Exhibit 10.3


 





 





 



 




	«Name»	Plan:  1999 Stock Plan




 





 



 


Dear «Name»:


 


You have been granted an option to purchase
Common Stock of IronPlanet, Inc. (the “Company”) as follows:


 


	Date of Grant:	«Grant_Date»
	 	 
	Exercise Price per Share:	US «Exercise_Price_share»
	 	 
	Total Number of Shares Granted:	«No_Of_Shares_»
	 	 
	Total Exercise Price:	US «Total_Exercise_Price»
	 	 
	Type of Option	«Type»
	 	 
	Expiration Date:	«Expiration_Date»
	 	 
	Vesting Commencement Date	«Vesting_Commencement_Date»
	 	 
	Vesting Schedule:	So long as your Continuous Status as an Employee or Consultant continues, the Shares underlying this Option shall vest and become exercisable in accordance with the following schedule:  25% of the Shares subject to the Option shall vest and become exercisable on the twelfth month anniversary of the Vesting Commencement Date and 1/48th of the total number of Shares subject to the Option shall vest and become exercisable on the same day of each month thereafter, such that the Option shall be fully vested at the end of four (4) years following the Vesting Commencement Date.
	 	 
	Termination Period:	This Option may be exercised for ninety (90) days after termination of your Continuous Status as an Employee or Consultant except as set out in Section 5 of the Stock Option Agreement (but in no event later than the Expiration Date).  Optionee is responsible for keeping track of these exercise periods following termination for any reason of his or her service relationship with the Company.  The Company will not provide further notice of such periods.


 





 



 


By electronically signing
the document, you and the Company agree that this Option is granted under and governed by the terms and conditions of this Notice
of Stock Option Grant (the “Notice”), the IronPlanet, Inc. 1999 Stock Plan (the “Plan”) and
the Stock Option Agreement, both of which are attached and made a part of this document.


 


By electronically signing
the Notice, I agree and acknowledge the following:


 


(a)          I
have been able to access and view this Notice, the Plan, the Stock Option Agreement, and any ancillary documents and understand
that all rights and obligations with respect to the Option and the shares subject to this Option are set forth in this Notice,
the Plan, the Stock Option Agreement, and any ancillary documents;


 


 




     


     


    

 


(b)          I
agree to all terms and conditions contained in this Notice, the Plan, the Stock Option Agreement, and any ancillary documents;


 


(c)          I
agree and acknowledge that my rights to any Shares underlying the Option will be earned only as I provide services to the Company
over time, that the grant of the Option is not as consideration for services I rendered to the Company prior to my date of hire,
and that nothing in this Notice or the attached documents confers upon me any right to continue my employment or consulting relationship
with the Company or any parent, subsidiary, or affiliate of the Company for any period of time, nor does it interfere in any way
with my right or the Company’s right to terminate that relationship at any time, for any reason, with or without cause; and


 


(d)          to
the extent applicable, the Exercise Price Per Share has been set at the fair market value of the Shares on the Date of Grant in
good faith compliance with the applicable guidance issued by the IRS under Section 409A of the Code in order to avoid the Option
being treated as deferred compensation under Section 409A of the Code and applicable tax laws. However, there is no guarantee that
the IRS and other tax authorities will agree with the valuation and, by electronically signing the Notice, I agree and acknowledge
that the Company, its Board, officers, employees, agents and stockholders shall not be held liable for any applicable costs, taxes,
or penalties associated with the Option if, in fact, the IRS, or any other tax authorities or any other person (including, without
limitation, a successor corporation or an acquirer in a change of control) were to determine that the Option constitutes deferred
compensation under Section 409A of the Code or any other Applicable Laws. I agree that I should consult with my own tax advisor
concerning the tax consequences of such a determination by the IRS and other tax authorities. For purposes of this paragraph, the
term “Company” will be interpreted to include any Parent, Subsidiary or Affiliate.


 





 



 


	IRONPLANET, INC.*:	 	OPTIONEE:*
	 	 	 	 
	 	 	 	 
	By:	Douglas P. Feick	 	 
	Title:	SVP, Corporate Development and

General Counsel	 	 


 


* Signed by Optionee and Company by electronic signature.


 




    	 	2	 



     


    

 


IRONPLANET, INC.


 


1999 STOCK PLAN


 


STOCK OPTION AGREEMENT


 


1.           Grant
of Option. IronPlanet, Inc., a Delaware corporation (the “Company”), hereby grants to the person (“Optionee”)
named in the Notice of Stock Option Grant (the “Notice”), an option (the “Option”) to purchase
the total number of shares of Common Stock (the “Shares”) set forth in the Notice, at the exercise price per
Share set forth in the Notice (the “Exercise Price”) subject to the terms, definitions and provisions of the
IronPlanet, Inc. 1999 Stock Plan (the “Plan”) adopted by the Company, which is incorporated in this Stock Option
Agreement (this “Agreement”) by reference. Unless otherwise defined in this Agreement, the terms used in this
Agreement or the Notice shall have the meanings defined in the Plan.


 


2.           Designation
of Option. This Option is intended to be an Incentive Stock Option as defined in Section 422 of the Code only to the
extent so designated in the Notice, and to the extent it is not so designated or to the extent the Option does not qualify as an
Incentive Stock Option, it is intended to be a Nonstatutory Stock Option.


 


Notwithstanding the above,
if designated as an Incentive Stock Option, in the event that the Shares subject to this Option (and all other Incentive Stock
Options granted to Optionee by the Company or any Parent or Subsidiary, including under other plans of the Company) that first
become exercisable in any calendar year have an aggregate fair market value (determined for each Share as of the date of grant
of the option covering such Share) in excess of $100,000, the Shares in excess of $100,000 shall be treated as subject to a Nonstatutory
Stock Option, in accordance with Section 5(c) of the Plan.


 


3.           Exercise
of Option. This Option shall be exercisable during its term in accordance with the Vesting/Exercise Schedule set out in
the Notice and with the provisions of Section 10 of the Plan as follows:


 


(a)          Right
to Exercise.


 


(i)          This
Option may not be exercised for a fraction of a share.


 


(ii)         In
the event of Optionee’s termination of Continuous Status as an Employee or Consultant due to death, disability or other termination
of Continuous Status as an Employee or Consultant, the exercisability of the Option is governed by Section 5 below, subject
to the limitations contained in this Section 3.


 


(iii)        In
no event may this Option be exercised after the Expiration Date of the Option as set forth in the Notice.


 


(b)          Method
of Exercise.


 


(i)          This
Option shall be exercisable by execution and delivery of the Exercise Notice and Restricted Stock Purchase Agreement attached hereto
as Exhibit A (the “Exercise Agreement”) or of any other form of written notice approved for such purpose
by the Company which shall state Optionee’s election to exercise the Option, the number of Shares in respect of which the
Option is being exercised, and such other representations and agreements as to the holder’s investment intent with respect
to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by
Optionee and shall be delivered to the Company by such means as are determined by the Plan Administrator in its discretion to constitute
adequate delivery. The written notice shall be accompanied by payment of the Exercise Price. This Option shall be deemed to be
exercised upon receipt by the Company of such written notice accompanied by the Exercise Price.


 


(ii)         As
a condition to the exercise of this Option and as further set forth in Section 12 of the Plan, Optionee agrees to make adequate
provision for federal, state or other tax withholding obligations, if any, which arise upon the vesting or exercise of the Option,
or disposition of Shares, whether by withholding, direct payment to the Company, or otherwise.


