# EDGAR Filing Document

**Accession Number:** 0001527613
**File Stem:** 0001493152-23-008383
**Filing Date:** 2023-3
**Character Count:** 87029
**Document Hash:** 12258401ebee7e64ffd29fcf9339ecc3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-008383.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001493152-23-008383

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**EFFECTIVENESS DATE**: 20230321

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NuZee, Inc.
- **CENTRAL INDEX KEY:** 0001527613
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **IRS NUMBER:** 383849791
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270724
- **FILM NUMBER:** 23750178

**BUSINESS ADDRESS:**
- **STREET 1:** 1350 EAST ARAPAHO ROAD
- **STREET 2:** SUITE #230
- **CITY:** RICHARDSON
- **STATE:** TX
- **ZIP:** 75081
- **BUSINESS PHONE:** (760) 295-2408

**MAIL ADDRESS:**
- **STREET 1:** 1350 EAST ARAPAHO ROAD
- **STREET 2:** SUITE #230
- **CITY:** RICHARDSON
- **STATE:** TX
- **ZIP:** 75081

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Havana Furnishings Inc.
- **DATE OF NAME CHANGE:** 20110815

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Havanna Furnishings Inc.
- **DATE OF NAME CHANGE:** 20110809

**As filed with the Securities and Exchange Commission on March** **21, 2023**

**Registration No. 333-**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION** **<br> Washington, D.C. 20549**

**Form S-8**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**NUZEE, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada**<br> (State or Other Jurisdiction of<br> Incorporation or Organization) | **38-3849791**<br> (I.R.S. Employer<br> Identification No.) |
| **1350 East Arapaho Road, Suite #230**<br> **Richardson, Texas**<br> (Address of registrant's principal executive offices) | **75081**<br> (Zip Code) |

---

**NuZee, Inc. 2023 Equity Incentive Plan**

(Full title of the plan)

**Masateru Higashida**

**Chief Executive Officer and President**

**NuZee, Inc.**

**1350 East Arapaho Road, Suite #230**

**Richardson, Texas 75081**

**(760) 295-2408**

(Name, address and telephone number, including area code, of agent for service)

*With a copy to:*

**Alan A. Lanis, Jr., Esq.**

**Polsinelli PC**

**2049 Century Park East, 29th Floor**

**Los Angeles, California 90067**

**(310) 203-5343**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.<br>

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The information required by Part I of this Registration Statement is omitted in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the introductory note to Part I of Form S-8. The document(s) containing the information required by this Part I will be sent or given without charge to participants in the NuZee, Inc. 2023 Equity Incentive Plan in accordance with Rule 428(b)(1) under the Securities Act. Such documents need not be filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 promulgated under the Securities Act. These document(s) and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.**

The Registrant hereby incorporates by reference into this Registration Statement the following documents filed with the Commission:

(1) The Registrant's Annual Report on [Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1527613/000149315222036487/form10-k.htm) for the fiscal year ended September 30, 2022, filed with the Commission on December 23, 2022;

(2) The information specifically incorporated by reference into the Registrant's Annual Report on Form 10-K for the fiscal year ended September 30, 2022 from the Registrant's [Definitive Proxy Statement](https://www.sec.gov/Archives/edgar/data/1527613/000149315223002928/formdef14a.htm) on Schedule 14A filed with the Commission on January 30, 2023;

(3) The Registrant's Quarterly Report on [Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/1527613/000149315223004495/form10-q.htm) for the fiscal quarter ended December 31, 2022, filed with the Commission on February 13, 2023;

(4) The Registrant's Current Reports on Form 8-K, filed
 with the Commission on [November 4, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001527613/000149315222030669/form8-k.htm) , [December 12, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001527613/000149315222035168/form8-k.htm) , [December 14, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001527613/000149315222035383/form8-k.htm) , [December 28, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001527613/000149315222036680/form8-k.htm) , [January 20, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001527613/000149315223002066/form8-k.htm) and [March 21, 2023](https://www.sec.gov/Archives/edgar/data/1527613/000149315223008366/form8-k.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;(5) The description of the Registrant's Common Stock under
the caption "Description of Capital Stock" contained in the prospectus forming part of the Registrant's Registration
Statement on [Form S-1](https://www.sec.gov/Archives/edgar/data/1527613/000137647420000135/nz_s1z.htm) (File No. 333- 234643), which description has been incorporated by reference in Item 1 of the Registrant's
Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1527613/000137647420000139/nz_8a12b.htm) (File No. 001-39338) filed pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), on June 17, 2020, including any subsequent amendment or report filed for the purpose of updating such
description.

