Exhibit 10.1


 


Laser
Photonics Corporation

2019 Stock Incentive Plan


 


1.            Establishment,
Purpose and Types of Awards


 


Laser Photonics Corporation,
a Wyoming corporation (the “Company”), hereby establishes the Laser Photonics Corporation 2019 Stock Incentive Plan
(the “Plan”). The purpose of the Plan is to promote the long-term growth and profitability of the Company by (i) providing
key people with incentives to improve stockholder value and to contribute to the growth and financial success of the Company, and
(ii) enabling the Company to attract, retain and reward the best-available persons.


 


The Plan permits the
granting of stock Options (including incentive stock options qualifying under Code Section 422 and nonqualified stock options),
Stock Appreciation Rights, restricted or unrestricted Stock Awards, Restricted Stock Units, Performance Awards, other stock-based
awards, or any combination of the foregoing.


 


2.            Definitions


 


Under this Plan, except
where the context otherwise indicates, the following definitions apply:


 


2.1            “Administrator”
shall mean the committee or committees as may be appointed by the Board from time to time to administer the Plan, or if no such
committee is appointed, the Board itself. For purposes of establishing and certifying the achievement of Performance Goals pursuant
to Code Section 162(m), any such committee shall consist of three or more persons, each of whom, unless otherwise determined
by the Board, is (i) an “outside director” within the meaning of Code Section 162(m), (ii) a “nonemployee
director” within the meaning of Rule 16b-3 and (iii) satisfies the requirements of the New York Stock Exchange
for independent directors.


 


2.2            “Affiliate”
shall mean any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with,
the Company (including, but not limited to, joint ventures, limited liability companies, and partnerships). For this purpose,
 “control” shall mean ownership of 50% or more of the total combined voting power or value of all classes of stock
or interests of the entity.


 


2.3            “Award”
shall mean any stock Option, Stock Appreciation Right, Stock Award, Restricted Stock Unit, Performance Award, or other stock-based
award.


 


2.4            “Board”
shall mean the Board of Directors of the Company.


 


2.5            “Change
in Control” shall mean the occurrence of one or more of the change in ownership or control events set forth in Treasury
Regulation Section 1.409A-3(i)(5).


 


2.6            “Code”
shall mean the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder.


 


2.7            “Common
Stock” shall mean shares of common stock of the Company, par value $.001 per share.


 






     


     


    

 


2.8            “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.


 


2.9            “Fair
Market Value” So long as the Common Stock is registered under Section 12(b) or (g) of the Exchange Act,
“Fair Market Value” shall mean, as applicable, (i) either the closing price or the average of the high
and low sale price on the relevant date, as determined in the Administrator’s discretion, quoted on the New York Stock Exchange,
the American Stock Exchange, or the Nasdaq National Market; (ii) the last sale price on the relevant date quoted on the Nasdaq
National Market; (iii) the average of the high bid and low asked prices on the relevant date quoted on the FINRA OTC Bulletin
Board or by the National Quotation Bureau, Inc. or a comparable service as determined in the Administrator’s discretion;
or (iv) if the Common Stock is not quoted by any of the above, the average of the closing bid and asked prices on the relevant
date furnished by a professional market maker for the Common Stock, or by such other source, selected by the Administrator. If
no public trading of the Common Stock occurs on the relevant date, then Fair Market Value shall be determined as of the next preceding
date on which trading of the Common Stock does occur. In the event that the Common Stock is not registered under Section 12(b) or
(g) of the Exchange Act, Fair Market Value shall mean, with respect to a share of the Company’s Common Stock for any
purpose on a particular date, the value determined by the Administrator in good faith; provided that for purpose of any Option
or any Award that is deferred


 


compensation subject to Code Section 409A,
such value shall be determined reasonably in a manner that satisfies Code Section 409A.


 


2.10            “Grant
Agreement” shall mean a written document memorializing the terms and conditions of an Award granted pursuant to the Plan
and shall incorporate the terms of the Plan.


 


2.11            “Incentive
Stock Option” shall mean an Option that is an “incentive stock option” within the meaning of Code Section 422,
or any successor provision, and that is designated by the Administrator as an Incentive Stock Option.


 


2.12            “Nonqualified
Stock Option” means an Option other than an Incentive Stock Option.


 


2.13            “Option”
means the right to purchase a stated number of shares of Common Stock at a stated price for a stated period of time, granted pursuant
to Section 7.


 


2.14            “Parent”
shall mean a corporation, whether now or hereafter existing, within the meaning of the definition of “parent corporation”
provided in Code Section 424(e), or any successor thereto.


 


2.15            “Participant”
shall mean an employee, officer, director or consultant of the Company, or of any Affiliate of the Company to whom an Award
is granted pursuant to the Plan, or upon the death of the Participant, his or her successors, heirs, executors, and administrators,
as the case may be.


 


2.16            “Performance
Awards” shall mean an Award of a number of shares or units granted to a Participant pursuant to Section 11 that
is paid out based on the achievement of stated performance criteria or Performance Goals during a stated period of time.


