Exhibit 10.2



 


Standard RSU Package


 





NEUROBO PHARMACEUTICALS, INC.

RSU AWARD GRANT NOTICE

(2022 EQUITY INCENTIVE PLAN)


 


NeuroBo
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), has awarded to you (the “Participant”)
the number of restricted stock units specified and on the terms set forth below in consideration of your services (the “RSU
Award”). Your RSU Award is subject to all of the terms and conditions as set forth herein and in the Company’s 2022
Equity Incentive Plan (the “Plan”) and the Award Agreement (the “Agreement”), which
are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan
or the Agreement shall have the meanings set forth in the Plan or the Agreement.


 


	Participant:	 	 
	Date of
    Grant:	 	 
	Vesting
    Commencement Date:	 	 
	Number
    of Restricted Stock Units:	 	 


 


	Vesting Schedule:	[	 	]



 


	 	Notwithstanding the foregoing, vesting shall terminate upon the Participant’s termination of Continuous Service.




 


		Issuance
                           Schedule:	One share of Common Stock will be issued for each restricted
stock unit which vests at the time set forth in Section 5 of the Agreement.



 


Participant
Acknowledgements: By your signature below or by electronic acceptance or authentication in a form authorized by the Company,
you understand and agree that:


 


		•	The RSU Award is governed by this RSU Award Grant Notice (the “Grant Notice”),
and the provisions of the Plan and the Agreement, all of which are made a part of this document. Unless otherwise provided in the Plan,
this Grant Notice and the Agreement (together, the “RSU Award Agreement”) may not be modified, amended or revised
except in a writing signed by you and a duly authorized officer of the Company.



 


		•	You have read and are familiar with the provisions of the Plan, the RSU Award Agreement and the Prospectus.
In the event of any conflict between the provisions in the RSU Award Agreement, or the Prospectus and the terms of the Plan, the terms
of the Plan shall control.



 


		•	To the fullest extent permitted under the Plan and applicable law, any withholding taxes applicable to
the RSU Award will be satisfied through the sale of a number of the shares issuable in settlement of the RSU Award as determined in accordance
with Section 4 of the Agreement and the remittance of the cash proceeds to the Company. Under the Agreement, the Company or,
if different, your employer shall make payment from the cash proceeds of this sale directly to the appropriate tax or social security
authorities in an amount equal to the taxes required to be remitted. The mandatory sale of shares to cover withholding taxes is
imposed by the Company on you in connection with your receipt of this RSU Award.



 






    	 	1	 



     


    

 


		•	The RSU Award Agreement sets forth the entire understanding between you and the Company regarding the
acquisition of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with
the exception of: (i) other equity awards previously granted to you, (ii) any written employment agreement, offer letter, severance
agreement, written severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms
that should govern this RSU Award, and (iii) any clawback policy that the Company is required to adopt pursuant to the listing standards
of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the
Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law.



 


	
    THE COMPANY:

     

    NeuroBo
Pharmaceuticals, Inc.
	 	
    PARTICIPANT:

     

	 	 	 
	By:	 	 	 
	Name:	 	 	[Insert Name]
	Title:	 	 	 
	 	 	 	 
	Date:	                                 	 	Date:	                        


 


Attachments:
RSU Award Agreement, 2022 Equity Incentive Plan


 






    	 	2	 



     


    

 


NEUROBO PHARMACEUTICALS, INC.

2022 EQUITY INCENTIVE PLAN

AWARD AGREEMENT (RSU AWARD)


 


As reflected by your Restricted
Stock Unit Grant Notice (the “Grant Notice”), NeuroBo Pharmaceuticals, Inc., a Delaware corporation (the
“Company”) has granted you a RSU Award under the Company’s 2022 Equity Incentive Plan (the “Plan”)
for the number of restricted stock units as indicated in your Grant Notice (the “RSU Award”). The terms of your
RSU Award as specified in this Award Agreement for your RSU Award (the “Agreement”) and the Grant Notice constitute
your “RSU Award Agreement”. Defined terms not explicitly defined in this Agreement but defined in the Grant
Notice or the Plan shall have the same definitions as in the Grant Notice or Plan, as applicable.


 


The general terms applicable
to your RSU Award are as follows:


 


1.             Governing
Plan Document. Your RSU Award is subject to all the provisions of the Plan, including but not limited to the provisions in:


 


(a)            Section 6
of the Plan regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your RSU Award;


 


(b)            Section 9(e) of
the Plan regarding the Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the RSU Award;
and


 


(c)            Section 8
of the Plan regarding the tax consequences of your RSU Award.


 


Your RSU Award is further
subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant
to the Plan. In the event of any conflict between the RSU Award Agreement and the provisions of the Plan, the provisions of the Plan shall
control.


 


2.             Grant
of the RSU Award. This RSU Award represents your right to be issued on a future date the number of shares of the Company’s
Common Stock that is equal to the number of restricted stock units indicated in the Grant Notice as modified to reflect any Capitalization
Adjustment and subject to your satisfaction of the vesting conditions set forth therein (the “Restricted Stock Units”).
Any additional Restricted Stock Units that become subject to the RSU Award pursuant to Capitalization Adjustments as set forth in the
Plan and the provisions of Section 3 below, if any, shall be subject, in a manner determined by the Board, to the same forfeiture
restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Restricted Stock Units covered
by your RSU Award.


 


3.             Dividends.
You shall receive no benefit or adjustment to your RSU Award with respect to any cash dividend, stock dividend or other distribution that
does not result from a Capitalization Adjustment as provided in the Plan; provided, however, that this sentence shall not apply with respect
to any shares of Common Stock that are delivered to you in connection with your RSU Award after such shares have been delivered to you.