 


(iii)        The
Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon exercise of the Option unless
such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation
with its legal counsel.  This Option may not be exercised until such time as the Plan has been approved by the stockholders
of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares
would constitute a violation of any applicable federal or state securities or other law or regulation, including any rule under
Part 221 of Title 12 of the Code of Federal Regulations as promulgated by the Federal Reserve Board. As a condition to
the exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as may be
required by the Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to
Optionee on the date on which the Option is exercised with respect to such Shares.


 




     


     


    

 


4.           Method
of Payment. Payment of the Exercise Price shall be by any of the following, or a combination of the following, at the election
of Optionee:


 


(a)          cash
or check;


 


(b)          prior
to the date, if any, upon which the Common Stock becomes a Listed Security, by surrender of other shares of Common Stock of the
Company that have an aggregate Fair Market Value on the date of surrender equal to the Exercise Price of the Shares as to which
the Option is being exercised. In the case of shares acquired directly or indirectly from the Company, such shares must have been
owned by Optionee for more than six (6) months on the date of surrender (or such other period of time as is necessary to avoid
the Company’s incurring adverse accounting charges); or


 


(c)          following
the date, if any, upon which the Common Stock is a Listed Security, delivery of a properly executed exercise notice together with
irrevocable instructions to a broker approved by the Company to deliver promptly to the Company the amount of sale or loan proceeds
required to pay the exercise price.


 


5.           Termination
of Relationship. Following the date of termination of Optionee’s Continuous Status as an Employee or Consultant for
any reason (the “Termination Date”), Optionee may exercise the Option only as set forth in the Notice and this
Section 5. To the extent that Optionee is not entitled to exercise this Option as of the Termination Date, or if Optionee does
not exercise this Option within the Termination Period set forth in the Notice or the termination periods set forth below, the
Option shall terminate in its entirety. In no event, may any Option be exercised after the Expiration Date of the Option as set
forth in the Notice.


 


(a)          Termination.
In the event of termination of Optionee’s Continuous Status as an Employee or Consultant other than as a result of Optionee’s
disability or death, Optionee may, to the extent otherwise so entitled at the date of such termination (the “Termination
Date”), exercise this Option during the Termination Period set forth in the Notice.


 


(b)          Other
Terminations. In connection with any termination other than a termination covered by Section 5(a), Optionee may exercise
the Option only as described below:


 


(i)          Termination
upon Disability of Optionee.  In the event of termination of Optionee’s Continuous Status as an Employee or Consultant
as a result of Optionee’s disability, Optionee may, but only within twelve months from the Termination Date, exercise
this Option to the extent Optionee was entitled to exercise it as of such Termination Date.


 


(ii)         Death
of Optionee. In the event of the death of Optionee (a) during the term of this Option and while an Employee or Consultant
of the Company and having been in Continuous Status as an Employee or Consultant since the date of grant of the Option, or (b)
within thirty (30) days after Optionee’s Termination Date, the Option may be exercised at any time within six (6) months
following the date of death by Optionee’s estate or by a person who acquired the right to exercise the Option by bequest
or inheritance, but only to the extent Optionee was entitled to exercise the Option as of the Termination Date.


 


6.           Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Optionee only by him or her. The terms of this Option shall be binding upon the executors,
administrators, heirs, successors and assigns of Optionee.


 


7.           Tax
Consequences. Below is a brief summary as of the date of this Option of certain of the federal tax consequences of exercise
of this Option and disposition of the Shares under the laws in effect as of the Date of Grant. THIS SUMMARY IS INCOMPLETE, AND
THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING
OF THE SHARES.


 




    	 	-2-	 



     


    

 


(a)          Incentive
Stock Option.


 


(i)          Tax
Treatment upon Exercise and Sale of Shares. If this Option qualifies as an Incentive Stock Option, there will be no regular
federal income tax liability upon the exercise of the Option, although the excess, if any, of the fair market value of the Shares
on the date of exercise over the Exercise Price will be treated as an adjustment to the alternative minimum tax for federal tax
purposes and may subject Optionee to the alternative minimum tax in the year of exercise. If Shares issued upon exercise of an
Incentive Stock Option are held for at least one year after exercise and are disposed of at least two years after the Option grant
date, any gain realized on disposition of the Shares will also be treated as long-term capital gain for federal income tax purposes.
If Shares issued upon exercise of an Incentive Stock Option are disposed of within such one-year period or within two years after
the Option grant date, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income
rates) to the extent of the difference between the Exercise Price and the lesser of (i) the fair market value of the Shares
on the date of exercise, or (ii) the sale price of the Shares.


 


(ii)         Notice
of Disqualifying Dispositions. With respect to any Shares issued upon exercise of an Incentive Stock Option, if Optionee
sells or otherwise disposes of such Shares on or before the later of (i) the date two years after the Option grant date, or
(ii) the date one year after the date of exercise, Optionee shall immediately notify the Company in writing of such disposition.
Optionee acknowledges and agrees that he or she may be subject to income tax withholding by the Company on the compensation income
recognized by Optionee from the early disposition by payment in cash or out of the current earnings paid to Optionee.


 


(b)          Nonstatutory
Stock Option. If this Option does not qualify as an Incentive Stock Option, there may be a regular federal (and state)
income tax liability upon the exercise of the Option. Optionee will be treated as having received compensation income (taxable
at ordinary income tax rates) equal to the excess, if any, of the fair market value of the Shares on the date of exercise over
the Exercise Price. If Optionee is an Employee, the Company will be required to withhold from Optionee’s compensation or
collect from Optionee and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income
at the time of exercise. If Shares issued upon exercise of a Nonstatutory Stock Option are held for at least one year, any gain
realized on disposition of the Shares will be treated as long-term capital gain for federal income tax purposes.


 


8.           Lock-Up
Agreement. In connection with the initial public offering of the Company’s securities and upon request of the Company
or the underwriters managing any underwritten offering of the Company’s securities, Optionee hereby agrees not to sell, make
any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however and
whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters,
as the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration as may be requested
by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters
at the time of the public offering.


 


9.           Miscellaneous.


 


(a)          Effect
of Agreement. Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms
and provisions thereof (and has had an opportunity to consult counsel regarding the Option terms), and hereby accepts this Option
and agrees to be bound by its contractual terms as set forth herein and in the Plan. Optionee hereby agrees to accept as binding,
conclusive and final all decisions and interpretations of the Plan Administrator regarding any questions relating to the Option.
In the event of a conflict between the terms and provisions of the Plan and the terms and provisions of the Notice and this Agreement,
the Plan terms and provisions shall prevail. The Notice, this Agreement and the Plan constitute the entire agreement between Optionee
and the Company on the subject matter hereof and supersedes all proposals, written or oral, and all other communications between
the parties relating to such subject matter.


 


(b)          Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles
of conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from this Agreement, the parties
hereby submit and consent to litigation in the exclusive jurisdiction of the State of California and agree that any such litigation
shall be conducted only in the courts of California or the federal courts for the United States for the Northern District of California
and no other courts.


 


(c)          Severability.
If one or more provisions of this Agreement are held to be unenforceable under Applicable Laws, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such
provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of this Agreement shall be
interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance
with its terms.