 


2.17            “Performance
Goals” shall mean the objectives established by the Administrator in its sole discretion with respect to any
performance-based Awards that relate to one or more business criteria within the meaning of Code Section 162(m).
Performance Goals may include or be based upon, without limitation: sales; gross revenue; gross margins; internal rate of
return; cost; ratio of debt to debt plus equity; profit before tax; earnings before interest and taxes; earnings before
interest, taxes, depreciation, and amortization; earnings per share; operating earnings; economic value added; ratio of
operating earnings to capital spending; cash flow; free cash flow; net operating profit; net income; net earnings; net sales
or net sales growth; price of Common Stock; return on capital, net assets, equity, or shareholders’ equity; segment
income; market share; productivity ratios; expense targets; working capital targets; or total return to shareholders.
Performance Goals may (a) be used to measure the performance of the Company as a whole or any Subsidiary, business unit
or segment of the Company, (b) include or exclude (or be adjusted to include or exclude) extraordinary items, the impact
of charges for restructurings, discontinued operations and other unusual and non-recurring items, and the cumulative effects
of tax or accounting changes, each as defined by generally accepted accounting principles and as identified in the financial
statements, notes to the financial statements, management's discussion and analysis or other Securities and Exchange
Commission filings, and/or (c) reflect absolute entity performance or a relative comparison of entity performance to the
performance of a peer group, index, or other external measure, in each case as determined by the Administrator in its sole
discretion.


 



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2.18          “Restricted
Stock Units” shall mean an Award granted to a Participant pursuant to Section 10, denominated in units, providing
a Participant the right to receive payment at a future date after the lapse of restrictions or achievement of performance criteria
or Performance Goals or other conditions determined by the Administrator.


 


2.19          “Stock
Appreciation Right” or “SAR” shall mean the right to receive an amount calculated as provided in a grant
pursuant to Section 8.


 


2.20          “Stock
Award” shall mean an Award of restricted or unrestricted Common Stock granted to a Participant pursuant to Section 9
and the other provisions of the Plan.


 


2.21          “Subsidiary”
and “subsidiaries” shall mean only a corporation or corporations, whether now or hereafter existing, within the
meaning of the definition of “subsidiary corporation” provided in Code Section 424(f), or any successor thereto.


 


2.22          “Ten
Percent Owner” means a person who owns or is deemed within the meaning of Section 422(b)(6) of the Code to
own, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (or any Parent or
Subsidiary of the Company). Whether a person is a Ten Percent Owner shall be determined with respect to an Option based on the
facts existing immediately prior to the grant date of the Option.


 


3.            Administration


 


3.1            Administration
of the Plan. The Plan shall be administered by the Board or the Administrator.


 


3.2            Powers
of the Administrator. The Administrator shall have all the powers vested in it by the terms of the Plan, such powers to include
authority, in its sole and absolute discretion, to grant Awards under the Plan, prescribe Grant Agreements evidencing such Awards
and establish programs for granting Awards.


 






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The Administrator
shall have full power and authority to take all other actions necessary to carry out the purpose and intent of the Plan, including,
but not limited to, the authority to: (i) determine the eligible persons to whom, and the time or times at which Awards shall
be granted; (ii) determine the types of Awards to be granted; (iii) determine the number of shares to be covered by
or used for reference purposes for each Award; (iv) impose such terms, limitations, restrictions and conditions upon any
such Award as the Administrator shall deem appropriate; (v) modify, amend, extend or renew outstanding Awards, or accept
the surrender of outstanding Awards and substitute new Awards (provided however, that, except as provided in Section 14.4
of the Plan, any modification that would materially adversely affect any outstanding Award shall not be made without the consent
of the holder); (vi) accelerate or otherwise change the time in which an Award may be exercised or becomes payable and to
waive or accelerate the lapse, in whole or in part, of any restriction or condition with respect to such Award, including, but
not limited to, any restriction or condition with respect to the vesting or exercisability of an Award following termination of
any grantee’s employment or other relationship with the Company (vii) establish objectives and conditions, including
Performance Goals, if any, for earning Awards and determining whether Awards will be paid after the end of a performance period,
(viii) make adjustments in the Performance Goals in recognition of unusual or nonrecurring events affecting the Company or
the financial statements of the Company, or in response to changes in applicable laws, regulations, or accounting principles,
and (ix) provide for forfeiture of outstanding Awards and recapture of realized gains and other realized value in such events
as determined by the Administrator, which include, but are not limited to, a breach of restrictive covenants or an intentional
or negligent misstatement of financial records.


 


The Administrator shall
have full power and authority, in its sole and absolute discretion, to administer and interpret the Plan and to adopt and interpret
such rules, regulations, agreements, guidelines and instruments for the administration of the Plan and for the conduct of its business
as the Administrator deems necessary or advisable.


 


3.3            Non-Uniform
Determinations. The Administrator’s determinations under the Plan (including without limitation, determinations of the
persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Grant Agreements
evidencing such Awards) need not be uniform and may be made by the Administrator selectively among persons who receive, or are
eligible to receive, Awards under the Plan, whether or not such persons are similarly situated.


 


3.4            Limited
Liability. To the maximum extent permitted by law, no member of the Administrator shall be liable for any action taken or decision
made in good faith relating to the Plan or any Award thereunder.