 






    	 	1	 



     


    

 


4.             Withholding
Obligations.


 


(a)            You
acknowledge that, regardless of any action taken by the Company, or if different, the Affiliate employing or engaging you (the “Employer”),
the ultimate liability for all income tax (including U.S. federal, state, and local taxes and/or non-U.S. taxes), social insurance, payroll
tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable
to you (the “Tax-Related Items”) is and remains your responsibility and may exceed the amount, if any, actually
withheld by the Company or the Employer. You further acknowledge that the Company and/or the Employer (i) make no representations
or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU Award, including, but not limited
to, the grant of the RSU Award, the vesting of the RSU Award, the issuance of shares in settlement of vesting of the RSU Award, the subsequent
sale of any shares of Common Stock acquired pursuant to the RSU Award and the receipt of any dividends or dividend equivalent; and (ii) do
not commit to and are under no obligation to reduce or eliminate your liability for Tax-Related Items. Further, if you become subject
to taxation in more than one country, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be
required to withhold or account for Tax-Related Items in more than one country.


 


(b)            On
each vesting date, and on or before the time you receive a distribution of the shares underlying your Restricted Stock Units, and at any
other time as reasonably requested by the Company in accordance with Applicable Law, you agree to make adequate provision for any sums
required to satisfy the withholding obligations of the Company, the Employer or any Affiliate in connection with any Tax-Related Items
that arise in connection with your RSU Award (the “Withholding Taxes”). The Company shall arrange a mandatory
sale (on your behalf pursuant to your authorization under this section and without further consent) of the shares of Common Stock issued
in settlement upon the vesting of your Restricted Stock Units in an amount necessary to satisfy the Withholding Taxes and shall satisfy
the Withholding Taxes by withholding from the proceeds of such sale (the “Mandatory Sell to Cover”). You hereby
acknowledge and agree that the Company shall have the authority to administer the Mandatory Sell to Cover arrangement in its sole discretion
with a registered broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”)
as the Company may select as the agent (the “Agent”) who will sell on the open market at the then prevailing
market price(s), as soon as practicable on or after each date on which your Restricted Stock Units vest, the number (rounded up to the
next whole number) of the shares of Common Stock to be delivered to you in connection with the vesting of the Restricted Stock Units sufficient
to generate proceeds to cover (A) the Withholding Taxes that you are required to pay pursuant to the Plan and this Agreement as a
result of the vesting of the Restricted Stock Units (or shares being issued thereunder, as applicable) and (B) all applicable fees
and commissions due to, or required to be collected by, the Agent with respect thereto any remaining funds shall be remitted to you.


 


(c)            If,
for any reason, such Mandatory Sell to Cover does not result in sufficient proceeds to satisfy the Withholding Taxes, the Company or an
Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes relating to your RSU Award by any of the following
means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or the Employer;
(ii) causing you to tender a cash payment (which may be in the form of a check, electronic wire transfer or other method permitted
by the Company); or (iii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you
in connection with your Restricted Stock Units with a fair market value (measured as of the date shares of Common Stock are issued to
you) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Common Stock so withheld will
not exceed the amount necessary to satisfy the Company’s required tax withholding obligations using the maximum statutory withholding
rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income;
and to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable,
such share withholding procedure will be subject to the express prior approval of the Company’s Board or Compensation Committee.


 






    	 	2	 



     


    

 


(d)            Unless
the tax withholding obligations of the Company and/or any Affiliate with respect to the Tax-Related Items are satisfied, the Company shall
have no obligation to deliver to you any Common Stock.


 


(e)            In
the event the Company’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the
delivery of Common Stock to you that the amount of the Tax-Related Items withholding obligation was greater than the amount withheld by
the Company or your Employer, you agree to indemnify and hold the Company and your Employer harmless from any failure by the Company or
your Employer to withhold the proper amount.


 


(f)            You
acknowledge that the Mandatory Sell to Cover is imposed by the Company on you pursuant to the terms of the RSU Award.


 


(g)            The
Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts, or other applicable
withholding rates, including maximum applicable rates in your jurisdiction(s). If the maximum rate is used, any over-withheld amount may
be refunded to you in cash by the Company or Employer (with no entitlement to the equivalent in shares of Common Stock), or if not refunded,
you may seek a refund from the local tax authorities. You must pay to the Company and/or the Employer any amount of Tax-Related Items
that the Company and/or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot
be satisfied by the means previously described.


 


5.             Date
of Issuance.


 


(a)            The
issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) and
will be construed and administered in such a manner. Subject to the satisfaction of the Withholding Obligation, if any, in the event one
or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for each Restricted Stock Unit
that vests on the applicable vesting date(s) (subject to any adjustment under Section 4 above, and subject to any different
provisions in the Grant Notice). Each issuance date determined by this paragraph is referred to as an “Original Issuance Date.”


 


(b)            Notwithstanding
the foregoing, if (i) selling shares of the Company’s Common Stock in the public market on the Original Issuance Date to satisfy
your tax withholding obligation in accordance with Section 4 of this Agreement is prohibited for any reason, and (ii) the
Company elects not to instead satisfy its tax withholding obligations by withholding shares from your distribution, then such shares shall
not be delivered on such Original Issuance Date and shall instead be delivered to you on the earliest of: (1) the first date that
you are not prohibited from selling shares of the Company’s Common Stock in the open market, or (2) such earlier date that
the Company elects to satisfy its tax withholding obligation by withholding shares from your distribution; provided, however, that notwithstanding
the foregoing, in no event will the shares be delivered to you any later than: (A) December 31 of the calendar year in which
the Original Issuance Date occurs (that is, the last day of the taxable year in which the Original Issuance Date occurs), or (B) if
and only if permitted in a manner that complies with Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is
the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock are no longer subject
to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d). Delivery of the
shares is intended to comply with the requirements for the short-term deferral exemption available under Treasury Regulations Section 1.409A-1(b)(4) and
shall be construed and administered in such manner.