 




    	 	-3-	 



     


    

 


(d)          Mode
of Communications.  Optionee agrees, to the fullest extent permitted by Applicable Law, in lieu of receiving documents
in paper format, to accept electronic delivery of any documents that the Company may deliver in connection with this grant and
any other grants offered by the Company, including prospectuses, grant notifications, account statements, annual or quarterly reports,
and other communications. Electronic delivery of a document may be made via the Company's email system or by reference to a location
on the Company's intranet or website. To the extent Option has been provided with a copy of this Agreement, the Plan, or any other
documents relating to the grant in a language other than English, the English language documents will prevail in case of any ambiguities
or divergences as a result of translation.


 


(e)          Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally
or sent by fax or forty-eight (48) hours after being deposited in the mail, as certified or registered mail, with postage prepaid,
and addressed to the Company at the Company's headquarters and to Optionee at the last address provided by Optionee to the Company.


 


(f)           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one document.


 


(g)          Successors
and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s
successors and assigns. The rights and obligations of Optionee under this Agreement may only be assigned with the prior written
consent of the Company.


 




    	 	-4-	 



     


    

 


EXHIBIT A


 


IRONPLANET, INC.


 


1999 STOCK PLAN


 


EXERCISE NOTICE AND RESTRICTED STOCK
PURCHASE AGREEMENT


 


This Agreement (“Agreement”)
is made as of ___________________, by and between IronPlanet, Inc., a Delaware corporation (the “Company”),
and _________________ (“Purchaser”). To the extent any capitalized terms used in this Agreement are not defined,
they shall have the meaning ascribed to them in the 1999 Stock Plan.


 


1.           Exercise
of Option. Subject to the terms and conditions hereof, Purchaser hereby elects to exercise his or her option to purchase
_______________ shares of the Common Stock (the “Shares”) of the Company under and pursuant to the Company’s
1999 Stock Plan (the “Plan”) and the Stock Option Agreement dated ___________________ (the “Option
Agreement”). The purchase price for the Shares shall be $________ per Share for a total purchase price of $_________________.
The term “Shares” refers to the purchased Shares and all securities received in replacement of the Shares or
as stock dividends or splits, all securities received in replacement of the Shares in a recapitalization, merger, reorganization,
exchange or the like, and all new, substituted or additional securities or other properties to which Purchaser is entitled by reason
of Purchaser’s ownership of the Shares.


 


2.           Time
and Place of Exercise. The purchase and sale of the Shares under this Agreement shall occur at the principal office of
the Company simultaneously with the execution and delivery of this Agreement in accordance with the provisions of Section 2(b)
of the Option Agreement. On such date, the Company will deliver to Purchaser a certificate representing the Shares to be purchased
by Purchaser (which shall be issued in Purchaser’s name) against payment of the exercise price therefor by Purchaser by (a)
check made payable to the Company, (b) cancellation of indebtedness of the Company to Purchaser, (c) delivery of shares of the
Common Stock of the Company in accordance with Section 3 of the Option Agreement, or (d) by a combination of the foregoing.


 


3.           Limitations
on Transfer. In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not
assign, encumber or dispose of any interest in the Shares except in compliance with the provisions below and applicable securities
laws.


 


(a)          Right
of First Refusal. Before any Shares held by Purchaser or any transferee of Purchaser (either being sometimes referred to
herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law),
the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth
in this Section 3(a) (the “Right of First Refusal”).


 


(i)          Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”)
stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each
proposed purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred
to each Proposed Transferee; and (iv) the terms and conditions of each proposed sale or transfer. The Holder shall offer the
Shares at the same price (the “Offered Price”) and upon the same terms (or terms as similar as reasonably possible)
to the Company or its assignee(s).


 


(ii)         Exercise
of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s)
may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred
to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (iii) below.


 


(iii)        Purchase
Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s)
under this Section 3(a) shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent
value of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith.


 


(iv)        Payment.
Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation
of all or a portion of any outstanding indebtedness, or by any combination thereof within 30 days after receipt of the Notice or
in the manner and at the times set forth in the Notice.


 




     


     


    

 


(v)         Holder’s
Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not
purchased by the Company and/or its assignee(s) as provided in this Section 3(a), then the Holder may sell or otherwise transfer
such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is
consummated within 60 days after the date of the Notice and provided further that any such sale or other transfer is effected in
accordance with any applicable securities laws and the Proposed Transferee agrees in writing that the provisions of this Section 3
shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred
to the Proposed Transferee within such period, or if the Holder proposes to change the price or other terms to make them more favorable
to the Proposed Transferee, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered
the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.


 


(vi)        Exception
for Certain Family Transfers. Anything to the contrary contained in this Section 3(a) notwithstanding, the transfer
of any or all of the Shares during Purchaser’s lifetime or on Purchaser’s death by will or intestacy to Purchaser’s
Immediate Family or a trust for the benefit of Purchaser’s Immediate Family shall be exempt from the provisions of this Section
3(a). “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother,
brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to
the provisions of this Section, and there shall be no further transfer of such Shares except in accordance with the terms of this
Section 3.


 


(b)          Involuntary
Transfer.


 


(i)          Company’s
Right to Purchase upon Involuntary Transfer. In the event, at any time after the date of this Agreement, of any transfer
by operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as
set forth in Section 3(a)(vi) above) of all or a portion of the Shares by the record holder thereof, the Company shall have an
option to purchase all of the Shares transferred at the greater of the purchase price paid by Purchaser pursuant to this Agreement
or the Fair Market Value of the Shares on the date of transfer. Upon such a transfer, the person acquiring the Shares shall promptly
notify the Secretary of the Company of such transfer. The right to purchase such Shares shall be provided to the Company for a
period of thirty (30) days following receipt by the Company of written notice by the person acquiring the Shares.


 


(ii)         Price
for Involuntary Transfer. With respect to any stock to be transferred pursuant to Section 3(b)(i), the price per Share
shall be a price set by the Board of Directors of the Company that will reflect the current value of the stock in terms of present
earnings and future prospects of the Company. The Company shall notify Purchaser or his or her executor of the price so determined
within thirty (30) days after receipt by it of written notice of the transfer or proposed transfer of Shares. However, if the Purchaser
does not agree with the valuation as determined by the Board of Directors of the Company, the Purchaser shall be entitled to have
the valuation determined by an independent appraiser to be mutually agreed upon by the Company and the Purchaser and whose fees
shall be borne equally by the Company and the Purchaser.


 


(c)          Assignment.
The right of the Company to purchase any part of the Shares may be assigned in whole or in part to any shareholder or shareholders
of the Company or other persons or organizations.


 


(e)          Restrictions
Binding on Transferees. All transferees of Shares or any interest therein will receive and hold such Shares or interest
subject to the provisions of this Agreement. Any sale or transfer of the Company’s Shares shall be void unless the provisions
of this Agreement are satisfied.


 


(f)           Termination
of Rights. The right of first refusal granted the Company by Section 3(a) above and the option to repurchase the Shares
in the event of an involuntary transfer granted the Company by Section 3(b) above shall terminate upon the first sale of Common
Stock of the Company 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 (the “Securities Act”). Upon termination
of the right of first refusal described in Section 3(a) above, a new certificate or certificates representing the Shares not repurchased
shall be issued, on request, without the legend referred to in Section 6(a)(ii) herein and delivered to Purchaser.


 


4.           Investment
and Taxation Representations. In connection with the purchase of the Shares, Purchaser represents to the Company the following:


 


(a)          Purchaser
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing these securities for investment
for his or her own account only and not with a view to, or for resale in connection with, any “distribution” thereof
within the meaning of the Securities Act or under any applicable provision of state law. Purchaser does not have any present intention
to transfer the Shares to any person or entity.