All reports and other documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement but prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such reports and documents. Unless specifically stated to the contrary, none of the information that the Registrant discloses under Items 2.02 or 7.01 of any Current Report on Form 8-K that the Registrant has or may from time to time furnish to the Commission, including any exhibits furnished on such form that relate to such items, will be incorporated by reference into, or otherwise be included in, this Registration Statement.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**ITEM 4.** **DESCRIPTION OF SECURITIES.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. indemnification OF DIRECTORS AND OFFICERS.**

The Registrant's Third Amended and Restated Bylaws provide that, to the fullest extent permitted by the laws of the State of Nevada, the Registrant shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that such person is or was a director, officer, employee or agent of the Registrant, or is or was serving at the request of the Registrant as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgment, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Registrant, and with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful.

The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of *nolo contendere* or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Registrant, and with respect to any criminal action proceeding, had reasonable cause to believe that such person's conduct was unlawful.

The Registrant's Third Amended and Restated Bylaws also provide that, to the fullest extent permitted by Nevada law, the Registrant shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Registrant to procure a judgment in the Registrant's favor by reason of the fact that such person is or was a director, officer, employee or agent of the Registrant, or is or was serving at the request of the Registrant as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorney's fees) actually and reasonably incurred by such person in connection with the defense of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Registrant; provided, however, that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged by a court of competent jurisdiction to be liable for gross negligence or willful misconduct in the performance of such person's duty to the Registrant unless and only to the extent that, the court in which such action or suit was brought shall determine upon application that, despite circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as such court shall deem proper.

To the extent that indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. If a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by any of the Registrant's directors, officers or controlling persons in connection with the securities being registered, the Registrant will, unless in the opinion of counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by the Registrant is against public policy as expressed in the Securities Act and will be governed by the final adjudication of that issue.

The Registrant may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Registrant, or is or was serving at the request of the Registrant as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability assessed against such person in any such capacity or arising out of such person's status as such, whether or not it would have the power to indemnify such person against such liability.

**Item 7. exemption from registration claimed.**

Not applicable.

**ITEM 8. EXHIBITS.**

The following exhibits are filed with or incorporated by reference into this Registration Statement:

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Exhibit Description</u>** |
| 4.1 | [Articles of Incorporation of the Registrant, dated July 15, 2011 (incorporated by reference to Exhibit 3.1 to the Registrant's Annual Report on Form 10-K filed on December 23, 2022, SEC File Number 001-39338)](https://www.sec.gov/Archives/edgar/data/1527613/000149315222036487/ex3-1.htm) |
| 4.2 | [Certificate of Amendment to Articles of Incorporation of the Registrant, dated May 6, 2013 (incorporated by reference to Exhibit 3.01(b) to the Registrant's Current Report on Form 8-K filed on April 25, 2013, SEC File Number 333-176684)](https://www.sec.gov/Archives/edgar/data/1527613/000137647419000260/nz_ex3z1.htm) |
| 4.3 | [Certificate of Amendment to Articles of Incorporation of the Registrant, dated October 28, 2019 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on October 28, 2019, SEC File Number 000-55157)](https://www.sec.gov/Archives/edgar/data/1527613/000137647419000260/nz_ex3z1.htm) |
| 4.4 | [Certificate of Amendment to Articles of Incorporation of the Company, dated December 28, 2022 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on December 28, 2022 SEC File Number 001-39338)](https://www.sec.gov/Archives/edgar/data/1527613/000149315222036680/ex3-1.htm) |
| 5.1\* | [Opinion of Polsinelli PC](ex5-1.htm) |
| 23.1\* | [Consent of MaloneBailey, LLP](ex23-1.htm) |
| 23.2\* | [Consent of Polsinelli PC (included in Exhibit 5.1)](ex5-1.htm) |
| 99.1\* | [NuZee, Inc. 2023 Equity Incentive Plan](ex99-1.htm) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\*Filed herewith.