 






    	 	3	 



     


    

 


(c)            In
addition and notwithstanding the foregoing, no shares of Common Stock issuable to you under this Section 5 as a result of
the vesting of one or more Restricted Stock Units will be delivered to you until any filings that may be required pursuant to the Hart-Scott-Rodino
(“HSR”) Act in connection with the issuance of such shares have been filed and any required waiting period under
the HSR Act has expired or been terminated (any such filings and/or waiting period required pursuant to HSR, the “HSR Requirements”).
If the HSR Requirements apply to the issuance of any shares of Common Stock issuable to you under this Section 5 upon vesting
of one or more Restricted Stock Units, such shares of Common Stock will not be issued on the Original Issuance Date and will instead be
issued on the first business day on or following the date when all such HSR Requirements are satisfied and when you are permitted to sell
shares of Common Stock on an established stock exchange or stock market, as determined by the Company in accordance with the Company’s
then-effective policy on trading in Company securities. Notwithstanding the foregoing, the issuance date for any shares of Common Stock
delayed under this Section 5(c) shall in no event be later than December 31 of the calendar year in which the Original
Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), unless a later issuance
date is permitted without incurring adverse tax consequences under Section 409A of the Code or other Applicable Law.


 


(d)            To
the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of the Plan shall apply.


 


6.             Transferability.
Except as otherwise provided in the Plan, your RSU Award is not transferable, except by will or by the applicable laws of descent and
distribution


 


7.             Corporate
Transaction. Your RSU Award is subject to the terms of any agreement governing a Corporate Transaction involving the Company,
including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf
with respect to any escrow, indemnities and any contingent consideration.


 


8.             No
Liability for Taxes. As a condition to accepting the RSU Award, you hereby (a) agree to not make any claim against the
Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the RSU Award or other Company
compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors
regarding the tax consequences of the RSU Award and have either done so or knowingly and voluntarily declined to do so.


 


9.             Severability.
If any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of
this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will
give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.


 


10.           Other
Documents. You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated
under the Securities Act, which includes the Prospectus. In addition, you acknowledge receipt of the Company’s Trading Policy.


 


11.           Questions.
If you have questions regarding these or any other terms and conditions applicable to your RSU Award, including a summary
of the applicable federal income tax consequences please see the Prospectus.


 


* * * *


 






    	 	4	 



     


    

 


Non-Employee Director RSU Package


 


NEUROBO PHARMACEUTICALS, INC.

RSU AWARD GRANT NOTICE

(2022 EQUITY INCENTIVE PLAN)


 


NeuroBo
Pharmaceuticals, Inc., a Delaware corporation (the “Company”) has awarded to you (the “Participant”)
the number of restricted stock units specified and on the terms set forth below in consideration of your services (the “RSU
Award”). Your RSU Award is subject to all of the terms and conditions as set forth herein and in the Company’s 2022
Equity Incentive Plan (the “Plan”) and the Award Agreement (the “Agreement”), which
are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan
or the Agreement shall have the meanings set forth in the Plan or the Agreement.


 


	Participant:	 	 
	Date of Grant:	 	 
	Vesting Commencement Date:	 	 
	Number of Restricted Stock Units:	 	 


 





	Vesting Schedule:	[	 	].



 


	 	Notwithstanding the foregoing, vesting shall terminate upon the Participant’s termination of Continuous Service.




 


		Issuance
                           Schedule:	One share of Common Stock will be issued for each restricted
stock unit which vests at the time set forth in Section 5 of the Agreement.



 


Participant
Acknowledgements: By your signature below or by electronic acceptance or authentication in a form authorized by the Company,
you understand and agree that:


 


		•	The RSU Award is governed by this RSU Award Grant Notice (the “Grant Notice”),
and the provisions of the Plan and the Agreement, all of which are made a part of this document. Unless otherwise provided in the Plan,
this Grant Notice and the Agreement (together, the “RSU Award Agreement”) may not be modified, amended or revised
except in a writing signed by you and a duly authorized officer of the Company.



 


		•	You have read and are familiar with the provisions of the Plan, the RSU Award Agreement and the Prospectus.
In the event of any conflict between the provisions in the RSU Award Agreement, or the Prospectus and the terms of the Plan, the terms
of the Plan shall control.



 


		•	The RSU Award Agreement sets forth the entire understanding between you and the Company regarding the
acquisition of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with
the exception of: (i) other equity awards previously granted to you, and (ii) any written employment agreement, offer letter,
severance agreement, written severance plan or policy, or other written agreement between the Company and you in each case that specifies
the terms that should govern this RSU Award.



 






    	 	1	 



     


    

 





	
    THE COMPANY:

     

    NeuroBo
Pharmaceuticals, Inc.
	 	
    PARTICIPANT:

     

	 	 	 
	By:	 	 	 
	Name:	 	 	[Insert Name]
	Title:	 	 	 
	 	 	 	 
	Date:	                                 	 	Date:	                        


 


Attachments:
RSU Award Agreement, 2022 Equity Incentive Plan


 






    	 	2	 



     


    

 


NEUROBO PHARMACEUTICALS, INC.

2022 EQUITY INCENTIVE PLAN

AWARD AGREEMENT (RSU AWARD)


 


As reflected by your Restricted
Stock Unit Grant Notice (the “Grant Notice”), NeuroBo Pharmaceuticals, Inc., a Delaware corporation (the
“Company”) has granted you a RSU Award under the Company’s 2022 Equity Incentive Plan (the “Plan”)
for the number of restricted stock units as indicated in your Grant Notice (the “RSU Award”). The terms of your
RSU Award as specified in this Award Agreement for your RSU Award (the “Agreement”) and the Grant Notice constitute
your “RSU Award Agreement”. Defined terms not explicitly defined in this Agreement but defined in the Grant
Notice or the Plan shall have the same definitions as in the Grant Notice or Plan, as applicable.


 


The general terms applicable
to your RSU Award are as follows:


 


1.             Governing
Plan Document. Your RSU Award is subject to all the provisions of the Plan, including but not limited to the provisions in:


 


(a)            Section 6
of the Plan regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your RSU Award;


 


(b)            Section 9(e) of
the Plan regarding the Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the RSU Award;
and


 


(c)            Section 8
of the Plan regarding the tax consequences of your RSU Award.


 


Your RSU Award is further
subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant
to the Plan. In the event of any conflict between the RSU Award Agreement and the provisions of the Plan, the provisions of the Plan shall
control.


