would own as a result of the event. If any such event shall occur, appropriate adjustment shall also be made in the
application of the provisions of this Section 14 and Section 15 with respect to Options and the rights of optionees after the
event so that the provisions of such Sections shall be applicable after the event and be as nearly equivalent as practicable in operation
after the event as they were before the event.


 






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14.3            No
Adjustment in Certain Cases. Except as hereinbefore expressly provided, the issue by the Company of shares of stock of any class,
or securities convertible into shares of stock of any class, for cash or property or for labor or services, either upon direct sale or
upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible
into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number
or price of shares of Common Stock then subject to outstanding options.


 





14.4            Board
Authority to Make Adjustments. Any adjustments under this Section 14 will be made by the Board of Directors, whose determination
as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive. No fractional shares will be
issued under the Plan on account of any such adjustments.


 


15.          Effect
of Certain Transactions


 


15.1            General.
Except as provided in any Option Agreement or Restricted Stock Agreement to the contrary, if the Company is merged with or into or consolidated
with another corporation under circumstances where the stockholders of the Company immediately prior to such merger or consolidation do
not own after such merger or consolidation shares representing at least fifty percent (50%) of the voting power of the Company or the
surviving or resulting corporation, as the case may be, or if shares representing fifty percent (50%) or more of the voting power of the
Company are transferred to an Unrelated Third Party, as hereinafter defined, or if the Company is liquidated, or sells or otherwise disposes
of all or substantially all its assets (each such transaction is referred to herein as a “Change in Control Transaction”),
the Board, or the board of directors of any corporation assuming the obligations of the Company, may, in its discretion, take any one
or more of the following actions, as to some or all outstanding Options or Restricted Stock Awards (and need not take the same action
as to each such Option or Restricted Stock Award): (i) provide that such Options shall be assumed, or equivalent Options shall be
substituted, by the acquiring or succeeding corporation (or an affiliate thereof), provided that any such Options substituted for Incentive
Stock Options shall meet the requirements of Section 424(a) of the Code, (ii) upon written notice to the optionees, provide
that all unexercised Options (whether vested or unvested) will terminate immediately prior to the consummation of the Change in Control
Transaction unless exercised by the optionee to the extent otherwise then exercisable within a specified period following the date of
such notice, (iii) upon written notice to the grantees, provide that all unvested shares of Restricted Stock shall be repurchased
at cost, (iv) make or provide for a cash payment to the optionees equal to the difference between (A) the fair market value
of the per share consideration (whether cash, securities or other property or any combination of the above) the holder of a share of Common
Stock will receive upon consummation of the Change in Control Transaction (the “Per Share Transaction Price”) times the number
of shares of Common Stock subject to outstanding vested Options (to the extent then exercisable at prices not equal to or in excess of
the Per Share Transaction Price) and (B) the aggregate exercise price of such outstanding vested Options, in exchange for the termination
of such Options, or (v) provide that all or any outstanding Options shall become exercisable and all or any outstanding Restricted
Stock Awards shall vest in part or in full immediately prior to such event. To the extent that any Options are exercisable at a price
equal to or in excess of the Per Share Transaction Price, the Board may provide that such Options shall terminate immediately upon the
consummation of the Change in Control Transaction without any payment being made to the holders of such Options. “Unrelated Third
Party” shall mean any person who is not, on the date of adoption of this Plan by the Board, a holder of stock of any class or
preference or any stock option of the Company.


 






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15.2            Substitute
Options. The Company may grant Options in substitution for options held by employees, officers or directors of, or consultants or
advisors to, another corporation who become employees, officers or directors of, or consultants or advisors to, the Company, as the result
of a merger or consolidation of the employing corporation with the Company or as a result of the acquisition by the Company of property
or stock of the employing corporation. The Company may direct that substitute Options be granted on such terms and conditions as the Board
considers appropriate in the circumstances.


 


15.3            Restricted
Stock. In the event of a business combination or other transaction of the type detailed in Section 15.1, any securities, cash
or other property received in exchange for shares of Restricted Stock shall continue to be governed by the provisions of any Restricted
Stock Agreement pursuant to which they were issued, including any provision regarding vesting, and such securities, cash, or other property
may be held in escrow on such terms as the Board of Directors may direct, to insure compliance with the terms of any such Restricted Stock
Agreement.


 


16.          No
Special Employment Rights. Nothing contained in the Plan or in any Option Agreement or Restricted
Stock Agreement shall confer upon any optionee or holder of Restricted Stock any right with respect to the continuation of his or her
employment by the Company or interfere in any way with the right of the Company at any time to terminate such employment or to increase
or decrease his or her compensation.


 


17.          Other
Employee Benefits. The amount of any compensation deemed to be received by an employee as a result
of the issuance of shares of Restricted Stock or the grant or exercise of an Option or the sale of shares received upon issuance of a
Restricted Stock Award or exercise of an Option will not constitute compensation with respect to which any other employee benefits of
such employee are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, life insurance or salary
continuation plan, except as otherwise specifically determined by the Board of Directors.