**ITEM 9. UNDERTAKINGS.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To
 file, during any period in which offers or sales are being made, a post-effective amendment
 to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii) To
 reflect in the prospectus any facts or events arising after the effective date of the Registration
 Statement (or the most recent post-effective amendment thereof) which, individually or in
 the aggregate, represent a fundamental change in the information set forth in the Registration
 Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
 offered (if the total dollar value of securities offered would not exceed that which was
 registered) and any deviation from the low or high end of the estimated maximum offering
 range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change
 in the maximum aggregate offering price set forth in the "Calculation of Registration
 Fee" table in the effective Registration Statement; and

(iii) To
 include any material information with respect to the plan of distribution not previously
 disclosed in the Registration Statement or any material change to such information in the
 Registration Statement;

*provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That,
 for the purpose of determining any liability under the Securities Act, each such post-effective
 amendment shall be deemed to be a new registration statement relating to the securities offered
 therein, and the offering of such securities at that time shall be deemed to be the initial
 bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To
 remove from registration by means of a post-effective amendment any of the securities being
 registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 undersigned Registrant hereby undertakes that, for purposes of determining any liability
 under the Securities Act, each filing of the Registrant's annual report pursuant to
 Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
 an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange
 Act) that is incorporated by reference in the Registration Statement shall be deemed to be
 a new registration statement relating to the securities offered therein, and the offering
 of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar
 as indemnification for liabilities arising under the Securities Act may be permitted to directors,
 officers and controlling persons of the Registrant pursuant to the foregoing provisions,
 or otherwise, the Registrant has been advised that in the opinion of the Commission such
 indemnification is against public policy as expressed in the Securities Act and is, therefore,
 unenforceable. In the event that a claim for indemnification against such liabilities (other
 than the payment by the Registrant of expenses incurred or paid by a director, officer or
 controlling person of the Registrant in the successful defense of any action, suit or proceeding)
 is asserted by such director, officer or controlling person in connection with the securities
 being registered, the Registrant will, unless in the opinion of its counsel the matter has
 been settled by controlling precedent, submit to a court of appropriate jurisdiction the
 question whether such indemnification by it is against public policy as expressed in the
 Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Richardson, State of Texas, on the 21st day of March, 2023.

---

| | |
|:---|:---|
| NUZEE, INC. | NUZEE, INC. |
| By: | */s/ Masateru Higashida* |
| Name: | Masateru Higashida |
| Title: | Chief Executive Officer and President (Principal Executive Officer), Secretary, Treasurer, and Director |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| <br> **Signature** | **Title** | **Date** |
| */s/ Masateru Higashida* |  | March 21, 2023 |
| Masateru Higashida | Chief Executive Officer and President (Principal Executive Officer), Secretary, Treasurer, and Director |  |
| */s/ Shana Bowman* |  | March 21, 2023 |
| Shana Bowman | Interim Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |  |
| */s/ Kevin J. Conner* |  | March 21, 2023 |
| Kevin J. Conner | Director |  |
| */s/ Tracy Ging* |  | March 21, 2023 |
| Tracy Ging | Director |  |
| */s/ J. Chris Jones* |  | March 21, 2023 |
| J. Chris Jones | Director |  |
| */s/ Nobuki Kurita* |  | March 21, 2023 |
| Nobuki Kurita | Director |  |
| */s/ David G. Robson* |  | March 21, 2023 |
| David G. Robson | Director |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

2049 Century Park East, Suite 2900, Los Angeles, California 90067 ● 310.556.1801

March 21, 2023

Board of Directors

NuZee, Inc.<br> 1350 East Arapaho Road, Suite #230

Richardson, Texas 75081

---

| | |
|:---|:---|
| **Re:** | **NuZee, Inc.** |
|  | **Registration Statement on Form S-8** |

---

Ladies and Gentlemen:

We are acting as counsel to NuZee, Inc., a Nevada corporation (the "**Company**"), in connection with its registration statement on Form S-8 (the "**Registration Statement**"), filed on the date hereof with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "**Securities Act**"), relating to the proposed offering of up to 103,000 shares of the Company's common stock, par value $0.00001 per share (the "**Shares**"), all of which Shares are issuable pursuant to the NuZee, Inc. 2023 Equity Incentive Plan (the "**Plan**"). This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.