 


2.             Grant
of the RSU Award. This RSU Award represents your right to be issued on a future date the number of shares of the Company’s
Common Stock that is equal to the number of restricted stock units indicated in the Grant Notice as modified to reflect any Capitalization
Adjustment and subject to your satisfaction of the vesting conditions set forth therein (the “Restricted Stock Units”).
Any additional Restricted Stock Units that become subject to the RSU Award pursuant to Capitalization Adjustments as set forth in the
Plan and the provisions of Section 3 below, if any, shall be subject, in a manner determined by the Board, to the same forfeiture
restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Restricted Stock Units covered
by your RSU Award.


 


3.             Dividends.
You shall receive no benefit or adjustment to your RSU Award with respect to any cash dividend, stock dividend or other distribution that
does not result from a Capitalization Adjustment as provided in the Plan; provided, however, that this sentence shall not apply with respect
to any shares of Common Stock that are delivered to you in connection with your RSU Award after such shares have been delivered to you.


 


4.            Withholding
Obligations. As further provided in Section 8 of the Plan, you hereby authorize withholding from payroll and any
other amounts payable to you, and otherwise agree to make adequate provision for, any sums required to satisfy the federal, state, local
and foreign tax withholding obligations, if any, which arise in connection with your RSU Award (the “Withholding Obligation”)
in accordance with the withholding procedures established by the Company. Unless the Withholding Obligation is satisfied, the Company
shall have no obligation to deliver to you any Common Stock in respect of the RSU Award. In the event the Withholding Obligation of the
Company arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount
of the Withholding Obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless
from any failure by the Company to withhold the proper amount.


 






    	 	1	 



     


    

 


5.             Date
Of Issuance.


 


(a)            The
issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) and
will be construed and administered in such a manner. Subject to the satisfaction of the Withholding Obligation, if any, in the event one
or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for each Restricted Stock Unit
that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 above, and subject to any different
provisions in the Grant Notice). Each issuance date determined by this paragraph is referred to as an “Original Issuance Date.”


 


(b)            If
the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following business day.
In addition, if:


 


(i)            the
Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined by the Company
in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you are otherwise
permitted to sell shares of Common Stock on an established stock exchange or stock market (including but not limited to under a previously
established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act and was entered into in compliance
with the Company’s policies (a “10b5-1 Arrangement”)), and


 


(ii)            either
(1) a Withholding Obligation does not apply, or (2) the Company decides, prior to the Original Issuance Date, (A) not to
satisfy the Withholding Obligation by withholding shares of Common Stock from the shares otherwise due, on the Original Issuance Date,
to you under this Award, and (B) not to permit you to enter into a “same day sale” commitment with a broker-dealer (including
but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit you to pay your Withholding Obligation in cash,
then the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on such Original Issuance
Date and will instead be delivered on the first business day when you are not prohibited from selling shares of the Company’s Common
Stock in the open public market, but in no event later than December 31 of the calendar year in which the Original Issuance Date
occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or, if and only if permitted in
a manner that complies with Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third
calendar month of the applicable year following the year in which the shares of Common Stock under this Award are no longer subject to
a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d).


 


(c)            To
the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of the Plan shall apply.


 


6.             Transferability.
Except as otherwise provided in the Plan, your RSU Award is not transferable, except by will or by the applicable laws of descent and
distribution


 


7.             Corporate
Transaction. Your RSU Award is subject to the terms of any agreement governing a Corporate Transaction involving the Company,
including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf
with respect to any escrow, indemnities and any contingent consideration.


 






    	 	2	 



     


    

 


8.             No
Liability for Taxes. As a condition to accepting the RSU Award, you hereby (a) agree to not make any claim against the
Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the RSU Award or other Company
compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors
regarding the tax consequences of the RSU Award and have either done so or knowingly and voluntarily declined to do so.


 


9.             Severability.
If any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of
this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will
give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.


 


10.           Other
Documents. You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated
under the Securities Act, which includes the Prospectus. In addition, you acknowledge receipt of the Company’s Trading Policy.


 


11.           Questions.
If you have questions regarding these or any other terms and conditions applicable to your RSU Award, including a summary of
the applicable federal income tax consequences please see the Prospectus.


 


* * * *


 






    	 	3	 



     


    

 


Standard Stock Option Grant Package


 


NEUROBO PHARMACEUTICALS, INC.

STOCK OPTION GRANT NOTICE

(2022 EQUITY INCENTIVE PLAN)


 


NeuroBo
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), pursuant to its 2022 Equity Incentive
Plan (the “Plan”), has granted to you (“Optionholder”) an option to purchase the number
of shares of the Common Stock set forth below (the “Option”). Your Option is subject to all of the terms and
conditions as set forth in this Stock Option Grant Notice (the “Grant Notice”) and in the Plan, the Stock Option
Agreement and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not
explicitly defined herein but defined in the Plan or the Stock Option Agreement shall have the meanings set forth in the Plan or the Stock
Option Agreement, as applicable.


 


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


 


	
    Type of Grant:
	[Incentive Stock Option] OR [Nonstatutory Stock Option]
	 	 
	Exercise and Vesting Schedule:	Subject
    to the Optionholder’s Continuous Service through each applicable vesting date, the Option will vest as follows:1


 


Optionholder
Acknowledgements: By your signature below or by electronic acceptance or authentication in a form authorized by the Company,
you understand and agree that:


 


		•	The Option is governed by the Grant Notice, and the provisions of the Plan, the Stock Option Agreement
and the Notice of Exercise, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and
the Stock Option Agreement (together, the “Option Agreement”) may not be modified, amended or revised except
in a writing signed by you and a duly authorized officer of the Company.



 


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



 





 



1 Note to Draft: To insert applicable
vesting schedule


 






    	 	1	 



     


    

 


		•	You consent to receive this Grant Notice, the Stock Option Agreement, the Plan and any other Plan-related
documents (including the Prospectus) by electronic delivery and to participate in the Plan through an on-line or electronic system established
and maintained by the Company or another third party designated by the Company.



 


		•	You have read and are familiar with the provisions of the Plan, the Grant Notice, the Stock Option Agreement,
the Notice of Exercise and the Prospectus. In the event of any conflict between the provisions in this Grant Notice, the Option Agreement,
the Notice of Exercise, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.