 


18.          Amendment
of the Plan.


 


18.1            The
Board may at any time, and from time to time, modify or amend in any respect or terminate the Plan. If shareholder approval is not obtained
within twelve months after any amendment increasing the number of shares authorized under the Plan or changing the class of persons eligible
to receive Options under the Plan, no Options granted pursuant to such amendments shall be deemed to be Incentive Stock Options and no
Incentive Stock Options shall be issued pursuant to such amendments thereafter.


 


18.2            The
termination or any modification or amendment of the Plan shall not, without the consent of an optionee or the holder of Restricted Stock,
adversely affect his or her rights under an Option or Restricted Stock Award previously granted to him or her. With the consent of the
recipient of Restricted Stock or optionee affected, the Board may amend outstanding Restricted Stock Agreements or Option Agreements in
a manner not inconsistent with the Plan.


 






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19.          Withholding.
The Company shall have the right to deduct from payments of any kind otherwise due to the optionee or recipient of Restricted Stock, any
federal, state or local taxes of any kind required by law to be withheld with respect to issuance of any shares of Restricted Stock or
shares issued upon exercise of Options. Prior to delivery of any Common Stock pursuant to the terms of this Plan, the Board has the right
to require that the optionee or recipient of Restricted Stock remit to the Company an amount sufficient to satisfy any minimum tax withholding
obligation. Subject to the prior approval of the Company, which may be withheld by the Company in its sole discretion, the obligor may
elect to satisfy any minimum withholding obligations, in whole or in part, (i) by causing the Company to withhold shares of Common
Stock otherwise issuable, or (ii) by delivering to the Company a sufficient number of shares of Common Stock. The shares so withheld
shall have a fair market value equal to such minimum withholding obligation. The fair market value of the shares used to satisfy such
minimum withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined.
A person who has made an election pursuant to this Section 19 may only satisfy his or her withholding obligation with shares of Common
Stock which are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar restrictions.


 


20.          Effective
Date and Duration of the Plan.


 


20.1            Effective
Date. The Plan shall become effective when adopted by the Board of Directors. If shareholder approval is not obtained within twelve
months after the date of the Board’s adoption of the Plan, no Options previously granted under the Plan shall be deemed to be Incentive
Stock Options and no Incentive Stock Options shall be granted thereafter. Amendments to the Plan not requiring shareholder approval shall
become effective when adopted by the Board. Amendments requiring shareholder approval shall become effective when adopted by the Board,
but if shareholder approval is not obtained within twelve months of the Board’s adoption of such amendment, any Incentive Stock
Options granted pursuant to such amendment shall be deemed to be non-statutory Options provided that such Options are authorized by the
Plan. Subject to this limitation, Options may be granted under the Plan at any time after the effective date and before the date fixed
for termination of the Plan.


 


20.2            Termination.
Unless sooner terminated by action of the Board of Directors, the Plan shall terminate upon the close of business on the day next preceding
the tenth anniversary of the date of its adoption by the Board of Directors.


 


21.          Provision
for Foreign Participants. The Board of Directors may, without amending the Plan, modify the terms
of Option Agreements or Restricted Stock Agreements to differ from those specified in the Plan with respect to participants who are foreign
nationals or employed outside the United States to recognize differences in laws, rules, regulations or customs of such foreign jurisdictions
with respect to tax, securities, currency, employee benefit or other matters.


 






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22.          Requirements
of Law. The Company shall not be required to sell or issue any shares under any Option or Restricted
Stock Award if the issuance of such shares shall constitute a violation by the optionee, the Restricted Stock Award recipient, or by the
Company of any provision of any law or regulation of any governmental authority. In addition, in connection with the Act, the Company
shall not be required to issue any shares upon exercise of any Option unless the Company has received evidence satisfactory to it to the
effect that the holder of such Option will not transfer such shares except pursuant to a registration statement in effect under the Act
or unless an opinion of counsel satisfactory to the Company has been received by the Company to the effect that such registration is not
required in connection with any such transfer. Any determination in this connection by the Board shall be final, binding and conclusive.
In the event the shares issuable on exercise of an Option are not registered under the Act or under the securities laws of each relevant
state or other jurisdiction, the Company may imprint on the certificate(s) appropriate legends that counsel for the Company considers
necessary or advisable to comply with the Act or any such state or other securities law. The Company may register, but in no event shall
be obligated to register, any securities covered by the Plan pursuant to the Act; and in the event any shares are so registered the Company
may remove any legend on certificates representing such shares. The Company shall not be obligated to take any affirmative action in order
to cause the exercise of an Option, the grant of any Restricted Stock Award or the issuance of shares pursuant thereto to comply with
any law or regulation of any governmental authority.