For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to the authentic original documents of all documents submitted to us as copies (including electronic copies). We have also assumed that the Company has sufficient authorized but unissued and unreserved shares of common stock (or will validly amend the Company's Articles of Incorporation, as amended, to authorize a sufficient number of shares of common stock for issuance under the Plan prior to the issuance thereof) available for issuance as provided in the Registration Statement and any related amendment thereto or prospectus supplement. As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

This opinion letter is based, as to matters of law, solely on Chapter 78 of the Nevada Revised Statutes, as amended (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). We express no opinion herein as to any other statutes, rules or regulations.

Based upon, subject to, and limited by the foregoing, we are of the opinion that following (i) effectiveness of the Registration Statement, (ii) issuance of the Shares pursuant to the terms of the Plan and the instruments executed pursuant to such Plan, and (iii) receipt by the Company of the consideration, if any, for the Shares specified in the applicable resolutions of the Board of Directors or a duly authorized committee thereof, the Plan, and any underlying award agreements or letters, the Shares will be validly issued, fully paid, and nonassessable.

---

| |
|:---|
| polsinelli.com<br>|
| <br> Atlanta Boston Chicago Dallas Denver Houston Kansas City Los Angeles Miami Nashville New York Phoenix Raleigh St. Louis Salt Lake City San Diego San Francisco Seattle Silicon Valley Washington, D.C. Wilmington Polsinelli PC, Polsinelli LLP in California |

---

NuZee, Inc.

March 21, 2023

This opinion has been prepared for use in connection with the Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the effective date of the Registration Statement.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby admit that we are an "expert" within the meaning of the Securities Act.

---

| |
|:---|
| Very truly yours, |
| */s/ Polsinelli PC*  |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated December 23, 2022 with respect to the audited consolidated financial statements of Nuzee, Inc. included in its Annual Report on Form 10-K for the years ended September 30, 2022 and 2021. Our report contains an explanatory paragraph regarding the Company's ability to continue as a going concern.

*/s/ MaloneBailey, LLP*

www.malonebailey.com

Houston, Texas

March 21, 2023

## Exhibit 99.1

**Exhibit 99.1**

**NUZEE, INC.**

**2023 Equity Incentive Plan**

**NuZee, Inc.**

**2023 Equity Incentive Plan**

**Adopted by the Board of Directors on January 20, 2023** 

**Approved by the Stockholders of the Company on March 16, 2023**

**Table of Contents** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **ARTICLE 1. INTRODUCTION** | **ARTICLE 1. INTRODUCTION** | **3** |
| **ARTICLE 2. ADMINISTRATION.** | **ARTICLE 2. ADMINISTRATION.** | **3** |
| **2.1** | **COMMITTEE COMPOSITION** | **3** |
| **2.2** | **COMMITTEE RESPONSIBILITIES** | **3** |
| **2.3** | **INDEMNIFICATION** | **3** |
| **ARTICLE 3. SHARES AVAILABLE FOR GRANTS.** | **ARTICLE 3. SHARES AVAILABLE FOR GRANTS.** | **4** |
| **3.1** | **BASIC LIMITATION** | **4** |
| **3.2** | **ADDITIONAL SHARES** | **4** |
| **3.3** | **LIMIT ON COMPENSATION PAID TO OUTSIDE DIRECTORS** | **4** |
| **3.4** | **SUBSTITUTE AWARDS** | **4** |
| **ARTICLE 4. ELIGIBILITY.** | **ARTICLE 4. ELIGIBILITY.** | **4** |
| **4.1** | **NONSTATUTORY STOCK OPTIONS AND RESTRICTED SHARES** | **4** |
| **4.2** | **INCENTIVE STOCK OPTIONS** | **4** |
| **ARTICLE 5. OPTIONS.** | **ARTICLE 5. OPTIONS.** | **5** |
| **5.1** | **STOCK OPTION AGREEMENT** | **5** |
| **5.2** | **NUMBER OF SHARES** | **5** |
| **5.3** | **EXERCISE PRICE** | **5** |
| **5.4** | **EXERCISABILITY AND TERM** | **5** |
| **5.5** | **LIMITATIONS** | **5** |
| **5.6** | **FORM OF CONSIDERATION** | **5** |
| **5.7** | **EXERCISE OF OPTION.** | **6** |
| **5.8** | **EARLY EXERCISE OF OPTIONS** | **7** |
| **ARTICLE 6. RESTRICTED SHARES.** | **ARTICLE 6. RESTRICTED SHARES.** | **7** |
| **6.1** | **TIME, AMOUNT AND FORM OF AWARDS** | **7** |
| **6.2** | **STOCK AWARD AGREEMENT** | **7** |
| **6.3** | **VOTING AND DIVIDEND RIGHTS** | **8** |
| **6.4** | **TRANSFERABILITY** | **8** |
| **6.5** | **OTHER RESTRICTIONS** | **8** |
| **6.6** | **REMOVAL OF RESTRICTIONS** | **8** |
| **ARTICLE 7. ADJUSTMENTS; DISSOLUTION OR LIQUIDATION; MERGER OR CHANGE IN CONTROL** | **ARTICLE 7. ADJUSTMENTS; DISSOLUTION OR LIQUIDATION; MERGER OR CHANGE IN CONTROL** | **8** |
| **7.1** | **ADJUSTMENTS** | **8** |
| **7.2** | **DISSOLUTION OR LIQUIDATION** | **8** |
| **7.3** | **CERTAIN TRANSACTIONS/ CHANGE IN CONTROL** | **8** |
| **7.4** | **OUTSIDE DIRECTOR AWARDS** | **9** |
| **7.5** | **MODIFICATION OR ASSUMPTION OF OPTIONS** | **9** |
| **ARTICLE 8. LEAVE OF ABSENCE/ TRANSFERABILITY** | **ARTICLE 8. LEAVE OF ABSENCE/ TRANSFERABILITY** | **10** |
| **8.1** | **LEAVE OF ABSENCE/TRANSFER BETWEEN LOCATIONS** | **10** |
| **8.2** | **TRANSFERABILITY OF AWARDS** | **10** |