 


		•	The Option Agreement sets forth the entire understanding between you and the Company regarding the acquisition
of the Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception
of other equity awards previously granted to you and any written employment agreement, offer letter, severance agreement, written severance
plan or policy, or other written agreement between the Company and you in each case that specifies the terms that should govern this Option.



 


		•	Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission
method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.



 





	
    THE COMPANY:

     

    NeuroBo
Pharmaceuticals, Inc.
	 	
    OPTIONHOLDER:

     

	 	 	 
	By:	 	 	 
	Name:	 	 	[Insert Name]
	Title:	 	 	 
	 	 	 	 
	Date:	                                 	 	Date:	                        


  


ATTACHMENTS:
Stock Option Agreement, 2022 Equity Incentive Plan, Notice of Exercise


 






    	 	2	 



     


    

 


ATTACHMENT I


 


STOCK OPTION AGREEMENT


 






    	 	 	 



     


    

 


NEUROBO PHARMACEUTICALS, INC.

2022 EQUITY INCENTIVE PLAN


 


STOCK OPTION AGREEMENT


 


As reflected by your Stock
Option Grant Notice (the “Grant Notice”), NeuroBo Pharmaceuticals, Inc., a Delaware corporation (the “Company”)
has granted you an option under its 2022 Equity Incentive Plan (the “Plan”) to purchase a number of shares of
the Common Stock at the exercise price indicated in your Grant Notice (the “Option”). Capitalized terms not
explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the meanings set forth in the Grant Notice
or Plan, as applicable. The terms of your Option as specified in the Grant Notice and this Stock Option Agreement constitute your Option
Agreement.


 


The general terms and conditions
applicable to your Option are as follows:


 


1.             Governing
Plan Document. Your Option is subject to all the provisions of the Plan, including but not limited to the provisions in:


 


(a)            Section 6
regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your Option;


 


(b)            Section 9(e) regarding
the Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the Option; and


 


(c)            Section 8
regarding the tax consequences of your Option.


 


Your Option is further subject
to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the
Plan. In the event of any conflict between the Option Agreement and the provisions of the Plan, the provisions of the Plan shall control.


 


2.             Vesting.


 


(a)            The
provisions of this Section 2 shall not apply to your Option if you have entered into a written agreement with the Company
that contains terms related to a 280G Payment (as defined below).


 


(b)            Your
Option will vest as provided in your Grant Notice, subject to the provisions contained herein and the terms of the Plan. Vesting will
cease upon the termination of your Continuous Service. Notwithstanding the foregoing, if a Change in Control occurs and your Continuous
Service has not terminated as of immediately prior to such Change in Control, then the vesting and exercisability of your Option will
be accelerated in full upon such Change in Control.


 


(c)            If
any payment or benefit you would receive from the Company or otherwise in connection with a Change in Control or other similar transaction
(a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G
of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then any such 280G Payment (a “Payment”) shall be equal to the Reduced Amount. The “Reduced
Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after
reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount
(i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax
basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a
reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of
the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the
greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced
will be reduced pro rata (the “Pro Rata Reduction Method”).


 






    	 	1	 



     


    

 


Notwithstanding the foregoing,
if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to
Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction
Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to
Section 409A of the Code as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible,
the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent
on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future
events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A
of the Code shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A
of the Code.


 


Unless you and the Company
agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day
prior to the effective date of the change of control transaction triggering the Payment shall perform the foregoing calculations. If the
accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the change
of control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.
The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The Company
shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations,
together with detailed supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which
your right to a 280G Payment becomes reasonably likely to occur (if requested at that time by you or the Company) or such other time as
requested by you or the Company.


 


If you receive a Payment for
which the Reduced Amount was determined pursuant to clause (x) of the first paragraph of this Section 2(b) and the
Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you shall promptly return
to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of the first paragraph of this Section 2(b))
so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined
pursuant to clause (y) in the first paragraph of this Section 2(b), you


 


3.             Exercise.


 


(a)            You
may generally exercise the vested portion of your Option for whole shares of the Common Stock at any time during its term by delivery
of payment of the exercise price and applicable withholding taxes and other required documentation to the Plan Administrator in accordance
with the exercise procedures established by the Plan Administrator, which may include an electronic submission. Please review Sections
4(i), 4(j) and 7(b)(v) of the Plan, which may restrict or prohibit your ability to exercise your Option during
certain periods.


 






    	 	2	 



     


    

 


(b)            To
the extent permitted by Applicable Law, you may pay your Option exercise price as follows:


 


(i)             cash,
check, bank draft or money order;


 


(ii)            subject
to Company and/or Committee consent at the time of exercise, pursuant to a “cashless exercise” program as further described
in Section 4(c)(ii) of the Plan if at the time of exercise the Common Stock is publicly traded;


 


(iii)          subject
to Company and/or Committee consent at the time of exercise, by delivery of previously owned shares of the Common Stock as further described
in Section 4(c)(iii) of the Plan; or


 


(iv)           subject
to Company and/or Committee consent at the time of exercise, if the Option is a Nonstatutory Stock Option, by a “net exercise”
arrangement as further described in Section 4(c)(iv) of the Plan.


 


(c)            By
accepting your Option, you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase
of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of the Common
Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days following the effective date
of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will
request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up
Period”); provided, however, that nothing contained in this section will prevent the exercise of a repurchase option,
if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably
requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto.
In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of the Common
Stock until the end of such period. You also agree that any transferee of any shares of the Common Stock (or other securities) of the
Company held by you will be bound by this Section 3(c). The underwriters of the Company’s stock are intended third party
beneficiaries of this Section 3(c) and will have the right, power and authority to enforce the provisions hereof as though
they were a party hereto.


 


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


 


(a)            immediately
upon the termination of your Continuous Service for Cause;


 


(b)            three
months after the termination of your Continuous Service for any reason other than Cause, Disability or death;


 


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


 


(d)            18
months after your death if you die during your Continuous Service;


 


(e)            immediately
upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with a Corporate Transaction;


 






    	 	3	 



     


    

 


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


 


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


 


Notwithstanding the foregoing,
if you die during the period provided in Section 3(b) or 3(c) above, the term of your Option shall not expire
until the earlier of (i) 18 months after your death, (ii) upon any termination of the Option in connection with a Corporate
Transaction, (iii) the Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date
of Grant. Additionally, the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of
the Plan.