 


23.          Conversion
of Incentive Stock Options into Non-Qualified Options; Termination. The Board of
Directors, with the consent of any optionee, may in its discretion take such actions as may be necessary to convert such optionee’s
Incentive Stock Options (or any installments or portions of installments thereof) that have not been exercised on the date of conversion
into non-statutory Options at any time prior to the expiration of such Incentive Stock Options, regardless of whether the optionee is
an employee of the Company or a parent or subsidiary of the Company at the time of such conversion. At the time of such conversion, the
Board of Directors (with the consent of the optionee) may impose such conditions on the exercise of the resulting non-statutory Options
as the Board of Directors in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing
in this Plan shall be deemed to give any optionee the right to have such optionee’s Incentive Stock Options converted into non-statutory
Options, and no such conversion shall occur until and unless the Board of Directors takes appropriate action. The Board of Directors,
with the consent of the optionee, may also terminate any portion of any ‘Incentive Stock Option that has not been exercised at the
time of such termination.


 


24.          Non-Exclusivity
of this Plan; Non-Uniform Determinations. Neither the adoption of this Plan by the Board of Directors nor the approval
of this Plan by the stockholders of the Company shall be construed as creating any limitations on the power of the Board of Directors
to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise
than under this Plan, and such arrangements may be either applicable generally or only in specific cases.


 






    	 	-11-	 



     


    

 








The determinations of the Board of Directors under
this Plan need not be uniform and may be made by it selectively among persons who receive or are eligible to receive Options or Restricted
Stock Awards under this Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the
Board of Directors shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform
and selective Option Agreements and Restricted Stock Agreements, as to (a) the persons to receive Options or Restricted Stock Awards
under this Plan, (b) the terms and provisions of Options or Restricted Stock Awards, (c) the exercise by the Board of Directors
of its discretion in respect of the exercise of Options pursuant to the terms of this Plan, and (d) the treatment of leaves of absence
pursuant to Section 10 hereof.


 


25.          Governing
Law. This Plan and each Option or Restricted Stock Award shall be governed by the laws of Delaware,
without regard to its principles of conflicts of law.





 






    	 	-12-	 



     


    

 





APPENDIX A

TO CYCLOPORTERS, INC. 2016 STOCK INCENTIVE PLAN

FOR CALIFORNIA RESIDENTS ONLY


 


This Appendix to the CycloPorters, Inc. 2016
Stock Incentive Plan (the “Plan”) shall have application only to participants in the Plan who are residents of the State of
California. Capitalized terms contained herein shall have the same meanings given to them in the Plan, unless otherwise provided in this
Appendix. Notwithstanding any provision contained in the Plan to the contrary and to the extent required by applicable law, the
following terms and conditions shall apply to all Options and Restricted Stock Awards (collectively "Awards")
granted to residents of the State of California, until such time as the Common Stock becomes subject to registration under the
Securities Act of 1933:


 


1.            Awards
shall be nontransferable other than by will or the laws of descent and distribution. Notwithstanding the foregoing, and to the extent
permitted by Section 422 of the Code, the Board, in its discretion, may permit distribution of an Award to an inter vivos or testamentary
trust in which the Award is to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate family”
as that term is defined in Rule 16a-1(e) of the United States Exchange Act of 1934.


 


2.            Unless
employment is terminated for Cause, the right to exercise an Option in the event of termination of employment, to the extent that the
optionee is otherwise entitled to exercise an Option on the date employment terminates, shall be


 


(a)            at
least six months from the date of termination of employment if termination was caused by death or permanent disability; and


 


(b)            at
least 30 days from the date of termination if termination of employment was caused by other than death or permanent disability;


 


(c)            but
in no event later than the remaining term of the Option.


 


3.            Any
Award exercised before shareholder approval is obtained shall be rescinded if shareholder approval is not obtained within 12 months of
the Board’s adoption of the Plan.


 






     

     


    

 











INCENTIVE STOCK OPTION


 


Granted by


 


CycloPorters, Inc. (the “Company”)


 


Under the 2016 Stock Incentive Plan


 


This Option is and shall be subject in every respect
to the provisions of the Company’s 2016 Stock Incentive Plan, as amended from time to time (the “Plan”), which is incorporated
herein by reference and made a part hereof. The holder of this Option (the “Holder”) hereby accepts this Option subject to
all the terms and provisions of the Plan and agrees that (a) in the event of any conflict between the terms hereof and those of the
Plan, the latter shall prevail, and (b) all decisions under and interpretations of the Plan by the Board or the Committee shall be
final, binding and conclusive upon the Holder and his or her heirs and legal representatives.