---

-i-

---

| | | |
|:---|:---|:---|
| **ARTICLE 9. LIMITATION ON RIGHTS.** | **ARTICLE 9. LIMITATION ON RIGHTS.** | **10** |
| **9.1** | **RETENTION RIGHTS** | **10** |
| **9.2** | **REGULATORY REQUIREMENTS** | **10** |
| **ARTICLE 10. TAX.** | **ARTICLE 10. TAX.** | **10** |
| **10.1** | **GENERAL** | **10** |
| **10.2** | **COMPLIANCE WITH SECTION 409A** | **11** |
| **ARTICLE 11. AMENDMENT/ TERMINATION/ TERM.** | **ARTICLE 11. AMENDMENT/ TERMINATION/ TERM.** | **11** |
| **11.1** | **TERM OF THE PLAN** | **11** |
| **11.2** | **AMENDMENT AND TERMINATION** | **11** |
| **11.3** | **STOCKHOLDER APPROVAL** | **11** |
| **11.4** | **EFFECT OF AMENDMENT OR TERMINATION** | **11** |
| **ARTICLE 12. CONDITIONS UPON ISSUANCE OF SHARES.** | **ARTICLE 12. CONDITIONS UPON ISSUANCE OF SHARES.** | **12** |
| **12.1** | **LEGAL COMPLIANCE** | **12** |
| **12.2** | **INVESTMENT REPRESENTATIONS** | **12** |
| **12.3** | **INABILITY TO OBTAIN AUTHORITY** | **12** |
| **12.4** | **STOCKHOLDER APPROVAL** | **12** |
| **12.5** | **ENTIRE AGREEMENT; GOVERNING LAW** | **12** |
| **12.6** | **SUCCESSORS AND ASSIGNS** | **12** |
| **12.7** | **CLAWBACK** | **12** |
| **ARTICLE 13. DEFINITIONS.** | **ARTICLE 13. DEFINITIONS.** | **13** |

---

-ii-

**NUZEE, INC.**

**2023 Equity Incentive Plan**

**Adopted by the Board of Directors on January 20, 2023** 

**Approved by the Stockholders of the Company on March 16, 2023**

**Article 1.**<br> INTRODUCTION**

The purpose of the Plan is to promote the long-term success of the Company and the creation of stockholder value by (a) encouraging Employees, Directors and Consultants to focus on critical long-range objectives, (b) encouraging the attraction and retention of Employees, Directors and Consultants with exceptional qualifications and (c) linking Employees, Directors and Consultants directly to stockholder interests through increased stock ownership. The Plan seeks to achieve this purpose by providing for Awards in the form of Restricted Shares or Options (which may constitute incentive stock options or nonstatutory stock options).