 




    	 	-2-	 



     


    

 


(b)          Purchaser
understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom, which
exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein.


 


(c)          Purchaser
further acknowledges and understands that the securities must be held indefinitely unless they are subsequently registered under
the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the
Company is under no obligation to register the securities. Purchaser understands that the certificate(s) evidencing the securities
will be imprinted with a legend which prohibits the transfer of the securities unless they are registered or such registration
is not required in the opinion of counsel for the Company.


 


(d)          Purchaser
is familiar with the provisions of Rules 144 and 701, each promulgated under the Securities Act, which, in substance, permit
limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities
(or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Purchaser understands
that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule
144 or Rule 701, which rules require, among other things, that the Company be subject to the reporting requirements of the Securities
Exchange Act of 1934, as amended, that resales of securities take place only after the holder of the Shares has held the Shares
for certain specified time periods, and under certain circumstances, that resales of securities be limited in volume and take place
only pursuant to brokered transactions. Notwithstanding this paragraph (d), Purchaser acknowledges and agrees to the restrictions
set forth in paragraph (e) below.


 


(e)          Purchaser
further understands that in the event all of the applicable requirements of Rule 144 or 701 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding
the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion
that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to
Rule 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for
such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own
risk.


 


(f)          Purchaser
understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the
Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the
purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.


 


5.           Restrictive
Legends and Stop-Transfer Orders.


 


(a)          Legends.
The certificate or certificates representing the Shares shall bear the following legends (as well as any legends required by
applicable state and federal corporate and securities laws):


 


		(i)	THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION
WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL FOR THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.



 


		(ii)	THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED
ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE
SECRETARY OF THE COMPANY.



 


(b)          Stop-Transfer
Notices. Purchaser agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may
issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.


 




    	 	-3-	 



     


    

 


(c)          Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord
the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.


 


6.           No
Employment Rights. Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or
a parent or subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason, with
or without cause.


 


7.           Lock-Up
Agreement. In connection with the initial public offering of the Company’s securities and upon request of the Company
or the underwriters managing any underwritten offering of the Company’s securities, Purchaser agrees not to sell, make any
short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however or whenever
acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters,
as the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration as may be requested
by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters
at the time of the public offering.


 


8.           Miscellaneous.


 


(a)          Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles
of conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from this Agreement, the parties
hereby submit and consent to litigation in the exclusive jurisdiction of the State of California and agree that any such litigation
shall be conducted only in the courts of California or the federal courts for the United States for the Northern District of California
and no other courts.


 


(b)          Entire
Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and understanding of the parties relating
to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement,
nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement.
The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such
party.


 


(c)          Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such
provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be
interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance
with its terms.


 


(d)          Construction.
This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel,
if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed
in favor of or against any one of the parties hereto.


 


(e)          Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally
or sent by telegram or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with
postage prepaid, and addressed to the party to be notified at such party’s address as set forth below or as subsequently
modified by written notice.


 


(f)           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.


 


(g)          Successors
and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s
successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the prior written
consent of the Company.


 


(h)          California
Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH
THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY
PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION
BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY
CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.


 




    	 	-4-	 



     


    

 


The parties have executed
this Exercise Notice and Restricted Stock Purchase Agreement as of the date first set forth above.


 


	 	COMPANY:
	 	 
	 	IRONPLANET, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	PURCHASER:	 
	 	 	 
	 	 
	 	(Signature)	 
	 	 	 
	 	 
	 	(Print Name)	 
	 	 	 
	 	Address:	 
	 	 	 


 


I, ______________________, spouse of Purchaser,
have read and hereby approve the foregoing Agreement. In consideration of the Company’s granting my spouse the right to purchase
the Shares as set forth in the Agreement, I hereby agree to be irrevocably bound by the Agreement and further agree that any community
property or other such interest shall hereby by similarly bound by the Agreement. I hereby appoint my spouse as my attorney-in-fact
with respect to any amendment or exercise of any rights under the Agreement.


 


	 	 
	 	Spouse of Purchaser


 




    	 	-5-	 



     


    

 


RECEIPT


 


The undersigned hereby
acknowledges receipt of Certificate No. _____ for __________ shares of Common Stock of IronPlanet, Inc.


 


	Dated:  _______________	 
	 	(Signature)


 




     


     


    

 


RECEIPT


 


IronPlanet, Inc. (the “Company”)
hereby acknowledges receipt of (check as applicable):


 


	_______ 	 	A check in the amount of $____________
	 	 	 
	_______ 	 	The cancellation of indebtedness in the amount of $____________
	 	 	 
	_______ 	 	Certificate No. _____ representing __________ shares of the Company’s Common Stock with a fair market value of $___________


 


given by Purchaser as consideration
for Certificate No. _____ for _________ shares of Common Stock of the Company.


 


Dated: ______________


 


	 	IRONPLANET, INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	(print)
	 	 	 
	 	Title:	 


 




     


     


    

 


IRONPLANET, INC.


 


1999 STOCK PLAN


 


(as amended by the Board on August 25, 2011
and

ratified by the Stockholders on November 1, 2012)


 


1.           Purposes
and Term of the Plan.


 


(a)          Purposes
of the Plan. The purposes of this 1999 Stock Plan are to attract and retain the best available personnel for positions
of substantial responsibility, to provide additional incentive to Employees and Consultants of the Company and its Subsidiaries
and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options (as defined
under Section 422 of the Code) or Nonstatutory Stock Options, as determined by the Administrator at the time of grant of an
Option and subject to the applicable provisions of Section 422 of the Code, as amended, and the regulations promulgated thereunder.
Stock purchase rights may also be granted under the Plan.


 


(b)          Term
of the Plan. The Plan, as amended and restated herein, shall become effective on the date of its adoption by the Board,
subject to the approval of the Company’s stockholders as described in Section 19. The Plan shall terminate automatically
10 years after the later of (i) the date when the Board adopted the Plan or (ii) the date when the Board approved the most recent
increase in the number of Shares reserved under Section 3 that was also approved by the Company’s stockholders. The Plan
may be terminated on any earlier date pursuant to Section 15 below


 


2.           Definitions.
As used herein, the following definitions shall apply:


 


(a)          “Administrator”
means the Board or any of its Committees appointed pursuant to Section 4 of the Plan.


 


(b)          “Affiliate”
means an entity other than a Subsidiary (as defined below) in which the Company owns an equity interest.


 


(c)          “Applicable
Laws” means the legal requirements relating to the administration of stock option plans under U.S. state corporate
laws, U.S. federal and state securities laws, the Code, any Stock Exchange and the applicable laws of any other country or jurisdiction
where Options are granted under the Plan.


 


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


 


(e)          “Change
in Control” means a sale of all or substantially all of the Company’s assets, or a merger, consolidation or
other capital reorganization of the Company with or into another corporation; provided however that a merger, consolidation or
other capital reorganization in which the holders of more than 50% of the shares of capital stock of the Company outstanding immediately
prior to such transaction continue to hold (either by the voting securities remaining outstanding or by being converted into voting
securities of the surviving entity) more than 50% of the total voting power represented by the voting securities of the Company,
or such surviving entity, outstanding immediately after such transaction shall not constitute a Change in Control.


 


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


 


(g)          “Committee”
means the Committee appointed by the Board of Directors to administer the Plan in accordance with Section 4 below.


 


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


 


(i)           “Company”
means IronPlanet, Inc., a Delaware corporation.