 


3.5            Indemnification.
To the maximum extent permitted by law and by the Company's charter and by-laws, the members of the Administrator shall be indemnified
by the Company in respect of all their activities under the Plan.


 


3.6            Effect
of Administrator’s Decision. All actions taken and decisions and determinations made by the Administrator on all matters
relating to the Plan pursuant to the powers vested in it hereunder shall be in the Administrator’s sole and absolute discretion
and shall be conclusive and binding on all parties concerned, including the Company, its stockholders, any Participants in the
Plan and any other employee, consultant, or director of the Company, and their respective successors in interest.


 






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4.            Shares
Available for the Plan


 


4.1            Shares
Available for Awards. Subject to adjustments as provided in Section 14.4 of the Plan, the shares of Common Stock
that may be issued with respect to Awards granted under the Plan shall not exceed an aggregate of 10,000,000 shares of Common
Stock. The Company shall reserve such number of shares for Awards under the Plan, subject to adjustments as provided in
Section 14.4 of the Plan. The maximum number of shares of Common Stock under the Plan that may be issued as Incentive
Stock Options shall be 10,000,000 shares. Shares may be authorized but unissued Common Stock or authorized and issued Common
Stock held in the Company’s treasury. If any Award, or portion of an Award, under the Plan expires or terminates
unexercised, becomes unexercisable or is forfeited or otherwise terminated, surrendered or canceled as to any shares, or if
any shares of Common Stock are surrendered to the Company in connection with any Award (whether or not such surrendered
shares were acquired pursuant to any Award), the shares subject to such Award and the surrendered shares shall thereafter be
available for further Awards under the Plan; provided, however, that any such shares that are surrendered to the Company in
connection with any Award or that are otherwise forfeited after issuance shall not be available for purchase pursuant to
Incentive Stock Options. Shares under substitute awards pursuant to Section 14.4 for grants made under a plan of an
acquired business entity shall not reduce the maximum number of shares that may be issued under the Plan.


 


4.2            Performance-Based
Award Limitation. Awards that are designed to comply with the performance-based exception from the tax deductibility limitation
of Code Section 162(m) shall be subject to the following rules:


 


(a)           The
number of shares of Common Stock that may be granted in the form of Options in a single fiscal year to a Participant may not exceed
1,000,000, as adjusted pursuant to Section 14.4.


 


(b)           The
number of shares of Common Stock that may be granted in the form of SARs in a single fiscal year to a Participant may not exceed
1,000,000, as adjusted pursuant to Section 14.4.


 


(c)           The
number of shares of Common Stock that may be granted in the form of restricted Stock Awards in a single fiscal year to a Participant
may not exceed 1,000,000, as adjusted pursuant to Section 14.4.


 


(d)           The
number of Restricted Stock Units that may be granted in a single fiscal year to a Participant may not exceed 1,000,000, as adjusted
pursuant to Section 14.4.


 


(e)           The
number of shares of Common Stock that may be granted as Performance Award shares in a single fiscal year to a Participant may not
exceed 1,000,000 as adjusted pursuant to Section 14.4.


 


(f)            The
maximum amount that may be paid to a Participant for Performance Award units granted in a single fiscal year to the Participantmay
not exceed $1,000,000.


 


5.            Participation


 


Participation in the
Plan shall be open to all employees, officers, directors, and consultants of the Company, or of any Affiliate of the Company,
as may be selected by the Administrator from time to time. However, only employees of the Company, and of any Parent or Subsidiary
of the Company, shall be eligible for the grant of an Incentive Stock Option. The grant of an Award at any time to any person
shall not entitle that person to a grant of an Award at any future time.


 






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6.            Awards


 


Awards that may be
granted under the Plan consist of Options, Stock Appreciation Rights, Stock Awards, Restricted Stock Units, Performance Awards
and other stock based awards. The Administrator, in its sole discretion, establishes the terms of all Awards granted under the
Plan. Awards may be granted individually or in tandem with other types of Awards. All Awards are subject to the terms and conditions
provided in the Grant Agreement. If there is any inconsistency between the terms of the Plan and a Grant Agreement, the terms of
the Plan shall control unless the Grant Agreement explicitly states that an exception to the Plan is being made. By accepting an
Award, a Participant agrees that the Award shall be subject to all of the terms and provisions of the Plan and the applicable Grant
Agreement.


 


7.            Stock
Options


 


7.1            Terms
and Grant Agreement. Subject to the terms of the Plan, Options may be granted to Participants at any time as determined by
the Administrator. The Administrator shall determine, and the Grant Agreement shall reflect, the following for each Option granted:


 


(a)            the
number of shares subject to each Option;


 


(b)            duration
of the Option (provided that no Option shall have an expiration date later than the the 10th anniversary of the date of grant and
no Incentive Stock Option that is granted to any Participant who is a Ten Percent Owner shall have an expiration date later than
the fifth anniversary of the date of grant);


 


(c)            vesting
requirements that specify a vesting period;


 


(d)            whether
the Option is an Incentive Stock Option or a Nonqualified Stock Option; provided, however, no Option shall be an Incentive Stock
Option unless so designated by the Administrator at the time of grant or in the Grant Agreement evidencing such Option;


 


(e)            the
exercise price for each Option, which, except with respect to substitute awards complying with Code Section 424 and regulations
thereunder, shall not be less than the Fair Market Value on the date of the grant (with respect to Incentive Stock Options, 110%
of the Fair Market Value on the date of grant for any Participant who is a Ten Percent Owner);


 


(f)            the
permissible method(s) of payment of the exercise price;


 


(g)            the
rights of the Participant upon termination of employment or service as a director; and


 


(h)            any
other terms or conditions established by the Administrator.