 


To obtain the federal income
tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the date of grant of your Option
and ending on the day three months before the date of your Option’s exercise, you must be an employee of the Company or an Affiliate,
except in the event of your death or Disability. If the Company provides for the extended exercisability of your Option under certain
circumstances for your benefit, your Option will not necessarily be treated as an Incentive Stock Option if you exercise your Option more
than three months after the date your employment terminates.


 


5.             Withholding
Obligations. As further provided in Section 8 of the Plan: (a) you may not exercise your Option unless
the applicable tax withholding obligations are satisfied, and (b) at the time you exercise your Option, in whole or in part, or at
any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and
otherwise agree to make adequate provision for (including by means of a “cashless exercise” pursuant to a program developed
under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the
federal, state, local and foreign tax withholding obligations, if any, which arise in connection with the exercise of your Option in accordance
with the withholding procedures established by the Company. Accordingly, you may not be able to exercise your Option even though the Option
is vested, and the Company shall have no obligation to issue shares of the Common Stock subject to your Option, unless and until such
obligations are satisfied. In the event that the amount of the Company’s withholding obligation in connection with your Option was
greater than the amount actually withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the
Company to withhold the proper amount.


  


6.             Incentive
Stock Option Disposition Requirement. If your Option is an Incentive Stock Option, you must notify the Company in writing within
15 days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your Option that occurs within
two years after the date of your Option grant or within one year after such shares of the Common Stock are transferred upon exercise of
your Option.


 


7.             Transferability.
Except as otherwise provided in Section 4(e) of the Plan, your Option is not transferable, except by will or by the
applicable laws of descent and distribution, and is exercisable during your life only by you.


 


8.             Corporate
Transaction. Your Option is subject to the terms of any agreement governing a Corporate Transaction involving the Company,
including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf
with respect to any escrow, indemnities and any contingent consideration.


 






    	 	4	 



     


    

 


9.             No
Liability for Taxes. As a condition to accepting the Option, you hereby (a) agree to not make any claim against the Company,
or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the Option or other Company compensation
and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the
tax consequences of the Option and have either done so or knowingly and voluntarily declined to do so. Additionally, you acknowledge that
the Option is exempt from Section 409A only if the exercise price is at least equal to the “fair market value” of the
Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of compensation
associated with the Option. Additionally, as a condition to accepting the Option, you agree not make any claim against the Company, or
any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise is less
than the “fair market value” of the Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.


 







10.           Severability.
If any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid. Any Section of
this Option Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which
will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and
valid


 


11.           Other
Documents. You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated
under the Securities Act, which includes the Prospectus. In addition, you acknowledge and agree to be subject to the Company’s Trading
Policy, which such Trading Policy has been or will be made available to you.


 


12.           Questions.
If you have questions regarding these or any other terms and conditions applicable to your Option, including a summary of the applicable
federal income tax consequences please see the Prospectus.


 


* * * *


 






    	 	5	 



     


    

 


ATTACHMENT II


 


2022 EQUITY INCENTIVE PLAN


 






    	 	 	 



     


    

 


ATTACHMENT III


 


NOTICE OF EXERCISE


 






    	 	 	 



     


    

 


NEUROBO PHARMACEUTICALS, INC.


 


(2022 EQUITY INCENTIVE PLAN)


 


NOTICE OF EXERCISE


 


NeuroBo Pharmaceuticals, Inc.


200 Berkeley Street, 19th Floor


Boston, Massachusetts 02116


Attention: Chief Executive Officer


 


Date of Exercise: _____________


 


This constitutes notice to
NeuroBo Pharmaceuticals, Inc., a Delaware corporation (the “Company”) that I elect to purchase the below
number of shares of the Common Stock of the Company (the “Shares”) by exercising my Option for the price set
forth below. Capitalized terms not explicitly defined in this Notice of Exercise but defined in the Grant Notice, Option Agreement or
2022 Equity Incentive Plan (the “Plan”) shall have the meanings set forth therein, as applicable. Use of certain
payment methods is subject to Company and/or Committee consent and certain additional requirements set forth in the Option Agreement and
the Plan.


 


	Type of option (check one):	 	Incentive  ̈	 	 	Nonstatutory  ̈
	Date of Grant:	 	 	 	 	 
	Number of Shares as to which Option is exercised:	 	 	 	 	 
	Certificates to be issued in name of:	 	 	 	 	 
	Total exercise price:	 	$		 	 	 
	Cash, check, bank draft or money order delivered herewith:	 	$		 	 	 
	Value of                  Shares delivered herewith:	 	$		 	 	 
	Regulation T Program (cashless exercise)	 	$		 	 	 
	Value of                  Shares pursuant to net exercise:	 	$	          	 	 	 



 


By this exercise, I agree
(i) to provide such additional documents as the Company may require pursuant to the terms of the Plan, (ii) to satisfy the tax
withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement, and (iii) if this
exercise relates to an incentive stock option, to notify the Company in writing within 15 days after the date of any disposition of any
of the Shares issued upon exercise of this Option that occurs within two years after the Date of Grant or within one year after such Shares
are issued upon exercise of this Option.


 


I further agree that, if required
by the Company (or a representative of the underwriters) in connection with the first underwritten registration of the offering of any
securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any option
for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares
of the Common Stock or other securities of the Company for a period of one hundred eighty (180) days following the effective date
of a registration statement of the Company filed under the Securities Act (or such longer period as the underwriters or the Company shall
request to facilitate compliance with FINRA Rule 2241 or any successor or similar rule or regulation) (the “Lock-Up
Period”). I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or
the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions
until the end of such period.


 







	 	Very truly yours,
	 	 
	 	 




 






    	 	1	 



     


    

 


Non-Employee Director


 


NEUROBO PHARMACEUTICALS, INC.