 


1.            Name
of Holder:


 


2.            Date
of Grant:


 


3.            Vesting
Start Date:


 


		4.	Maximum number of shares for

which this Option is exercisable:



 


		5.	Exercise (purchase) price per share: [Note: must be at least fair market value, or
110% of fair market value in case of ISO granted to Greater Than 10% Shareholder]



 


		6.	Method of Exercise: This Option may be exercised by the delivery of written notice to the Company setting forth the number
of shares with respect to which the Option is to be exercised, together with payment by one of the following methods:



 


cash or a personal, certified or bank check or postal money
order payable to the order of the Company for an amount equal to the exercise price of the shares being purchased; or


 


with the consent of the Company, any of the other methods set
forth in the Plan.


 


As an additional condition to exercise of this
Option, the Holder shall deliver to the Company an investment letter in form and substance satisfactory to the Company and its counsel.
No such investment letter shall be required as a condition to such exercise at any time when there shall be an effective registration
statement under the Securities Act of 1933, as amended (the “Act”) covering the shares for which this Option may be exercised.


 


		7.	Expiration Date of Option: [Note: for ISO, cannot be longer than 10 years from date of grant,
or 5 years in case of a Greater Than 10% Shareholder]



 






     

     


    

 


		8.	Vesting Schedule: [Note: Company to elect vesting schedule; following is an example of a
standard vesting provision] This Option shall become exercisable for 25% of the maximum number of shares granted on the first
anniversary of the Vesting Start Date, and shall become exercisable for an additional 2.0833% of the maximum number of shares granted
on the last day of each one month period thereafter; so that the Option shall be fully vested on the fourth anniversary of the Vesting
Start Date. All vesting shall cease upon the date of termination of employment.



 





In addition to the foregoing, upon the Holder’s election
at any time after the Date of Grant of this Option, the Holder shall be entitled to exercise this Option immediately and in full for the
maximum number of shares as set forth herein, whether or not fully vested, provided that, upon such exercise, the Holder shall execute
a stock restriction agreement containing a “reverse vesting” schedule effectively equivalent to the Vesting Schedule set forth
herein, pursuant to which the Holder agrees to sell back any unvested shares at cost should he or she leave the employ of the Company
prior to full vesting. Early exercise of this Option in accordance with the preceding sentence may have adverse tax implications, including
the loss of potential tax benefits otherwise available to holders of incentive stock options, and the Holder is advised to consult his
or her personal tax advisor prior to making any such election.


 


9.            Termination
of Employment. This Option shall terminate on the earliest to occur of:


 


		(i)	the date of expiration hereof;



 


		(ii)	0 days after termination of the Holder’s employment with the Company by the Company for Cause (as defined in the Plan);



 


		(iii)	90 days after the date of voluntary termination of employment by the Holder (other than for death or permanent and total disability
as defined in the Plan);



 


		(iv)	90 days after the date of termination of the Holder’s employment with the Company by the Company without Cause (other than for
death or permanent and total disability as defined in the Plan); or



 


		(v)	one year after the “permanent and total disability”(as defined at Section 10 of the Plan) or death of the Holder.



 


		10.	Company’s Right of First Refusal. Prior to the effective date of a registration statement under the Act, any shares of
stock issued pursuant to exercise of this Option shall be subject to the Company’s right of first refusal as set forth at Appendix
A.



 


		11.	Lock-Up Agreement. The Holder agrees that upon the request of the Company or the managing underwriter(s) of any
offering of securities of the Company that is the subject of a registration statement filed under the Act, for a period of time (not to
exceed 180 days, plus such additional number of days (not to exceed 35) as may reasonably be requested to enable the underwriter(s) of
such offering to comply with Rule 2711(f) of the Financial Industry Regulatory Authority or any amendment or successor thereto)
from the effective date of the registration statement under the Act for such offering, the Holder will not sell, make any short sale of,
loan, grant any option for the purchase of, or otherwise dispose of any shares of Common Stock issued pursuant to the exercise of this
Option, without the prior written consent of the Company and such underwriters.



 






    	 	2	 



     


    

 





		12.	Incentive Stock Option; Disqualifying Disposition. Although this Option is intended to qualify as an incentive stock
option under the Internal Revenue Code of 1986 (the “Code”), the Company makes no representation as to the tax treatment upon
exercise of this Option or sale or other disposition of the shares covered by this Option, and the Holder is advised to consult a personal
tax advisor. Upon a Disqualifying Disposition of shares received upon exercise of this Option, the Holder will forfeit the favorable income
tax treatment otherwise available with respect to the exercise of this Option. A “Disqualifying Disposition” shall have the
meaning specified in Section 421(b) of the Code; as of the date of grant of this Option a Disqualifying Disposition is any disposition
(including any sale) of such shares before the later of (a) the second anniversary of the date of grant of this Option and
(b) the first anniversary of the date on which the Holder acquired such shares by exercising this Option, provided that such
holding period requirements terminate upon the death of the Holder. The Holder shall notify the Company in writing immediately upon making
a Disqualifying Disposition of any shares of Common Stock received pursuant to the exercise of this Option, and shall provide the Company
with any information that the Company shall request concerning any such Disqualifying Disposition.