 


7.2            Exercise
of Options. Options shall be exercisable at such times and subject to such restrictions and conditions as the Administrator,
in its sole discretion, deems appropriate, which need not be the same for all Participants.


 






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An Option shall
be exercised by delivering written notice as specified in the Grant Agreement on the form of notice provided by the Company.
Options may be exercised in whole or in part. The exercise price of any Option shall be payable to the Company in full, in
cash or in cash equivalent approved by the Adminstrator, by tendering (if permitted by the Adminstrator) previously acquired
Common having an aggregate Fair Market Value at the time of exercise equal to the total Option exercise price (provided that
the tendered Common Stock must have been held by the Participant for any period required by the Adminstrator), or by any
other means that the Adminstrator determines to be consistent with the Plan's purpose and applicable law. For a Participant
who is subject to Section 16 of the Exchange Act, the Company may require that the method of payment comply with
Section 16 and the rules and regulations thereunder. Any payment in shares of Common Stock, if permitted, shall be
made by delivering the shares to the secretary of the Company, duly endorsed in blank or accompanied by stock powers duly
executed in blank, together with any other documents and evidence as the secretary shall require (or delivering a
certification or attestation of ownership of such Common Stock, if permitted by the Adminstrator).


 


Certificates for shares
of Common Stock purchased upon the exercise of an Option shall be issued in the name of or for the account of the Participant or
other person entitled to receive the shares and delivered to the Participant or other person as soon as practicable following the
effective date on which the Option is exercised.


 


7.3            Incentive
Stock Options. Notwithstanding anything in the Plan to the contrary, no term of the Plan relating to Incentive Stock Options
shall be interpreted, amended, or altered, nor shall any discretion or authority granted under the Plan be exercised so as to disqualify
the Plan under Code Section 422, or, without the consent of any affected Participant, to cause any Incentive Stock Option
previously granted to fail to qualify for the federal income tax treatment afforded under Code Section 421. An Option shall
be considered to be an Incentive Stock Option only to the extent that the number of shares of Common Stock for which the Option
first becomes exercisable in a calendar year do not have an aggregate Fair Market Value (as of the date of the grant of the Option)
in excess of the “current limit.” The current limit for any optionee for any calendar year shall be $100,000 minus
the aggregate Fair Market Value at the date of grant of the number of shares of Common Stock available for purchase for the first
time in the same year under each other incentive option previously granted to the optionee under all other plans of the Company
and Affiliates. Any Common Stock which would cause the foregoing limit to be violated shall be deemed to have been granted under
a separate Nonqualified Stock Option, otherwise identical in its terms to those of the Incentive Stock Option. The current limit
will be calculated according to the chronological order in which the Options were granted.


 


7.4            Reduction
in Price or Reissuance. In no event shall the Administrator cancel any outstanding Option for the purpose of (i) providing
a replacement award under this or another Company plan, or (ii) cashing out an Option, unless such cash-out occurs in conjunction
with a Change in Control. Additionally, in no event shall the Administrator, without first receiving shareholder approval, (a) cancel
any outstanding Option for the purpose of reissuing the Option to the Participant at a lower exercise price or (b) reduce
the exercise price of a previously issued Option.


 


7.5            Notification
of Disqualifying Disposition. If any Participant shall make any disposition of shares issued pursuant to the exercise of an
Incentive Stock Option under the circumstances described in Code Section 421(b) (relating to certain disqualifying dispositions),
such Participant shall notify the Company of such disposition within ten (10) calendar days thereof.


 






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8.            Stock
Appreciation Rights


 


8.1            Terms
and Agreement. Subject to the terms of the Plan, Stock Appreciation Rights may be granted to Participants at any time as determined
by the Administrator. The grant price of the SAR shall be at least equal to one hundred percent (100%) of the Fair Market Value
of Stock as determined on the date of the grant, except with respect to substitute awards complying with Code Section 424
and regulations thereunder. The Administrator shall determine, and the Grant Agreement shall reflect, the following for each SAR
granted:


 


(a)            the
number of shares subject to each SAR;


 


(b)            whether
the SAR is a Related SAR or a Freestanding SAR (as defined below);


 


(c)            the
duration of the SAR (provided however, that no SAR shall have an expiration date later than the date after the 10th
anniversary of the date of grant);


 


(d)            vesting
requirements;


 


(e)            rights
of the Participant upon termination of employment or service as a director; and


 


(f)            any
other terms or conditions established by the Administrator.


 


8.2            Related
and Freestanding SARs. A Stock Appreciation Right may be granted in connection with an Option, either at the time of grant
or at any time thereafter during the term of the Option (a “Related SAR”) or may be granted unrelated to an Option
(a “Freestanding SAR”).