**Article 2.**<br> ADMINISTRATION.**

---

| | |
|:---|:---|
| **2.1** | **<u>COMMITTEE COMPOSITION</u>.** The Plan shall be administered by the Committee. The Committee shall consist exclusively of two or more Directors of the Company, who shall be appointed by the Board. In addition, the composition of the Committee shall satisfy such requirements as the Securities and Exchange Commission may establish for administrators acting under plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act and any other Applicable Law. In the event that an Award is made to an that is not exempt from Rule 16b-3, the Award is not void unless otherwise provided in the Award Agreement. |
|  | The Board may also appoint one or more separate committees of the Board, each composed of one or more Directors of the Company who need not satisfy the foregoing requirements, who may administer the Plan with respect to Employees and Consultants who are not considered officers or Directors of the Company under Section 16 of the Exchange Act, may grant Awards under the Plan to such Employees and Consultants and may determine all terms of such Awards. |
| **2.2** | **<u>COMMITTEE RESPONSIBILITIES</u>.** The Committee shall (a) select the Service Providers who are to receive Awards under the Plan, (b) determine the type, number, vesting requirements and other features and conditions of such Awards, (c) interpret the Plan and (d) make all other decisions relating to the operation of the Plan. The Committee may adopt such rules or guidelines as it deems appropriate to implement the Plan. The Committee may amend or modify any outstanding Awards in any manner to the extent the Committee would have had the authority under the Plan initially to make such Awards as so amended or modified. The Committee's determinations under the Plan shall be final and binding on all persons and will be given the maximum deference permitted under Applicable Law. |
| **2.3** | **<u>INDEMNIFICATION</u>**. In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney's fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee in settlement thereof (provided, however, that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however, that within 60 days after institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding. |

---

**Article 3.**<br> SHARES AVAILABLE FOR GRANTS.**

**3.1**  **<u>BASIC LIMITATION</u>** . Shares issued pursuant to the Plan may be authorized but unissued shares
 or treasury shares, or shares reacquired by the Company. The number of shares stated in this
 Section 3.1 as available for the grant of Awards is subject to adjustment in accordance with
 Article 7. The aggregate number of Shares available for Awards under the Plan is One Hundred
 Three Thousand (103,000). The maximum number of Shares that may be issued upon the exercise
 of ISOs will equal the aggregate Share number stated above, plus, to the extent allowable
 under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that
 become available for issuance under the Plan pursuant to Section 3.2.

**3.2**  **<u>ADDITIONAL SHARES</u>.** Any shares of Common Stock subject to an Award that is canceled, forfeited
 or expires prior to exercise or realization, either in full or in part, shall again become
 available for issuance under the Plan as ISOs or any type of Award. Notwithstanding anything
 to the contrary contained herein: shares subject to an Award under the Plan shall not again
 be made available for issuance or delivery under the Plan if such shares are (a) shares tendered
 in payment of an Option, or (b) shares delivered or withheld by the Company to satisfy any
 tax withholding obligation. The Company, during the
 term of this Plan, will at all times reserve and keep available such number of Shares as
 will be sufficient to satisfy the requirements of the Plan.

**3.3**  **<u>LIMIT ON COMPENSATION PAID TO OUTSIDE DIRECTORS</u>** . The total compensation paid to a single
 Outside Director in any calendar year, including the cash compensation and the cash value
 of all equity Awards granted to the Outside Director in such calendar year, shall not exceed
 $300,000. Such annual limit shall be measured based on the value of an Award as of the date
 the Award is granted (not the date of payment). Accordingly, the annual limit shall not include
 the value of an Award in the calendar year when it is paid or vests if such year is different
 from the year the Award is granted. For purposes of this Section 3.3, Outside Director compensation
 in any calendar year shall include amounts or grants that would have been paid or made, as
 applicable, to the Outside Director in the calendar year absent the Outside Director's
 election to defer such compensation to a subsequent year.