 


		13.	Notice. Any notice to be given to the Company hereunder shall be deemed sufficient if addressed to the Company and delivered
to the office of the Company, c/o 5AM Ventures, 2200 Sand Hill Road, Suite 110, Menlo Park, CA 94025, attention of the president,
or such other address as the Company may hereafter designate.



 


Any notice to be given to the Holder hereunder shall be deemed
sufficient if addressed to and delivered in person to the Holder at his or her address furnished to the Company or when deposited in the
mail, postage prepaid, addressed to the Holder at such address.


 


*****





 



    	 	3	 



     


    




 


IN WITNESS WHEREOF, the parties have executed this
Option, or caused this Option to be executed, as of the Date of Grant,


 








	 	CycloPorters, Inc.
	 	By: 	 








 


The undersigned Holder hereby acknowledges receipt of a copy of the
Plan and this Option (including Appendix A hereto), and agrees to the terms of this Option and the Plan.


 


 


	Holder:	 	 



 









    	 	4	 



     


    

 








APPENDIX A


 


Right of First Refusal


 


1.            General.
Prior to the effective date of a registration statement under the Securities Act of 1933, as amended (the “Act”), covering
any shares of the Company’s Common Stock and until such time as the Company shall have effected a public offering of its Common
Stock registered under the Act, in the event that, at any time when the Holder (which term for purposes of this section shall mean the
Holder and his or her executors, administrators and any other person to whom this Option may be transferred by will or the laws of descent
and distribution) is permitted to do so, the Holder desires to sell, assign or otherwise transfer any of the shares issued upon the exercise
of this Option, the Holder shall first offer such shares to the Company by giving written notice of the Holder’s desire so to sell,
assign or transfer such shares.


 


2.            Notice
of Intended Transfer. The notice shall state the number of shares offered, the name of the person
or persons to whom it is proposed to sell, assign or transfer such shares and the price at which such shares are intended to be sold,
assigned or transferred. Such notice shall constitute an offer to the Company for the Company to purchase the number of shares set forth
in the notice at a price per share equal to the price stated therein.


 


3.            Company
to Accept or Decline Within 30 Days. The Company may accept the offer as to all, but not less
than all, such shares by notifying the Holder in writing within 30 days after receipt of such notice of its acceptance of the offer. If
the offer is accepted, the Company shall have 60 days after such acceptance within which to purchase the offered shares at a price per
share as aforesaid. If within the applicable time periods the Holder does not receive notice of the Company’s intention to purchase
the offered shares, or if payment in full of the purchase price is not made by the Company, the offer shall be deemed to have been rejected
and the Holder may transfer title to such shares within 90 days from the date of the Holder’s written notice to the Company of the
Holder’s intention to sell, but such transfer shall be made only to the proposed transferee and at the proposed price as stated
in such notice and after compliance with any other provisions of this Option applicable to the transfer of such shares.


 


4.            Transferred
Shares to Remain Subject to Right of First Refusal. Shares that are so transferred to such transferee
shall remain subject to the rights of the Company set forth in this Appendix A. As a condition to such transfer, such transferee shall
execute and deliver all such documents as the Company may require to evidence the binding agreement of such transferee so to remain subject
to the rights of the Company.


 


5.            Remedies
of Company. No sale, assignment, pledge or other transfer of any of the shares covered by this
Option shall be effective or given effect on the books of the Company unless all of the applicable provisions of this Appendix A have
been duly complied with, and the Company may inscribe on the face of any certificate representing any of such shares a legend referring
to the provisions of this Appendix A. If any transfer of shares is made or attempted in violation of the foregoing restrictions, or if
shares are not offered to the Company as required hereby, the Company shall have the right to purchase such shares from the owner thereof
or his transferee at any time before or after the transfer, as herein provided. In addition to any other legal or equitable remedies which
it may have, the Company may enforce its rights by actions for specific performance (to the extent permitted by law) and may refuse to
recognize any transferee as one of its stockholders for any purpose, including, without limitation, for purposes of dividend and voting
rights, until all applicable provisions hereof have been complied with.


 






    	 	5	 



     


    

 





6.            Shares
Subject to Right of First Refusal. For purposes of the Right of First Refusal pursuant to this
Appendix A, the term “shares” shall mean any and all new, substituted or additional securities or other property issued to
the Holder, by reason of his or her ownership of Common Stock pursuant to the exercise of this Option, in connection with any stock dividend,
liquidating dividend, stock split or other change in the character or amount of any of the outstanding securities of the Company, or any
consolidation, merger or sale of all or substantially all of the assets of the Company.


 


7.            Legends
on Stock Certificates. Any certificate representing shares of stock subject to the provisions
of this Appendix A may have endorsed thereon one or more legends, substantially as follows:


 


		(i)	“Any disposition of any interest in the securities represented by this certificate is subject to restrictions, and the securities
represented by this certificate are subject to certain options, contained in a certain agreement between the record holder hereof and
the Company, a copy of which will be mailed to any holder of this certificate without charge upon receipt by the Company of a written
request therefor.”