 


(j)           “Consultant”
means any person, including an advisor, who renders services to the Company, or any Parent, Subsidiary or Affiliate, and is compensated
for such services, and any director of the Company whether compensated for such services or not.


 




     


     


    

 


(k)          “Continuous
Status as an Employee or Consultant” means the absence of any interruption or termination of service as an Employee
or Consultant. Continuous Status as an Employee or Consultant shall not be considered interrupted in the case of: (i) sick
leave; (ii) military leave; (iii) family leave (iv), any other leave of absence approved by the Administrator, provided
that such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by
contract or statute, or unless provided otherwise pursuant to Company policy adopted from time to time; or (v) in the case
of transfers between locations of the Company or between the Company, its Parent(s), Affiliates, Subsidiaries or their respective
successors. For purposes of this Plan, a change in status from an Employee to a Consultant or from a Consultant to an Employee
will not constitute an interruption of Continuous Status as an Employee or Consultant.


 


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


 


(m)         “Employee”
means any person, including officers and directors, employed by the Company or any Parent, Subsidiary or Affiliate of the Company,
with the status of employment determined based upon such minimum number of hours or periods worked as shall be determined by the
Administrator in its discretion, subject to any requirements of the Code. The payment by the Company of a director’s fee
to a director shall not be sufficient to constitute “employment” of such director by the Company.


 


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


 


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


 


(i)          If
the Common Stock is listed on any established stock exchange or a national market system including without limitation the National
Market of the National Association of Securities Dealers, Inc. Automated Quotation (“Nasdaq”) System, 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 such
system or exchange, or the exchange with the greatest volume of trading in Common Stock for the last market trading day prior to
the time of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;


 


(ii)         If
the Common Stock is quoted on the Nasdaq System (but not on the National Market thereof) or regularly quoted by a recognized securities
dealer but selling prices are not reported, its Fair Market Value shall be the mean between the high bid and low asked prices for
the Common Stock for the last market trading day prior to the time of determination, 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, the Fair Market Value thereof shall be determined in good faith by the
Administrator.


 


(p)          “Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422
of the Code, as designated in the applicable written Option Agreement.


 


(q)          “Listed
Security” means any security of the Company which is listed or approved for listing on a national securities exchange
or designated or approved for designation as a national market system security on an interdealer quotation system by the National
Association of Securities Dealers, Inc.


 


(r)           “Nonstatutory
Stock Option” means an Option not intended to qualify as an Incentive Stock Option, as designated in the applicable
written Option Agreement.


 


(s)          “Option”
means a stock option granted pursuant to the Plan.


 


(t)           “Option
Agreement” means a written agreement between an Optionee and the Company reflecting the terms of an Option granted
under the Plan and includes any documents attached to such Option Agreement, including, but not limited to, a notice of stock option
grant and a form of exercise notice.


 


(u)          “Option
Exchange Program” means a program whereby outstanding Options are exchanged for Options with a lower exercise price.


 


(v)          “Optioned
Stock” means the Common Stock subject to an Option or a Stock Purchase Right.


 


(w)         “Optionee”
means an Employee or Consultant who receives an Option or a Stock Purchase Right.


 


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


 




    	 	2	 



     


    

 


(y)          “Plan”
means this 1999 Stock Plan.


 


(z)          “Reporting
Person” means an officer, director, or greater than 10% shareholder of the Company within the meaning of Rule 16a-2
under the Exchange Act, who is required to file reports pursuant to Rule 16a-3 under the Exchange Act.


 


(aa)        “Restricted
Stock” means shares of Common Stock acquired pursuant to a grant of a Stock Purchase Right under Section 10
below.


 


(bb)        “Restricted
Stock Purchase Agreement” means a written agreement between a holder of a Stock Purchase Right and the Company reflecting
the terms of a Stock Purchase Right granted under the Plan and includes any documents attached to such agreement.


 


(cc)        “Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act, as the same may be amended from time to time, or any
successor provision.


 


(dd)       “Share”
means a share of the Common Stock, as adjusted in accordance with Section 12 of the Plan.


 


(ee)        “Stock
Exchange” means any stock exchange or consolidated stock price reporting system on which prices for the Common Stock
are quoted at any given time.


 


(ff)         “Stock
Purchase Right” means the right to purchase Common Stock pursuant to Section 10 below.


 


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


 


3.           Stock
Subject to the Plan. Subject to the provisions of Section 12 of the Plan, the maximum aggregate number of Shares that
may be sold under the Plan is 20,728,018 Shares of Common Stock (the “Reserved Shares”). The Shares may be authorized,
but unissued, or reacquired Common Stock. If an Option expires or becomes unexercisable for any reason without having been exercised
in full, or is surrendered pursuant to an Option Exchange Program, the unpurchased Shares that were subject thereto shall, unless
the Plan shall have been terminated, become available for future grant under the Plan. In addition, any Shares of Common Stock
that are retained by the Company upon exercise of an Option or Stock Purchase Right in order to satisfy the exercise or purchase
price for such Option or Stock Purchase Right or any withholding taxes due with respect to such exercise shall be treated as not
issued and shall continue to be available under the Plan. Effective as of the date of adoption of this Plan, Shares issued under
the Plan and later repurchased by the Company pursuant to any repurchase right that the Company may have shall be available for
future grant under the Plan; provided that the total number of Shares issued (counting each reissuance of a Share that was previously
issued and then forfeited or repurchased by the Company as a separate issuance) under the Plan upon exercise of Incentive Stock
Options shall not exceed two times the Reserved Shares (subject to adjustment under Section 12(a)) over the term of the Plan.


 


4.           Administration
of the Plan.


 


(a)          Initial
Plan Procedure. Prior to the date, if any, upon which the Company becomes subject to the Exchange Act, the Plan shall be
administered by the Board or a Committee appointed by the Board.


 


(b)          Plan
Procedure After the Date, if any, Upon Which the Company Becomes Subject to the Exchange Act.


 


(i)          Multiple
Administrative Bodies. If permitted by Rule 16b-3, grants under the Plan may be made by different bodies with respect to
Directors, non-Director officers and Employees or Consultants who are not Reporting Persons.


 


(ii)         Administration
With Respect to Reporting Persons. With respect to grants of Options or Stock Purchase Rights to Employees who are Reporting
Persons, such grants shall be made by (A) the Board if the Board may make grants to Reporting Persons under the Plan in compliance
with Rule 16b-3, or (B) a Committee designated by the Board to make grants to Reporting Persons under the Plan, which Committee
shall be constituted in such a manner as to permit grants under the Plan to comply with Rule 16b-3. Once appointed, such Committee
shall continue to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase
the size of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members
in substitution therefor, fill vacancies, however caused, and remove all members of the Committee and thereafter directly make
grants to Reporting Persons under the Plan, all to the extent permitted by Rule 16b-3.


 




    	 	3	 



     


    

 


(iii)        Administration
With Respect to Consultants and Other Employees. With respect to grants of Options or Stock Purchase Rights to Employees
or Consultants who are not Reporting Persons, 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. From time to time the Board may increase
the size of the Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members
in substitution therefor, fill vacancies, however caused, and remove all members of the Committee and thereafter directly administer
the Plan, all to the extent permitted by the Applicable Laws.