 


8.3            Surrender
of Option. A Related SAR shall require the holder, upon exercise, to surrender the Option with respect to the number of shares
as to which the SAR is exercised, in order to receive payment. The Option will, to the extent surrendered, cease to be exercisable.


 


8.4            Reduction
in Number of Shares Subject to Related SARs. For Related SARs, the number of shares subject to the SAR shall not exceed the
number of shares subject to the Option. For example, if the SAR covers the same number of shares as the Option, the exercise of
a portion of the Option shall reduce the number of shares subject to the SAR to the number of shares remaining under the Option.
If the Related SAR covers fewer shares than the Option, the exercise of a portion of the Option shall reduce the number of shares
subject to the SAR to the extent necessary so that the number of remaining shares subject to the SAR is not more than the remaining
shares under the Option.


 


8.5            Exercisability.
Subject to Section 8.7 and to any rules and restrictions imposed by the Administrator, a Related SAR will be exercisable
at the time or times, and only to the extent, that the Option is exercisable and will not be transferable except to the extent
that the Option is transferable. A Freestanding SAR will be exercisable as determined by the Administrator but in no event after
10 years from the date of grant.


 






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8.6            Payment.
Upon the exercise of a Stock Appreciation Right, the holder will be entitled to receive payment of an amount determined by multiplying:


 


(a)            The
excess of the Fair Market Value on the date of exercise over the Fair Market Value on the date of grant, by


 


(b)            The
number of shares with respect to which the SAR is being exercised.


 


The Administrator may
limit the amount payable upon exercise of a Stock Appreciation Right. Any limitation must be determined as of the date of grant
and noted on the Grant Agreement evidencing the grant.


 


Payment may be made
in cash, Common Stock, or a combination of cash and Common Stock, in the Administrator’s sole discretion. No fractional
shares shall be used for such payment and the Administrator shall determine whether cash shall be given in lieu of such fractional
shares or whether such fractional shares shall be eliminated.


 


8.7            Reduction
in Price or Reissuance. In no event shall the Administrator cancel any outstanding Stock Appreciation Right for the purpose
of (i) providing a replacement award under this or another Company plan, or (ii) cashing out a Stock Appreciation Right,
unless such cash-out occurs in conjunction with a change in control. Additionally, in no event shall the Administrator, without
first receiving shareholder approval, (a) cancel any outstanding Stock Appreciation Right for the purpose of reissuing the
Stock Appreciation Right to the Participant at a lower exercise price or (b) reduce the exercise price of a previously issued
Stock Appreciation Right.


 


8.8            Additional
Terms. The Administrator may impose additional conditions or limitations on the exercise of a Stock Appreciation Right as it
may deem necessary or desirable to secure for holders the benefits of Rule 16b-3, or any successor provision, or as it may
otherwise deem advisable.


 


9.            Stock
Awards


 


9.1            Terms
and Agreement. Subject to the terms of the Plan, shares of restricted or unrestricted Common Stock may be granted to Participants
at any time as determined by the Administrator. The Administrator shall determine, and the Grant Agreement shall reflect, the following
for the Stock Awards granted:


 


(a)           the
number of shares of granted;


 


(b)           the
purchase price, if any, to be paid by the Participant for each share of Common Stock;


 


(c)           the
restriction period established, if any;


 


(d)           any
requirements with respect to elections under Code Section 83(b);


 


(e)            rights
of the Participant upon termination of employment or service as a director; and


 


(f)            any
other terms or conditions established by the Administrator.


 






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9.2            Restriction
Period. At the time of the grant of the Stock Award, the Administrator may establish a restriction period for the shares granted,
which may be time-based, based on the achievement of specified Performance Goals, a combination of time- and Performance Goal-based,
or based on any other criteria the Administrator deems appropriate. The Administrator may divide the shares into classes and assign
a different restriction period for each class. The Administrator may impose additional conditions or restrictions upon the vesting
of the Stock Award as it deems fit in its sole discretion. If all applicable conditions are satisfied, then upon the termination
of the restriction period with respect to a share of restricted Common Stock, the share shall vest and the restrictions shall
lapse. To the extent required to ensure that a Performance Goal-based Award of the Stock Award to an executive officer is deductible
by the Company pursuant to Code Section 162(m), any such Award shall vest only upon the Administrator’s determination
that the Performance Goals applicable to the Award have been attained.


 


9.3            Restrictions
on Transfer Prior to Vesting. Prior to the vesting of a restricted Stock Award, the Participant may not sell, assign, pledge,
hypothecate, transfer, or otherwise encumber the Stock Award. Upon any attempt to transfer rights in a share of restricted Common
Stock, the share and all related rights shall immediately be forfeited by the Participant. Upon the vesting of a restricted Stock
Award, the transfer restrictions of this section shall lapse with respect to that share.


 


9.4            Rights
as a Shareholder. Except for the restrictions set forth here and unless otherwise determined by the Administrator, the
Participant shall have all the rights of a shareholder with respect to shares of a Stock Award, including but not limited to
the right to vote and the right to receive dividends, provided that the Administrator, in its sole discretion, may require
that any dividends paid on shares of a restricted Stock Award be held in escrow until all restrictions on the shares
have lapsed.