 


		(ii)	“The shares of stock represented by this certificate have not been registered under the Securities Act of 1933 or under the
securities laws of any state and may not be pledged, hypothecated, sold or otherwise transferred unless such shares have been registered
under the Act or unless the Company has received an opinion of counsel satisfactory to the Company, in form and substance satisfactory
to the Company, that such registration is not required.”



 


8.            Right
of First Refusal to Lapse Upon Registration. The restrictions imposed by this Appendix A shall
terminate in all respects upon the effective date of a registration statement under the Act covering any of the Company’s Common
Stock.


 


 






    	 	6	 



     


    

 





NON-STATUTORY STOCK OPTION


 


Granted by


 


CycloPorters, Inc. (the “Company”)


 


Under the 2016 Stock Incentive Plan


 


This Option is and shall be subject in every respect
to the provisions of the Company’s 2016 Stock Incentive Plan, as amended from time to time (the “Plan”), which is incorporated
herein by reference and made a part hereof. The holder of this Option (the “Holder”) hereby accepts this Option subject to
all the terms and provisions of the Plan and agrees that (a) in the event of any conflict between the terms hereof and those of the
Plan, the latter shall prevail, and (b) all decisions under and interpretations of the Plan by the Board or the Committee shall be
final, binding and conclusive upon the Holder and his or her heirs and legal representatives.


 


1.            Name
of Holder:


 


2.            Date
of Grant:


 


3.            Vesting
Start Date:


 


		4.	Maximum number of shares for which

this Option is exercisable:



 


5.            Exercise
(purchase) price per share: [must be at least fair market value]


 


		6.	Method of Exercise: This Option may be exercised by the delivery of written notice to the Company setting forth the number
of shares with respect to which the Option is to be exercised, together with payment by one of the following methods:



 


cash or a personal, certified or bank check or postal money
order payable to the order of the Company for an amount equal to the exercise price of the shares being purchased; or


 


with the consent of the Company, any of the other methods set
forth in the Plan.


 


As an additional condition to exercise of this
Option, the Holder shall deliver to the Company an investment letter in form and substance satisfactory to the Company and its counsel.
No such investment letter shall be required as a condition to such exercise at any time when there shall be an effective registration
statement under the Securities Act of 1933, as amended (the “Act”) covering the shares for which this Option may be exercised.


 


7.            Expiration
Date of Option:







 






     

     


    

 





		8.	Vesting Schedule: [Note: Company to elect vesting schedule; following is an example of a
standard vesting provision] This Option shall become exercisable for 25% of the maximum number of shares granted on the first
anniversary of the Vesting Start Date, and shall become exercisable for an additional 2.0833% of the maximum number of shares granted
on the last day of each one month period thereafter; so that the Option shall be fully vested on the fourth anniversary of the Vesting
Start Date. All vesting shall cease upon the date of termination of employment with or provision of services to the Company.



 





In addition to the foregoing, upon the Holder’s election
at any time after the Date of Grant of this Option, the Holder shall be entitled to exercise this Option immediately and in full for the
maximum number of shares as set forth herein, whether or not fully vested, provided that, upon such exercise, the Holder shall execute
a stock restriction agreement containing a “reverse vesting” schedule effectively equivalent to the Vesting Schedule set forth
herein, pursuant to which the Holder agrees to sell back any unvested shares at cost should he or she leave the service of the Company
prior to full vesting.


 


		9.	Termination of Employment with or Services to the Company. This Option shall terminate on the earliest to occur of:



 


		(i)	the date of expiration thereof;



 


		(ii)	0 days after termination of the Holder’s employment with or services to the Company by the Company for Cause (as defined in
the Plan);



 


		(iii)	90 days after the date of voluntary termination of employment with or services to the Company by the Holder (other than for death
or permanent and total disability as defined in the Plan);



 


		(iv)	90 days after the date of termination of the Holder’s employment with or services to the Company by the Company without Cause
(other than for death or permanent and total disability as defined in the Plan); or



 


		(v)	one year after the “permanent and total disability”(as defined at Section 10 of the Plan) or death of the Holder.



 


		10.	Company’s Right of First Refusal. Prior to the effective date of a registration statement under the Act, any shares of
stock issued pursuant to exercise of this Option shall be subject to the Company’s right of first refusal as set forth at Appendix
A.



 


		11.	Lock-Up Agreement. The Holder agrees that upon the request of the Company or the managing underwriter(s) of any
offering of securities of the Company that is the subject of a registration statement filed under the Act, for a period of time (not to
exceed 180 days, plus such additional number of days (not to exceed 35) as may reasonably be requested to enable the underwriter(s) of
such offering to comply with Rule 2711(f) of the Financial Industry Regulatory Authority or any amendment or successor thereto)
from the effective date of the registration statement under the Act for such offering, the Holder will not sell, make any short sale of,
loan, grant any option for the purchase of, or otherwise dispose of any shares of Common Stock issued pursuant to the exercise of this
Option, without the prior written consent of the Company and such underwriters.