**3.4**  **<u>SUBSTITUTE AWARDS</u>** . Awards may, in the sole discretion of the Committee, be granted under the
 Plan in assumption of, or in substitution for, outstanding awards previously granted by an
 entity acquired by the Company or with which the Company combines ("  ***Substitute Awards*** "). Substitute Awards shall not be counted against the aggregate number
 of Shares available for Awards as set forth in Section 3.1; provided, that, Substitute Awards
 issued in connection with the assumption of, or in substitution for, outstanding options
 intended to qualify as ISOs shall be counted against the limits on the maximum number of
 Share that may be issued upon the exercise of ISOs as set forth in Section 3.1. Subject to
 applicable stock exchange requirements, available shares under a shareholder-approved plan
 of an entity directly or indirectly acquired by the Company or with which the Company combines
 (as appropriately adjusted to reflect such acquisition or transaction) may be used for Awards
 under the Plan and shall not count toward the aggregate number of Shares available for Awards
 as set forth in Section 3.1.

**Article 4.**<br> ELIGIBILITY.**

**4.1**  **<u>NONSTATUTORY STOCK OPTIONS AND RESTRICTED SHARES</u>** . Service Providers shall be eligible for the
 grant of Restricted Shares. Only Service Providers of the Company or a Subsidiary shall be
 eligible for the grant of NQOs.

**4.2**  **<u>INCENTIVE STOCK OPTIONS</u>** . Only Employees who are common-law employees of the Company, a Parent
 or a Subsidiary shall be eligible for the grant of ISOs.

**Article 5.**<br> OPTIONS.**

**5.1**  **<u>STOCK OPTION AGREEMENT</u>** . Each grant of an Option under the Plan shall be evidenced by a
 Stock Option Agreement between the Optionee and the Company. Such Option shall be subject
 to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent
 with the Plan. The Stock Option Agreement shall specify whether the Option is an ISO or an
 NQO. The provisions of the various Stock Option Agreements entered into under the Plan need
 not be identical.

**5.2**  **<u>NUMBER OF SHARES</u>** . Each Stock Option Agreement shall specify the number of Shares subject
 to the Option and shall provide for the adjustment of such number in accordance with Article

**5.3**  **<u>EXERCISE PRICE</u>** . Each Stock Option Agreement shall specify the Exercise Price; provided that,
 other than in connection with Substitute Awards, the Exercise Price shall in no event be
 less than 100% of the Fair Market Value of a Share on the date of grant. In the case of an
 ISO granted to a Participant who, at the time the ISO is granted, owns stock representing
 more than ten percent (10%) of the total combined voting power of all classes of stock of
 the Company or any Parent or Subsidiary, the Exercise Price shall be at least 110% of the
 Fair Market Value of a Shares on the ISO's date of grant. Notwithstanding the foregoing,
 an ISO may be granted with an Exercise Price lower than that set forth in the preceding sentence
 if such Option is granted pursuant to an assumption or substitution for another option in
 a manner satisfying the provisions of Section 424(a) of the Code and a Nonqualified Stock
 Option may be granted with an Exercise Price lower than that set forth in the preceding sentence
 if such Option is granted pursuant to an assumption or substitution for another option in
 a manner satisfying the provisions of Section 409A of the Code. .

**5.4**  **<u>EXERCISABILITY AND TERM</u>** . Each Stock Option Agreement shall specify the date when the Option is to
 become exercisable. The term of each Option will be stated in the Stock Option Agreement;
 provided, however, that the term will be no more than ten (10) years from the date of grant
 thereof. In the case of an ISO granted to a Participant who, at the time the ISO is granted,
 owns stock representing more than ten percent (10%) of the total combined voting power of
 all classes of stock of the Company or any Parent or Subsidiary, the term of the ISO will
 be five (5) years from the date of grant or such shorter term as may be provided in the Stock
 Option Agreement.

**5.5**  **<u>LIMITATIONS</u>** .
 Each Option will be designated in the Stock Option Agreement as either an ISO or a NQO. Notwithstanding
 such designation, however, to the extent that the aggregate Fair Market Value of the Shares
 with respect to which ISOs are exercisable for the first time by the Participant during any
 calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred
 thousand dollars ($100,000), such Options will be treated as NQOs to the extent such treatment
 is not in violation of Section 409A. For purposes of this Section 5.5, ISOs will be taken
 into account in the order in which they were granted, the Fair Market Value of the Shares
 will be determined as of the time the Option with respect to such Shares is granted, and
 calculation will be performed in accordance with Code Section 422 and Treasury Regulations
 promulgated thereunder.