STOCK OPTION GRANT NOTICE

(2022 EQUITY INCENTIVE PLAN)


 


NeuroBo
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), pursuant to its 2022 Equity Incentive
Plan (the “Plan”), has granted to you (“Optionholder”) an option to purchase the number
of shares of the Common Stock set forth below (the “Option”). Your Option is subject to all of the terms and
conditions as set forth in this Stock Option Grant Notice (the “Grant Notice”) and in the Plan, the Stock Option
Agreement and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not
explicitly defined herein but defined in the Plan or the Stock Option Agreement shall have the meanings set forth in the Plan or the Stock
Option Agreement, as applicable.


 


	 	Optionholder:		 
	 	 	 	 
	 	Date
    of Grant:		 
	 	 	 	 
	 	Number of Shares of the Common Stock
        Subject to Option:
		 
	 	 	 	 
	 	Exercise
    Price (Per Share):		 
	 	 	 	 
	 	Total
    Exercise Price:		 
	 	 	 	 
	 	Expiration
    Date:		 


 


	
    Type of Grant:

     
	
    Nonstatutory Stock Option

     

	
    Exercise and Vesting
    Schedule:
	
    Subject to the Optionholder’s Continuous
    Service through each applicable vesting date, the Option will vest as follows, subject to the potential vesting acceleration described
    in Section 2 of the Stock Option Agreement:

     

    [Initial Grant]The shares subject to the
    Option shall vest and become exercisable in a series of thirty-six (36) successive equal monthly installments measured from the Date
    of Grant.

     

    [Annual Grant][The shares subject to the
    Option shall vest and become exercisable on the earlier of (i) the one-year anniversary of the Date of Grant and (ii) the day
    immediately prior to the date of the Company’s next annual stockholder meeting following the Date of Grant.]



 


Optionholder
Acknowledgements: By your signature below or by electronic acceptance or authentication in a form authorized by the Company,
you understand and agree that:


 


		•	The Option is governed by this Grant Notice, and the provisions of the Plan, the Stock Option Agreement
and the Notice of Exercise, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and
the Stock Option Agreement (together, the “Option Agreement”) may not be modified, amended or revised except
in a writing signed by you and a duly authorized officer of the Company.



 






    	 	1	 



     


    

 


		•	You consent to receive this Grant Notice, the Stock Option Agreement, the Plan and any other Plan-related
documents (including the Prospectus) by electronic delivery and to participate in the Plan through an on-line or electronic system established
and maintained by the Company or another third party designated by the Company.



 


		•	You have read and are familiar with the provisions of the Plan, the Grant Notice, the Stock Option Agreement,
the Notice of Exercise and the Prospectus. In the event of any conflict between the provisions in this Grant Notice, the Option Agreement,
the Notice of Exercise, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.



 


		•	The Option Agreement sets forth the entire understanding between you and the Company regarding the acquisition
of the Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception
of other equity awards previously granted to you and any written employment agreement, offer letter, severance agreement, written severance
plan or policy, or other written agreement between the Company and you in each case that specifies the terms that should govern this Option.



 


		•	Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission
method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.



 





	
    THE COMPANY:

     

    NeuroBo
Pharmaceuticals, Inc.
	 	
    OPTIONHOLDER:

     

	 	 	 
	By:	 	 	 
	Name:	 	 	[Insert Name]
	Title:	 	 	 
	 	 	 	 
	Date:	                                 	 	Date:	                        


  


ATTACHMENTS:
Stock Option Agreement, 2022 Equity Incentive Plan, Notice of Exercise


 






    	 	2	 



     


    

 


ATTACHMENT I


 


STOCK OPTION AGREEMENT


 






    	 	 	 



     


    

 


NEUROBO PHARMACEUTICALS, INC.

2022 EQUITY INCENTIVE PLAN


 


STOCK OPTION AGREEMENT


 


As reflected by your Stock
Option Grant Notice (the “Grant Notice”), NeuroBo Pharmaceuticals, Inc., a Delaware corporation (the “Company”)
has granted you an option under its 2022 Equity Incentive Plan (the “Plan”) to purchase a number of shares of
the Common Stock at the exercise price indicated in your Grant Notice (the “Option”). Capitalized terms not
explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the meanings set forth in the Grant Notice
or Plan, as applicable. The terms of your Option as specified in the Grant Notice and this Stock Option Agreement constitute your Option
Agreement.


 


The general terms and conditions
applicable to your Option are as follows:


 


1.             Governing
Plan Document. Your Option is subject to all the provisions of the Plan, including but not limited to the provisions in:


 


(a)            Section 6
regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your Option;


 


(b)            Section 9(e) regarding
the Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the Option; and


 


(c)            Section 8
regarding the tax consequences of your Option.


 


Your Option is further subject
to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the
Plan. In the event of any conflict between the Option Agreement and the provisions of the Plan, the provisions of the Plan shall control.


 


2.             Vesting.


 


(a)            Your
Option will vest as provided in your Grant Notice, subject to the provisions contained herein and the terms of the Plan. Vesting will
cease upon the termination of your Continuous Service. Notwithstanding the foregoing, if a Change in Control occurs and your Continuous
Service has not terminated as of immediately prior to such Change in Control, then the vesting and exercisability of your Option will
be accelerated in full upon such Change in Control.


 


(b)            If
any payment or benefit you would receive from the Company or otherwise in connection with a Change in Control or other similar transaction
(a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G
of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then any such 280G Payment (a “Payment”) shall be equal to the Reduced Amount. The “Reduced
Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after
reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount
(i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax
basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a
reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of
the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the
greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced
will be reduced pro rata (the “Pro Rata Reduction Method”).


 






    	 	1	 



     


    

 


Notwithstanding the foregoing,
if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to
Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction
Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to
Section 409A of the Code as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible,
the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent
on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future
events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A
of the Code shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A
of the Code.


 


Unless you and the Company
agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day
prior to the effective date of the change of control transaction triggering the Payment shall perform the foregoing calculations. If the
accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the change
of control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.
The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The Company
shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations,
together with detailed supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which
your right to a 280G Payment becomes reasonably likely to occur (if requested at that time by you or the Company) or such other time as
requested by you or the Company.