 


(c)          Powers
of the Administrator. Subject to the provisions of the Plan and in the case of a Committee, the specific duties delegated
by the Board to such Committee, and subject to the approval of any relevant authorities, including the approval, if required, of
any Stock Exchange, the Administrator shall have the authority, in its discretion:


 


(i)          to
determine the Fair Market Value of the Common Stock, in accordance with Section 2(o) of the Plan;


 


(ii)         to
select the Consultants and Employees to whom Options and Stock Purchase Rights or any combination thereof may from time to time
be granted hereunder;


 


(iii)        to
determine whether and to what extent Options and Stock Purchase Rights or any combination thereof are granted hereunder;


 


(iv)        to
determine the number of shares of Common Stock to be covered by each such award granted hereunder;


 


(v)         to
approve forms of agreement for use under the Plan;


 


(vi)        to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any award granted hereunder, which terms and
conditions include but are not limited to the exercise or purchase price, the time or times when Options or Stock Purchase Rights
may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and
any restriction or limitation regarding any Option, Optioned Stock, Stock Purchase Right or Restricted Stock, based in each case
on such factors as the Administrator, in its sole discretion, shall determine;


 


(vii)       to
determine whether and under what circumstances an Option may be settled in cash under Section 9(g) instead of Common Stock;


 


(viii)      to
reduce the exercise price of any Option to the then current Fair Market Value if the Fair Market Value of the Common Stock covered
by such Option shall have declined since the date the Option was granted;


 


(ix)         to
determine the terms and restrictions applicable to Stock Purchase Rights and the Restricted Stock purchased by exercising such
Stock Purchase Rights;


 


(x)          to
initiate an Option Exchange Program;


 


(xi)         to
construe and interpret the terms of the Plan and awards granted under the Plan; and


 


(xii)        in
order to fulfill the purposes of the Plan and without amending the Plan, to modify grants of Options or Stock Purchase Rights to
participants who are foreign nationals or employed outside of the United States in order to recognize differences in local law,
tax policies or customs.


 


(d)          Effect
of Administrator’s Decision. All decisions, determinations and interpretations of the Administrator shall be final
and binding on all holders of Options or Stock Purchase Rights.


 




    	 	4	 



     


    

 


5.           Eligibility.


 


(a)          Recipients
of Grants. Nonstatutory Stock Options and Stock Purchase Rights may be granted to Employees and Consultants. Incentive
Stock Options may be granted only to Employees; provided however that Employees of Affiliates shall not be eligible to receive
Incentive Stock Options. An Employee or Consultant who has been granted an Option or Stock Purchase Right may, if he or she is
otherwise eligible, be granted additional Options or Stock Purchase Rights.


 


(b)          Type
of Option. Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory
Stock Option. However, notwithstanding such designations, to the extent that the aggregate Fair Market Value of Shares with respect
to which Options designated as Incentive Stock Options are exercisable for the first time by any Optionee during any calendar year
(under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, such excess Options shall be treated as Nonstatutory
Stock Options. For purposes of this Section 5(b), Incentive Stock Options shall be taken into account in the order in which
they were granted, and the Fair Market Value of the Shares subject to an Incentive Stock Option shall be determined as of the date
of the grant of such Option.


 


(c)          At-Will
Relationship. The Plan shall not confer upon the holder of any Option or Stock Purchase Right any right with respect to
continuation of employment or consulting relationship with the Company, nor shall it interfere in any way with such holder’s
right or the Company’s right to terminate his or her employment or consulting relationship at any time, with or without cause.


 


6.           Term
of Plan. The Plan shall become effective upon its adoption by the Board. It shall continue in effect for a term of ten
years unless sooner terminated under Section 15 of the Plan.


 


7.           Term
of Option. The term of each Option shall be the term stated in the Option Agreement; provided, however, that the term shall
be no more than ten years from the date of grant thereof or such shorter term as may be provided in the Option Agreement.
However, in the case of an Incentive Stock Option granted to an Optionee who, at the time the Option is granted, owns stock representing
more than 10% of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of
the Option shall be five years from the date of grant thereof or such shorter term as may be provided in the Option Agreement.


 


8.           Option
Exercise Price and Consideration.


 


(a)          The
per share exercise price for the Shares to be issued pursuant to exercise of an Option shall be such price as is determined by
the Board and set forth in the Option Agreement, but shall be subject to the following:


 


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


 


(A)         granted
to an Employee who, at the time of the grant of such Incentive Stock Option, owns stock representing more than 10% of the total
combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be
no less than 110% of the Fair Market Value per Share on the date of grant.


 


(B)         granted
to any other Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of
grant.


 


(ii)         In
the case of a Nonstatutory Stock Option that is intended to qualify as performance-based compensation under Section 162(m) of the
Code and is granted on or after the date, if ever, on which the Common Stock becomes a Listed Security, the per Share exercise
price shall be no less than 100% of the Fair Market Value on the date of grant; and


 


(iii)        Notwithstanding
the foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to a merger or other
corporate transaction.


 




    	 	5	 



     


    

 


(b)          The
consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined
by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant) and may consist
entirely of (1) cash, (2) check, (3) promissory note, (4) cancellation of indebtedness, (5) other Shares
that (x) in the case of Shares acquired upon exercise of an Option, have been owned by the Optionee for more than six months
on the date of surrender or such other period as may be required to avoid a charge to the Company’s earnings, and (y) have
a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall
be exercised, (6) authorization for the Company to retain from the total number of Shares as to which the Option is exercised
that number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares
as to which the Option is exercised, (7) delivery of a properly executed exercise notice together with such other documentation
as the Administrator and the broker, if applicable, shall require to effect an exercise of the Option and delivery to the Company
of the sale or loan proceeds required to pay the exercise price and any applicable income or employment taxes, (8) delivery
of an irrevocable subscription agreement for the Shares that irrevocably obligates the option holder to take and pay for the Shares
not more than twelve months after the date of delivery of the subscription agreement, (9) any combination of the foregoing
methods of payment, or (10) such other consideration and method of payment for the issuance of Shares to the extent permitted
under the Applicable Laws. In making its determination as to the type of consideration to accept, the Administrator shall consider
if acceptance of such consideration may be reasonably expected to benefit the Company.


 


9.           Exercise
of Option.


 


(a)          Procedure
for Exercise; Rights as a Shareholder. Any Option granted hereunder shall be exercisable at such times and under such conditions
as determined by the Administrator and reflected in the Option Agreement, which may include vesting requirements and/or performance
criteria with respect to the Company and/or the Optionee. In the event that any of the Shares issued upon exercise of an Option
(which exercise occurs prior to the date, if any, upon which the Common Stock becomes a Listed Security) should be subject to a
right of repurchase in the Company’s favor, which will lapse according to the terms approved by the Administrator. The Administrator
shall have the discretion to determine whether and to what extent the vesting of Options shall be tolled during any leave of absence.


 


An Option may not be exercised
for a fraction of a Share.


 


An Option shall be deemed
exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Option by the
person entitled to exercise the Option and the Company has received full payment for the Shares with respect to which the Option
is exercised. Full payment may, as authorized by the Administrator, consist of any consideration and method of payment allowable
under Section 8(b) of the Plan. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends
or any other rights as a shareholder shall exist with respect to the Optioned Stock, not withstanding the exercise of the Option.
The Company shall issue (or cause to be issued) such stock certificate promptly upon exercise of the Option. No adjustment will
be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as
provided in Section 12 of the Plan.


 


Exercise of an Option in
any manner shall result in a decrease in the number of Shares that thereafter may be available, both for purposes of the Plan and
for sale under the Option, by the number of Shares as to which the Option is exercised.