 


9.5            Section 83(b) Election.
The Administrator may provide in the Grant Agreement that the Award is conditioned upon the Participant making or not making an
election under Code Section 83(b). If the Participant makes an election pursuant to Code Section 83(b), the Participant
shall be required to file a copy of the election with the Company within ten (10) calendar days.


 


10.          Restricted
Stock Units


 


10.1            Terms
and Agreement. Subject to the terms of the Plan, Restricted Stock Units may be granted to Participants at any time as determined
by the Administrator. The Administrator shall determine, and the Grant Agreement shall reflect, the following for the Restricted
Stock Units granted:


 



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(a)           the
number of Restricted Stock Units awarded;


 


(b)           the
purchase price, if any, to be paid by the Participant for each Restricted Stock Unit;


 


(c)           the
restriction period established, if any;


 


(d)           whether
dividend equivalents will be credited with respect to Restricted Stock Units, and, if so, any accrual, forfeiture or payout restrictions
on the dividend equivalents;


 


(e)            rights
of the Participant upon termination of employment or service as a director; and


 


(f)            any
other terms or conditions established by the Administrator.


 


To the extent a Restricted
Stock Unit Award constitutes “deferred compensation” within the meaning of Code Section 409A, the Administrator
shall establish Grant Agreement terms and provisions that comply with Code Section 409A and regulations thereunder.


 


10.2            Restriction
Period. At the time of the grant of Restricted Stock Units, the Administrator may establish a restriction period, which may
be time-based, based on the achievement of specified Performance Goals, a combination of time- and Performance Goal-based, or based
on any other criteria the Administrator deems appropriate. The Administrator may divide the awarded Restricted Stock Units into
classes and assign a different restriction period for each class. The Administrator may impose any additional conditions or restrictions
upon the vesting of the Restricted Stock Units as it deems fit in its sole discretion. If all applicable conditions are satisfied,
then upon the termination of the restriction period with respect to a Restricted Stock Unit, the Unit shall vest. To the extent
required to ensure that a Performance Goal-based Award of Restricted Stock Units to an executive officer is deductible by the Company
pursuant to Code Section 162(m), any such Award shall become vested only upon the Administrator’s determination that
the Performance Goals applicable to the Award, if any, have been attained.


 


10.3            Payment.
Upon vesting of a Restricted Stock Unit, the Participant shall be entitled to receive payment of an amount equal to the Fair Market
Value of one share of Stock. Payment may be made in cash, Stock, or a combination of cash and Stock, in the Administrator’s
sole discretion.


 


11.            Performance
Awards


 


11.1            Terms
and Agreement. Subject to the terms of the Plan, Performance Awards may be granted to Participants at any time as determined
by the Administrator. The Administrator shall determine, and the Grant Agreement shall reflect, the following for the Performance
Awards granted:


 






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(a)            the
number of shares or units awarded;


 





(b)            the
performance period and performance criteria or Performance Goals applicable to the Award;


 


(c)            whether
dividend equivalents will be credited with respect to Performance Awards, and if so, any accrual, forfeiture, or payout restrictions
on the dividend equivalents;


 


(d)            the
rights of the Participant upon termination of employment or service as a director (which may be different based on the reason for
termination); and


 


(e)            any
other terms or conditions established by the Administrator.


 


To the extent an Award
constitutes “deferred compensation” within the meaning of Code Section 409A, the Administrator shall establish
Grant Agreement terms and provisions that comply with Code Section 409A and regulations thereunder.


 


11.2            Payment.
After the applicable performance period has ended, the Administrator will review the performance criteria and/or Performance Goals
and determine the amount payable with respect to the Award, based upon the extent to which the performance criteria and/or Performance
Goals have been attained within the performance period and any other applicable terms and conditions. Payment of an earned Performance
Award may be made in cash, Common Stock, or a combination of cash and Common Stock, as determined by the Administrator in its sole
discretion.


 


12.          Other
Stock-Based Awards


 


The Administrator may
from time to time grant other stock-based awards to eligible Participants in such amounts, on such terms and conditions, and for
such consideration, including no consideration or such minimum consideration as may be required by law, as it shall determine.
Other stock-based awards may be denominated in cash, in Common Stock or other securities, in stock-equivalent units, in stock appreciation
units, in securities or debentures convertible into Common Stock, or in any combination of the foregoing and may be paid in Common
Stock or other securities, in cash, or in a combination of Common Stock or other securities and cash, all as determined in the
sole discretion of the Administrator.


 


13.          Change
in Control Provisions


 


Except as otherwise
provided in any written agreement between the Participant and the Company or its Affiliate in effect when a Change in Control occurs,
in the event an acquiring company does not assume Plan Awards:


 


(a)            all
outstanding Options and Stock Appreciation Rights shall become fully vested and exercisable;


 


(b)            for
Performance- Awards, to the extent consistent with Section 162(m), all Performance Goals or performance criteria shall be
deemed achieved at target levels and all other terms and conditions met, with Award payout prorated for the portion of the performance
period completed as of the Change in Control and payment to occur within 45 days after the Change in Control;


 






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(c)            all
restrictions and conditional applicable to any restricted Stock Award shall lapse;


 


(d)            all
restrictions and conditions applicable to any Restricted Stock Units shall lapse and payment shall be made within 45 days after
the Change in Control;


 


(e)            all
other Awards shall be delivered or paid within 45 days after the Change in Control.