 


If you receive a Payment for
which the Reduced Amount was determined pursuant to clause (x) of the first paragraph of this Section 2(b) and the
Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you shall promptly return
to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of the first paragraph of this Section 2(b))
so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined
pursuant to clause (y) in the first paragraph of this Section 2(b), you shall have no obligation to return any portion
of the Payment pursuant to the preceding sentence.


 


3.             Exercise.


 


(a)           You
may generally exercise the vested portion of your Option for whole shares of the Common Stock at any time during its term by delivery
of payment of the exercise price and applicable withholding taxes and other required documentation to the Plan Administrator in accordance
with the exercise procedures established by the Plan Administrator, which may include an electronic submission. Please review Sections
4(i), 4(j) and 7(b)(v) of the Plan, which may restrict or prohibit your ability to exercise your Option during
certain periods.


 


(b)           To
the extent permitted by Applicable Law, you may pay your Option exercise price as follows:


 


(i)            cash,
check, bank draft or money order;


 






    	 	2	 



     


    

 


(ii)            subject
to Company and/or Committee consent at the time of exercise, pursuant to a “cashless exercise” program as further described
in Section 4(c)(ii) of the Plan if at the time of exercise the Common Stock is publicly traded;


 


(iii)           subject
to Company and/or Committee consent at the time of exercise, by delivery of previously owned shares of the Common Stock as further described
in Section 4(c)(iii) of the Plan; or


 


(iv)            subject
to Company and/or Committee consent at the time of exercise by a “net exercise” arrangement as further described in Section 4(c)(iv) of
the Plan.


 


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


 


(a)            immediately
upon the termination of your Continuous Service for Cause;


 


(b)            12
months after the termination of your Continuous Service for any reason other than Cause or death;


 


(c)            18
months after your death if you die during your Continuous Service;


 


(d)            immediately
upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with a Corporate Transaction;


 


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


 


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


 


Notwithstanding the foregoing,
if you die during the period provided in Section 4(b) above, the term of your Option shall not expire until the earlier
of (i) 18 months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction, (iii) the
Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally,
the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of the Plan.


 


5.             Withholding
Obligations.  As further provided in Section 8 of the Plan: (a) you may not exercise your Option unless the
applicable tax withholding obligations are satisfied, and (b) at the time you exercise your Option, in whole or in part, or at any
time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise
agree to make adequate provision for (including by means of a “cashless exercise” pursuant to a program developed under Regulation
T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state,
local and foreign tax withholding obligations, if any, which arise in connection with the exercise of your Option in accordance with the
withholding procedures established by the Company. Accordingly, you may not be able to exercise your Option even though the Option is
vested, and the Company shall have no obligation to issue shares of the Common Stock subject to your Option, unless and until such obligations
are satisfied. In the event that the amount of the Company’s withholding obligation in connection with your Option was greater than
the amount actually withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold
the proper amount.


 






    	 	3	 



     


    

 


6.             Transferability.
 Except as otherwise provided in Section 4(e) of the Plan, your Option is not transferable, except by will or by
the applicable laws of descent and distribution, and is exercisable during your life only by you.


 


7.             Corporate
Transaction. Your Option is subject to the terms of any agreement governing a Corporate Transaction involving the Company,
including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf
with respect to any escrow, indemnities and any contingent consideration.


 


8.            No
Liability for Taxes. As a condition to accepting the Option, you hereby (a) agree to not make any claim against the Company,
or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the Option or other Company compensation
and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the
tax consequences of the Option and have either done so or knowingly and voluntarily declined to do so. Additionally, you acknowledge that
the Option is exempt from Section 409A only if the exercise price is at least equal to the “fair market value” of the
Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of compensation
associated with the Option. Additionally, as a condition to accepting the Option, you agree not make any claim against the Company, or
any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise is less
than the “fair market value” of the Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.


 


9.             Severability.
If any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid. Any Section of
this Option Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which
will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and
valid


 


10.           Other
Documents. You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated
under the Securities Act, which includes the Prospectus. In addition, you acknowledge and agree to be subject to the Company’s Trading
Policy, which such Trading Policy has been or will be made available to you.


 


11.           Questions.
 If you have questions regarding these or any other terms and conditions applicable to your Option, including a summary of the applicable
federal income tax consequences please see the Prospectus.


 


* * * *


 






    	 	4	 



     


    

 


ATTACHMENT II

2022 EQUITY INCENTIVE PLAN


 






    	 	 	 



     


    

 


ATTACHMENT III

NOTICE OF EXERCISE


 






    	 	 	 



     


    

 


NEUROBO PHARMACEUTICALS, INC.


 


(2022 EQUITY INCENTIVE PLAN)


 


NOTICE OF EXERCISE


 


NeuroBo Pharmaceuticals, Inc.


200 Berkeley Street, 19th Floor


Boston, Massachusetts 02116


Attention: Chief Executive Officer


 


Date of Exercise: ________________


 


This constitutes notice to
NeuroBo Pharmaceuticals, Inc., a Delaware corporation (the “Company”) that I elect to purchase the below
number of shares of the Common Stock of the Company (the “Shares”) by exercising my Option for the price set
forth below. Capitalized terms not explicitly defined in this Notice of Exercise but defined in the Grant Notice, Option Agreement or
2022 Equity Incentive Plan (the “Plan”) shall have the meanings set forth therein, as applicable. Use of certain
payment methods is subject to Company and/or Committee consent and certain additional requirements set forth in the Option Agreement and
the Plan.


 





	Type of option:	 	Nonstatutory	 
	Date of Grant:	 	 	 
	Number of Shares as to which Option is exercised:	 	 	 
	Certificates to be issued in name of:	 	 	 
	Total exercise price:	 	$		 
	Cash, check, bank draft or money order delivered herewith:	 	$		 
	Value of                  Shares delivered herewith:	 	$		 
	Regulation T Program (cashless exercise):	 	$		 
	Value of                  Shares pursuant to net exercise:	 	$	          	 


 


By this exercise, I agree
(i) to provide such additional documents as the Company may require pursuant to the terms of the Plan and (ii) to satisfy the
tax withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement.


 


	 	Very truly yours,