 






    	 	2	 



     


    

 





		12.	Tax Withholding. The Company’s obligation to deliver shares shall be subject to the Holder’s satisfaction of any
federal, state and local income and employment tax withholding requirements.



 


		13.	Notice. Any notice to be given to the Company hereunder shall be deemed sufficient if addressed to the Company and delivered
to the office of the Company, c/o 5 AM Ventures, 2200 Sand Hill Road, Suite 110, Menlo Park, CA 94025, attention of the president,
or such other address as the Company may hereafter designate.



 


Any notice to be given to the Holder hereunder shall be deemed
sufficient if addressed to and delivered in person to the Holder at his or her address furnished to the Company or when deposited in the
mail, postage prepaid, addressed to the Holder at such address.


 


*****


 



    	 	3	 



     


    




 


IN WITNESS WHEREOF, the parties have executed this
Option, or caused this Option to be executed, as of the Date of Grant.


 





	 	CycloPorters, Inc.
	 	By: 	 


 




The undersigned Holder hereby acknowledges receipt of a copy of the
Plan and this Option (including Appendix A hereto), and agrees to the terms of this Option and the Plan.


 


 





	Holder:	 	 








 






    	 	4	 



     


    

 





APPENDIX A


 


Right of First Refusal


 


1.            General.
Prior to the effective date of a registration statement under the Securities Act of 1933, as amended (the “Act”), covering
any shares of the Company’s Common Stock and until such time as the Company shall have effected a public offering of its Common
Stock registered under the Act, in the event that, at any time when the Holder (which term for purposes of this section shall mean the
Holder and his or her executors, administrators and any other person to whom this Option may be transferred by will or the laws of descent
and distribution) is permitted to do so, the Holder desires to sell, assign or otherwise transfer any of the shares issued upon the exercise
of this Option, the Holder shall first offer such shares to the Company by giving written notice of the Holder’s desire so to sell,
assign or transfer such shares.


 


2.            Notice
of Intended Transfer. The notice shall state the number of shares offered, the name of the person
or persons to whom it is proposed to sell, assign or transfer such shares and the price at which such shares are intended to be sold,
assigned or transferred. Such notice shall constitute an offer to the Company for the Company to purchase the number of shares set forth
in the notice at a price per share equal to the price stated therein.


 


3.            Company
to Accept or Decline Within 30 Days. The Company may accept the offer as to all, but not less
than all, such shares by notifying the Holder in writing within 30 days after receipt of such notice of its acceptance of the offer. If
the offer is accepted, the Company shall have 60 days after such acceptance within which to purchase the offered shares at a price per
share as aforesaid. If within the applicable time periods the Holder does not receive notice of the Company’s intention to purchase
the offered shares, or if payment in full of the purchase price is not made by the Company, the offer shall be deemed to have been rejected
and the Holder may transfer title to such shares within 90 days from the date of the Holder’s written notice to the Company of the
Holder’s intention to sell, but such transfer shall be made only to the proposed transferee and at the proposed price as stated
in such notice and after compliance with any other provisions of this Option applicable to the transfer of such shares.


 


4.            Transferred
Shares to Remain Subject to Right of First Refusal. Shares that are so transferred to such transferee
shall remain subject to the rights of the Company set forth in this Appendix A. As a condition to such transfer, such transferee shall
execute and deliver all such documents as the Company may require to evidence the binding agreement of such transferee so to remain subject
to the rights of the Company.


 


5.            Remedies
of Company. No sale, assignment, pledge or other transfer of any of the shares covered by this
Option shall be effective or given effect on the books of the Company unless all of the applicable provisions of this Appendix A have
been duly complied with, and the Company may inscribe on the face of any certificate representing any of such shares a legend referring
to the provisions of this Appendix A. If any transfer of shares is made or attempted in violation of the foregoing restrictions, or if
shares are not offered to the Company as required hereby, the Company shall have the right to purchase such shares from the owner thereof
or his transferee at any time before or after the transfer, as herein provided. In addition to any other legal or equitable remedies which
it may have, the Company may enforce its rights by actions for specific performance (to the extent permitted by law) and may refuse to
recognize any transferee as one of its stockholders for any purpose, including, without limitation, for purposes of dividend and voting
rights, until all applicable provisions hereof have been complied with.


 






    	 	5	 



     


    

 





6.            Shares
Subject to Right of First Refusal. For purposes of the Right of First Refusal pursuant to this
Appendix A, the term “shares” shall mean any and all new, substituted or additional securities or other property issued to
the Holder, by reason of his or her ownership of Common Stock pursuant to the exercise of this Option, in connection with any stock dividend,
liquidating dividend, stock split or other change in the character or amount of any of the outstanding securities of the Company, or any
consolidation, merger or sale of all or substantially all of the assets of the Company.