 


14.          Miscellaneous


 


14.1          Withholding
of Taxes. Grantees and holders of Awards shall pay to the Company or its Affiliate or make provision satisfactory to the
Administrator for payment of, any taxes required to be withheld in respect of Awards under the Plan no later than the date of
the event creating the tax liability. The Company or its Affiliate may, to the extent permitted by law, deduct any such tax
obligations from any payment of any kind otherwise due to the grantee or holder of an Award. In the event that payment to the
Company or its Affiliate of such tax obligations is made in shares of Common Stock, such shares shall be valued at Fair
Market Value on the applicable date for such purposes.


 


14.2          Transferability.
Except as otherwise provided in this Section, Awards shall not be transferable, and no Award or interest therein may be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. However,
the Award of a Nonstatutory Option or Restricted Stock may be transferred by the Participant through a gift or domestic relations
order in settlement of marital property rights to any of the following donees or transferees and may be reacquired by the Participant
from any of such donors or transferees (each a “Permitted Transferee”):


 


(a)            any
 “family member,” which includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
adoptive relationships and any individual sharing the Participant’s household (other than a tenant or employee);


 


(b)            a
trust in which family members have more than 50% of the beneficial interest;


 


(c)            a
foundation in which family members (or the Participant) control the management of assets; and


 


(d)            any
other entity in which family members (or the Participant) own more than 50% of the voting interests,


 


provided, that (x) any such
transfer is without payment of any value whatsoever; and (y) subsequent transfers of transferred Awards shall be
prohibited except in accordance with this Section. Following transfer, any such Awards and any securities issued pursuant
thereto shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer
(including but not limited to risks of forfeiture), provided that the term of the Plan and the Grant Agreement shall continue
to be applied with respect to the original Participant, and any Awards shall be exercisable by the transferee only to the
extent and for the periods specified in the Grant Agreement. No transfer of an Award by will or the laws of descent and
distribution shall be effective to bind the Company unless the Administrator has been furnished with (a) written notice
and a copy of the will and/or such evidence as the Administrator may deem necessary to establish the validity of the
transfer, and (b) an agreement by the transferee to comply with all the terms and conditions of the Award that would
have applied to the Participant and to be bound by the acknowledgments made by the Participant in connection with the grant
of the Award. Unless otherwise determined by the Administrator in accord with the provisions of the first sentence of this
subsection, an Award may be exercised during the lifetime of the grantee, only by the grantee or, during the period the
grantee is under a legal disability, by the grantee’s guardian or legal representative.


 



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14.3           Adjustments;
Business Combinations. In the event of changes in the Common Stock of the Company by reason of any stock dividend, spin-off,
split-up, recapitalization, merger, consolidation, business combination or exchange of shares and the like, the Administrator
shall, in its discretion and without the consent of holders of Awards, make appropriate adjustments to (i) the maximum number
and kind of shares reserved for issuance or with respect to which Awards may be granted under the Plan as provided in Section 4
of the Plan, and (ii) the number, kind and price of shares covered by outstanding Awards. In the event of any such changes
in the Common Stock, the Administrator shall, in its discretion and without the consent of holders of Awards, make any other adjustments
in outstanding Awards, including but not limited to reducing the number of shares subject to Awards or providing or mandating
alternative settlement methods such as settlement of the Awards in cash or in shares of Common Stock or other securities of the
Company or of any other entity.


 


The Administrator is
authorized to make, in its discretion and without the consent of holders of Awards, adjustments in the terms and conditions of,
and the criteria included in, Awards in recognition of unusual or nonrecurring events affecting the Company, or the financial statements
of the Company or any Affiliate, or of changes in applicable laws, regulations, or accounting principles, whenever the Administrator
determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan.


 


14.4          Substitution
of Awards in Mergers and Acquisitions. Awards may be granted under the Plan from time to time in substitution for Awards held
by employees, officers, consultants or directors of entities who become or are about to become employees, officers, consultants
or directors of the Company or an Affiliate as the result of a merger or consolidation of the employing entity with the Company
or an Affiliate, or the acquisition by the Company or an Affiliate of the assets or stock of the employing entity. The terms and
conditions of any substitute Awards so granted may vary from the terms and conditions set forth herein to the extent that the
Administrator deems appropriate at the time of grant to conform without dilution or enlargement of benefits the substitute Awards
to the provisions of the awards for which they are substituted.


 


14.5          Stock
Restriction Agreement and Voting Trust.  As a condition precedent to the grant of any Award under the Plan, the exercise pursuant
to such an Award, or to the delivery of certificates for shares issued pursuant to any Award, the Administrator may require the
grantee or the grantee’s successor or permitted transferee, as the case may be, to become a party to a stock restriction
agreement of the Company and/or a voting trust agreement in such form(s) as the Administrator may determine from time to time.