 


(b)          Termination
of Employment or Consulting Relationship. Subject to Section 9(c) below, in the event of termination of an Optionee’s
Continuous Status as an Employee or Consultant with the Company, such Optionee may, but only within three months (or such other
period of time not less than 30 days as is determined by the Administrator, with such determination in the case of an Incentive
Stock Option being made at the time of grant of the Option and not exceeding three months) after the date of such termination (but
in no event later than the expiration date of the term of such Option as set forth in the Option Agreement), exercise his or her
Option to the extent that the Optionee was entitled to exercise it at the date of such termination. To the extent that the Optionee
was not entitled to exercise the Option at the date of such termination, or if the Optionee does not exercise such Option to the
extent so entitled within the time specified herein, the Option shall terminate and the Optioned Stock underlying the unexercised
portion of the Option shall revert to the Plan. No termination shall be deemed to occur and this Section 9(b) shall not apply if
(i) the Optionee is a Consultant who becomes an Employee, or (ii) the Optionee is an Employee who becomes a Consultant.


 


(c)          Disability
of Optionee.


 


(i)          Notwithstanding
Section 9(b) above, in the event of termination of an Optionee’s Continuous Status as an Employee or Consultant as a
result of his or her total and permanent disability (within the meaning of Section 22(e)(3) of the Code), such Optionee may, but
only within twelve months from the date of such termination (but in no event later than the expiration date of the term of such
Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date of
such termination. To the extent that the Optionee was not entitled to exercise the Option at the date of termination, or if the
Optionee does not exercise such Option to the extent so entitled within the time specified herein, the Option shall terminate and
the Optioned Stock underlying the unexercised portion of the Option shall revert to the Plan.


 




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(ii)         In
the event of termination of an Optionee’s Continuous Status as an Employee or Consultant as a result of a disability which
does not fall within the meaning of total and permanent disability (as set forth in Section 22(e)(3) of the Code), such Optionee
may, but only within six months from the date of such termination (but in no event later than the expiration date of the term of
such Option as set forth in the Option Agreement), exercise the Option to the extent otherwise entitled to exercise it at the date
of such termination. However, to the extent that such Optionee fails to exercise an Option which is an Incentive Stock Option (within
the meaning of Section 422 of the Code) within three months of the date of such termination, the Option will not qualify for Incentive
Stock Option treatment under the Code. To the extent that the Optionee was not entitled to exercise the Option at the date of termination,
or if the Optionee does not exercise such Option to the extent so entitled within six months from the date of termination, the
Option shall terminate and the Optioned Stock underlying the unexercised portion of the Option shall revert to the Plan.


 


(d)          Death
of Optionee. In the event of the death of an Optionee during the period of Continuous Status as an Employee or Consultant
since the date of grant of the Option, or within 30 days following termination of the Optionee’s Continuous Status as an
Employee or Consultant, the Option may be exercised, at any time within twelve months following the date of death (but in no event
later than the expiration date of the term of such Option as set forth in the Option Agreement), by such Optionee’s estate
or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent of the right to
exercise that had accrued at the date of death or, if earlier, the date of termination of the Optionee’s Continuous Status
as an Employee or Consultant. To the extent that the Optionee was not entitled to exercise the Option at the date of death or termination,
as the case may be, or if the Optionee does not exercise such Option to the extent so entitled within the time specified herein,
the Option shall terminate and the Optioned Stock underlying the unexercised portion of the Option shall revert to the Plan.


 


(e)          Extension
of Exercise Period. The Administrator shall have full power and authority to extend the period of time for which an Option
is to remain exercisable following termination of an Optionee’s Continuous Status as an Employee or Consultant from the periods
set forth in Sections 10(b), 10(c) and 10(d) above or in the Option Agreement to such greater time as the Board shall deem
appropriate, provided, that in no event shall such option be exercisable later than the date of expiration of the term of such
Option as set forth in the Option Agreement.


 


(f)           Rule
16b-3. Options granted to Reporting Persons shall comply with Rule 16b-3 and shall contain such additional conditions
or restrictions as may be required thereunder to qualify for the maximum exemption for Plan transactions.


 


(g)          Buy-Out
Provisions. The Administrator may at any time offer to buy out for a payment in cash or Shares an Option previously granted
based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the time such offer
is made.


 


10.         Stock
Purchase Rights.


 


(a)          Rights
to Purchase. Stock Purchase Rights may be issued either alone, in addition to, or in tandem with other awards granted under
the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Stock Purchase Rights
under the Plan, it shall advise the offeree in writing of the terms, conditions and restrictions related to the offer, including
the number of Shares that such person shall be entitled to purchase, the price to be paid (which shall be as determined by the
Administrator, subject to Applicable Laws, including any applicable securities laws), and the time within which such person must
accept such offer, which shall in no event exceed 30 days from the date upon which the Administrator made the determination to
grant the Stock Purchase Right. The offer shall be accepted by execution of a Restricted Stock Purchase Agreement in the form determined
by the Administrator.


 


(b)          Repurchase
Option. Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company
a repurchase option exercisable upon the voluntary or involuntary termination of the purchaser’s employment with the Company
for any reason (including death or disability). The purchase price for Shares repurchased pursuant to the Restricted Stock Purchase
Agreement shall be the original purchase price paid by the purchaser and may be paid by cancellation of any indebtedness of the
purchaser to the Company. The repurchase option shall lapse at such rate as the Administrator may determine.


 




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(c)          Other
Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent
with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted Stock
Purchase Agreements need not be the same with respect to each purchaser.


 


(d)          Rights
as a Shareholder. Once the Stock Purchase Right is exercised, the purchaser shall have the rights equivalent to those of
a shareholder, and shall be a shareholder when his or her purchase is entered upon the records of the duly authorized transfer
agent of the Company. No adjustment will be made for a dividend or other right for which the record date is prior to the date the
Stock Purchase Right is exercised, except as provided in Section 12 of the Plan.


 


11.         Stock
Withholding to Satisfy Withholding Tax Obligations. At the discretion of the Administrator, Optionees may satisfy withholding
obligations as provided in this paragraph. When an Optionee incurs tax liability in connection with an Option or Stock Purchase
Right, which tax liability is subject to tax withholding under applicable tax laws, and the Optionee is obligated to pay the Company
an amount required to be withheld under applicable tax laws, the Optionee may satisfy the minimum withholding tax obligation by
one or some combination of the following methods: (a) by cash or check payment, (b) out of the Optionee’s current
compensation, (c) if permitted by the Administrator, in its discretion, by surrendering to the Company Shares that (i) in
the case of Shares previously acquired from the Company, have been owned by the Optionee for more than six months on the date of
surrender, and (ii) have a Fair Market Value on the date of surrender equal to or less than the amount required to be withheld,
or (d) by electing to have the Company withhold from the Shares to be issued upon exercise of the Option, or the Shares to
be issued in connection with the Stock Purchase Right, if any, that number of Shares having a Fair Market Value equal to the amount
required to be withheld. For this purpose, the Fair Market Value of the Shares to be withheld shall be determined on the date that
the amount of tax to be withheld is to be determined (the “Tax Date”).


 


Any surrender by a Reporting
Person of previously owned Shares to satisfy tax withholding obligations arising upon exercise of this Option must comply with
the applicable provisions of Rule 16b-3.


 


All elections by an Optionee
to have Shares withheld to satisfy tax withholding obligations shall be made in writing in a form acceptable to the Administrator
and shall be subject to the following restrictions:


 


(a)          the
election must be made on or prior to the applicable Tax Date;


 


(b)          once
made, the election shall be irrevocable as to the particular Shares of the Option or Stock Purchase Right as to which the election
is made; and


 


(c)          all
elections shall be subject to the consent or disapproval of the Administrator.