 


7.            Legends
on Stock Certificates. Any certificate representing shares of stock subject to the provisions
of this Appendix A may have endorsed thereon one or more legends, substantially as follows:


 


		(i)	“Any disposition of any interest in the securities represented by this certificate is subject to restrictions, and the securities
represented by this certificate are subject to certain options, contained in a certain agreement between the record holder hereof and
the Company, a copy of which will be mailed to any holder of this certificate without charge upon receipt by the Company of a written
request therefor.”



 


		(ii)	“The shares of stock represented by this certificate have not been registered under the Securities Act of 1933 or under the
securities laws of any state and may not be pledged, hypothecated, sold or otherwise transferred unless such shares have been registered
under the Act or unless the Company has received an opinion of counsel satisfactory to the Company, in form and substance satisfactory
to the Company, that such registration is not required.”



 


8.            Right
of First Refusal to Lapse Upon Registration. The restrictions imposed by this Appendix A shah
terminate in all respects upon the effective date of a registration statement under the Act covering any of the Company’s Common
Stock.


 






    	 	6	 



     


    

 





ENTRADA THERAPEUTICS, INC.


 


AMENDMENT TO THE 2016


STOCK INCENTIVE PLAN


 


The Entrada Therapeutics,
Inc. 2016 Stock Incentive Plan (as amended, the “Plan”) is hereby amended by the Board of Directors and stockholders
of Entrada Therapeutics, Inc., a Delaware corporation, as follows:


 


Section 4 of
the Plan is hereby amended to increase the total number of shares of Common Stock (as defined in the Plan) reserved for issuance under
the Plan by 3,749,436 shares such that Section 4 of the Plan, as so amended, shall read in its entirety as follows:


 


“Stock Subject to Plan.
Subject to adjustment as provided in Section 14.2 below, the maximum number of shares of Common Stock which may be issued under the Plan
is 14,450,786 shares, all of which may be issued with respect to Incentive Stock Options. If an Option shall expire or terminate for any
reason without having been exercised in full, the unpurchased shares subject to such Option shall again be available for subsequent Option
grants or Restricted Stock Awards under the Plan. If shares of Restricted Stock shall be forfeited to, or otherwise repurchased by, the
Company pursuant to a Restricted Stock Agreement, such repurchased shares shall again be available for subsequent Option grants or Restricted
Stock Awards under the Plan. If shares otherwise issuable upon exercise of an Option are withheld by the Company in payment of the exercise
price of an Option or to satisfy tax withholding obligations with respect to such exercise, such withheld shares shall again be available
for subsequent Option grants or Restricted Stock Awards under the Plan.”


 


All capitalized
terms used herein and not separately defined shall have the meanings ascribed to them in the Plan.


 


DATE ADOPTED BY THE BOARD OF DIRECTORS:      August
12, 2020


 


DATE APPROVED BY THE STOCKHOLDERS:                August 12,
2020


 






     

     


    

 


ENTRADA THERAPEUTICS, INC. 


 


AMENDMENT TO THE


2016 STOCK INCENTIVE PLAN


 


The Entrada Therapeutics,
Inc. 2016 Stock Incentive Plan (as amended, the “Plan”) is hereby amended by the Board of Directors and stockholders
of Entrada Therapeutics, Inc., a Delaware corporation, as follows:


 


Section 4 of the Plan is hereby
amended to increase the total number of shares of Common Stock (as defined in the Plan) reserved for issuance under the Plan by 8,057,090
shares such that Section 4 of the Plan, as so amended, shall read in its entirety as follows:


 


“Stock Subject to Plan.
Subject to adjustment as provided in Section 14.2 below, the maximum number of shares of Common Stock which may be issued under the Plan
is 22,507,876 shares, all of which may be issued with respect to Incentive Stock Options. If an Option shall expire or terminate for any
reason without having been exercised in full, the unpurchased shares subject to such Option shall again be available for subsequent Option
grants or Restricted Stock Awards under the Plan. If shares of Restricted Stock shall be forfeited to, or otherwise repurchased by, the
Company pursuant to a Restricted Stock Agreement, such repurchased shares shall again be available for subsequent Option grants or Restricted
Stock Awards under the Plan. If shares otherwise issuable upon exercise of an Option are withheld by the Company in payment of the exercise
price of an Option or to satisfy tax withholding obligations with respect to such exercise, such withheld shares shall again be available
for subsequent Option grants or Restricted Stock Awards under the Plan.”


 


Except as expressly modified
by this Amendment, the Plan remains in full force and effect pursuant to its terms. All capitalized terms used herein and not separately
defined shall have the meanings ascribed to them in the Plan.


 


DATE ADOPTED BY THE BOARD OF DIRECTORS:         March 29, 2021


 


DATE APPROVED BY THE STOCKHOLDERS:                   March 29, 2021