 






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14.6          Termination,
Amendment and Modification of the Plan. The Board may terminate, amend or modify the Plan or any portion thereof at any time.
Notwithstanding the foregoing, no amendment shall be made without shareholder approval if approval is required under applicable
law or the rules of any stock exchange on which the Company is listed.


 


14.7          Non-Guarantee
of Employment or Service. Nothing in the Plan or in any Grant Agreement thereunder shall confer any right on an individual
to continue in the service of the Company or shall interfere in any way with the right of the Company to terminate such service
at any time with or without cause or notice.


 


14.8          Compliance
with Securities Laws; Listing and Registration. If at any time the Administrator determines that the delivery of Common Stock
under the Plan is or may be unlawful under the laws of any applicable jurisdiction, or federal or state securities laws, the right
to exercise an Award or receive shares of Common Stock pursuant to an Award shall be suspended until the Administrator determines
that such delivery is lawful. The Company shall have no obligation to effect any registration or qualification of the Common Stock
under federal or state laws.


 


The Company may require
that a grantee, as a condition to exercise of an Award, and as a condition to the delivery of any share certificate, make such
written representations (including representations to the effect that such person will not dispose of the Common Stock so acquired
in violation of federal or state securities laws) and furnish such information as may, in the opinion of counsel for the Company,
be appropriate to permit the Company to issue the Common Stock in compliance with applicable federal and state securities laws.
The stock certificates for any shares of Common Stock issued pursuant to this Plan may bear a legend restricting transferability
of the shares of Common Stock unless such shares are registered or an exemption from registration is available under the Securities
Act and applicable state securities laws.


 


14.9          No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Company and a grantee or any other person. To the extent that any grantee or other
person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right
of any unsecured general creditor of the Company.


 


14.10        Section 409A.
Unless the Adminstrator expressly determines otherwise, Awards (and any amendmenst thereto) are intended to be exempt from Code
Section 409A as stock rights or short-term deferrals and, accordingly, the terms of any Awards shall be construed and administered
to preserve such exemption (including with respect to the time of payment following a lapse of restrictions applicable to an Award).
To the extent that Section 409A applies to a particular Award granted under the Plan (notwithstanding the preceding sentence),
then the terms of the Award shall be construed and administered to permit the Award to comply with Section 409A, including,
if necessary, by delaying the payment of any Award payable upon separation from service to a Participant who is a “specified
employee” (as defined in Code Section 409A and determined consistently for all of the Company’s arrangements
that are subject to Code Section 409A), for a period of six months and one day after such Participant’s separation
from service, and by construing any reference to “termination of employment” or the like to be a “separation
from service” within the meaning of Code Section 409A. In the event any person is subject to income inclusion, additional
interest or taxes, or any other adverse consequences under Code Section 409A, then neither the Company, the Administrator,
the Board nor its or their employees, designees, agents or contractors shall be liable to any Participant or other persons in
connection with such adverse consequences under Code Section 409A.


 






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14.11            No
Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan. The Administrator shall
determine whether cash, other Awards, or other property shall be issued or paid in lieu of any fractional shares or whether fractional
shares or any rights to fractional shares shall be forfeited or otherwise eliminated.


 


14.12            Beneficiary.
A Participant may file with the Administrator a written designation of a beneficiary on the form prescribed by the Administrator
and may, from time to time, amend or revoke the designation. If no designated beneficiary survives the Participant, the Participant’s
spouse, if any, shall be deemed to be the Participant’s beneficiary. If the Participant does not have a spouse, the the executor
or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary.


 


14.13            Section 162(m).
The Plan is designed and intended, and all provisions shall be construed in a manner, to comply, to the extent applicable, with
Code Section 162(m) and the regulations thereunder. To the extent permitted by Code Section 162(m), the Administrator
shall have sole discretion to reduce or eliminate payment of the amount of any Award which might otherwise become payable upon
attainment of a Performance Goal.


 


14.14            Form of
Communication. Any election, application, claim, notice, or other communication required or permitted to be made by a Participant
to the Administrator or the Company shall be made in writing and in such form as the Company may prescribe. Any communication shall
be effective upon receipt by the Company’s President or CEO at the email address for the Company shown on its web site.


 


14.15            Severability.
If any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected.


 


14.16            Governing
Law. The validity, construction and effect of the Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules,
regulations, determinations or decisions made by the Administrator relating to the Plan or such Grant Agreements, and the rights
of any and all persons having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance
with applicable federal laws and the laws of the State of Wyoming without regard to its conflict of laws principles.


 


14.17            Effective
Date; Termination Date. The Plan is effective as of the date on which the Plan is adopted by the Board, subject to approval
of the stockholders within twelve months before or after such date. No Award shall be granted under the Plan after the close of
business on the day immediately preceding the tenth anniversary of the effective date of the Plan. Subject to other applicable
provisions of the Plan, all Awards made under the Plan prior to such termination of the Plan shall remain in effect until such
Awards have been satisfied or terminated in accordance with the Plan and the terms of such Awards.


 


Date Approved by the Board:December 2,
2019 


Date Approved by the Stockholders: December 3,
2019 


 






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