 


In the event the election
to have Shares withheld is made by an Optionee and the Tax Date is deferred under Section 83 of the Code because no election
is filed under Section 83(b) of the Code, the Optionee shall receive the full number of Shares with respect to which the Option
or Stock Purchase Right is exercised but such Optionee shall be unconditionally obligated to tender back to the Company the proper
number of Shares on the Tax Date.


 


12.         Adjustments
Upon Changes in Capitalization, Merger or Certain Other Transactions.


 


(a)          Changes
in Capitalization. Subject to any required action by the shareholders of the Company, the number of shares of Common Stock
covered by each outstanding Option or Stock Purchase Right, and the number of shares of Common Stock that have been authorized
for issuance under the Plan but as to which no Options or Stock Purchase Rights have yet been granted or that have been returned
to the Plan upon cancellation or expiration of an Option or Stock Purchase Right, as well as the price per share of Common Stock
covered by each such outstanding Option or Stock Purchase Right, shall be proportionately adjusted for any increase or decrease
in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination,
recapitalization or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of Common
Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities
of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall
be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided
herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock
subject to an Option or Stock Purchase Right.


 




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(b)          Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Board shall notify the Optionee
at least 15 days prior to such proposed action. To the extent it has not been previously exercised, the Option or Stock Purchase
Right will terminate immediately prior to the consummation of such proposed action.


 


(c)          Change
in Control. In the event of a Change in Control, each outstanding Option or Stock Purchase Right shall be assumed or an
equivalent option or right shall be substituted by the successor corporation or a Parent or Subsidiary of such successor corporation,
unless such successor corporation does not agree to assume the outstanding Options or Stock Purchase Rights or to substitute equivalent
options or rights, in which case such Options or Stock Purchase Rights shall terminate upon the consummation of the transaction.


 


For purposes of this Section
12(c), an Option or a Stock Purchase Right shall be considered assumed, without limitation, if, at the time of issuance of the
stock or other consideration upon such Change in Control, each holder of an Option or Stock Purchase Right would be entitled to
receive upon exercise of the Option or Stock Purchase Right the same number and kind of shares of stock or the same amount of property,
cash or securities as such holder would have been entitled to receive upon the occurrence of the transaction if the holder had
been, immediately prior to such transaction, the holder of the number of Shares of Common Stock covered by the Option or the Stock
Purchase Right at such time (after giving effect to any adjustments in the number of Shares covered by the Option or Stock Purchase
Right as provided for in this Section 12); provided however that if such consideration received in the Change in Control was
not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation,
provide for the consideration to be received upon exercise of the Option to be solely common stock of the successor corporation
or its Parent equal to the Fair Market Value of the per Share consideration received by holders of Common Stock in the transaction.


 


(d)          Certain
Distributions. In the event of any distribution to the Company’s shareholders of securities of any other entity or
other assets (other than dividends payable in cash or stock of the Company) without receipt of consideration by the Company, the
Administrator may, in its discretion, appropriately adjust the price per Share of Common Stock covered by each outstanding Option
or Stock Purchase Right to reflect the effect of such distribution.


 


13.         Non-Transferability
of Options and Stock Purchase Rights. Options and Stock Purchase Rights 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 or
purchased during the lifetime of the Optionee or the holder of Stock Purchase Rights only by the Optionee or holder of Stock Purchase
Rights; provided however that, after the date, if any, upon which the Common Stock becomes a Listed Security, the Administrator
may in its discretion grant transferable Nonstatutory Stock Options pursuant to Option Agreements specifying (i) the manner in
which such Nonstatutory Stock Options are transferable and (ii) that any such transfer shall be subject to the Applicable Laws.
The designation of a beneficiary by an Optionee will not constitute a transfer. An Option or Stock Purchase Right may be exercised,
during the lifetime of the holder of the Option or Stock Purchase Right, only by such holder or a transferee permitted by this
Section 13.


 


14.         Time
of Granting Options and Stock Purchase Rights. The date of grant of an Option or Stock Purchase Right shall, for all purposes,
be the date on which the Administrator makes the determination granting such Option or Stock Purchase Right, or such other date
as is determined by the Board; provided, however, that in the case of any Incentive Stock Option, the grant date shall be the later
of the date on which the Administrator makes the determination granting such Incentive Stock Option or the date of commencement
of the Optionee’s employment relationship with the Company. Notice of the determination shall be given to each Employee or
Consultant to whom an Option or Stock Purchase Right is so granted within a reasonable time after the date of such grant.


 


15.         Amendment
and Termination of the Plan.


 


(a)          Authority
to Amend or Terminate. The Board may at any time amend, alter, suspend or discontinue the Plan, but no amendment, alteration,
suspension or discontinuation shall be made that would impair the rights of any Optionee under any grant theretofore made, without
his or her consent. In addition, to the extent necessary and desirable to comply with Rule 16b-3 or with Section 422 of the Code
(or any other applicable law or regulation, including the requirements of any Stock Exchange), the Company shall obtain shareholder
approval of any Plan amendment in such a manner and to such a degree as required.


 




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(b)          Effect
of Amendment or Termination. No amendment or termination of the Plan shall adversely affect Options already granted, unless
mutually agreed otherwise between the Optionee and the Administrator, which agreement must be in writing and signed by the Optionee
and the Company.


 


16.         Conditions
Upon Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Option or Stock Purchase Right unless
the exercise of such Option or Stock Purchase Right and the issuance and delivery of such Shares pursuant thereto shall comply
with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the
rules and regulations promulgated thereunder, and the requirements of any Stock Exchange.


 


As a condition to the exercise
of an Option, the Company may require the person exercising such Option 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 law.


 


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


 


18.         Agreements.
Options and Stock Purchase Rights shall be evidenced by written Option Agreements and Restricted Stock Purchase Agreements, respectively,
in such form(s) as the Administrator shall approve from time to time.


 


19.         Shareholder
Approval. Continuance of the Plan shall be subject to approval by the shareholders of the Company within twelve months
before or after the date the Plan is adopted. Such shareholder approval shall be obtained in the degree and manner required under
applicable state and federal law and the rules of any Stock Exchange upon which the Common Stock is listed. All Options and Stock
Purchase Rights issued under the Plan shall become void in the event such approval is not obtained.


 


20.         Information
and Documents to Optionees and Purchasers.


 


(a)          The
Company shall provide financial statements at least annually to each Optionee and to each individual who acquired Shares pursuant
to the Plan, during the period such Optionee or purchaser has one or more Options or Stock Purchase Rights outstanding, and in
the case of an individual who acquired Shares pursuant to the Plan, during the period such individual owns such Shares. The Company
shall not be required to provide such information if (i) the issuance of Options or Stock Purchase Rights under the Plan is limited
to key employees whose duties in connection with the Company assure their access to equivalent information or (ii) the Plan or
any agreement complies with all conditions of Rule 701 of the Securities Act of 1933, as amended; provided that for purposes of
determining such compliance, any registered domestic partner shall be considered a “family member” as that term is
defined in Rule 701. The requirements in this Section 20(a) shall only apply to individuals or entities whose Option or Restricted
Stock is issued in reliance on Section 25102(o) of the California Corporations Code.


 


(b)          At
the time of issuance of any securities under the Plan, the Company shall provide to the Optionee or the purchaser a copy of the
Plan and any agreement(s) pursuant to which securities granted under the Plan are issued.


 




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