**5.6**  **<u>FORM OF CONSIDERATION</u>** . The Committee will determine the acceptable form of consideration
 for exercising an Option, including the method of payment. In the case of an ISO, the Committee
 will determine the acceptable form of consideration at the time of grant. Such consideration
 may consist entirely of: (1) cash; (2) check; (3) other Shares, provided that such Shares
 have a Fair Market Value on the date of surrender equal to the aggregate exercise price of
 the Shares as to which such Option will be exercised and provided, further that accepting
 such Shares will not result in any adverse accounting consequences to the Company, as the
 Committee determines in its sole discretion; (4) consideration received by the Company under
 cashless exercise program (whether through a broker or otherwise) implemented by the Company
 in connection with the Plan; (5) by net exercise (only for NQOs); (6) such other consideration
 and method of payment for the issuance of Shares to the extent permitted by Applicable Laws;
 or (7) any combination of the foregoing methods of payment. In making its determination as
 to the type of consideration to accept, the Committee will consider if acceptance of such
 consideration may be reasonably expected to benefit the Company, and will only permit a form
 which would not.

**5.7**  **<u>EXERCISE OF OPTION</u>** .

---

| | |
|:---|:---|
| (a) | **Procedure for Exercise; Rights as a Stockholder**. Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Committee and set forth in the Stock Option Agreement. An Option may not be exercised for a fraction of a Share. |
|  | An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Committee may specify from time to time) from the person entitled to exercise the Option; and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and method of payment authorized by the Committee and permitted by the Stock Option Agreement and the Plan, but will include the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) tendering
 a cash payment;

(2) with
 respect to NQOs only (and not ISOs), authorizing the Company to withhold shares of Common
 Stock from the shares of Common Stock otherwise issuable to the Participant as a result of
 the exercise of the NQO;

(3) by
 any combination of the above-listed forms of payment.

Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Article 7 of the Plan.

Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Termination of Relationship as a Service Provider**. If a Participant ceases to be a Service Provider,
 other than upon the Participant's termination as the result of the Participant's
 death or Disability or as a result of termination for Cause, the Participant may exercise
 his or her Option within such period of time as is specified in the Stock Option Agreement
 (but in no event later than the expiration of the term of such Option as set forth in the
 Stock Option Agreement) to the extent that the Option is vested on the date of termination.
 In the absence of a specified time in the Stock Option Agreement, the Option shall remain
 exercisable for three (3) months following the Participant's termination (but in no
 event later than the expiration of the term of such Option as set forth in the Stock Option
 Agreement). Unless otherwise provided by the Committee, if on the date of termination the
 Participant is not vested as to his or her entire Option, the Shares covered by the unvested
 portion of the Option will revert to the Plan. If after termination the Participant does
 not exercise his or her Option within the time specified by the Committee, the Option will
 terminate, and the Shares covered by such Option will revert to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Termination for Cause**. Except as explicitly provided otherwise in a Participant's Stock
 Option Agreement, if a Participant ceases to be a Service Provider as a result of termination
 for Cause, the Option will terminate immediately upon such Participant's termination
 as a Service Provider, and the Participant will be prohibited from exercising his or her
 Option from and after the date of such termination as a Service Provider. For the avoidance
 of doubt, notwithstanding any vesting schedule set forth in the Participant's Stock
 Option Agreement, upon a Participant's termination for Cause, all Options held by such
 Participant, vested and unvested, immediately will revert to the Plan.

(d) **Disability of Participant**. If a Participant ceases to be a Service Provider as a result of the Participant's
 Disability, the Participant may exercise his or her Option within such period of time as
 is specified in the Stock Option Agreement (but in no event later than the expiration of
 the term of such Option as set forth in the Stock Option Agreement) to the extent the Option
 is vested on the date of termination. In the absence of a specified time in the Stock Option
 Agreement, the Option shall remain exercisable for twelve (12) months following the Participant's
 termination (but in no event later than the expiration of the term of such Option as set
 forth in the Stock Option Agreement). Unless otherwise provided by the Committee, if on the
 date of termination the Participant is not vested as to his or her entire Option, the Shares
 covered by the unvested portion of the Option will revert to the Plan. If after termination
 the Participant does not exercise his or her Option within the time specified herein, the
 Option will terminate, and the Shares covered by such Option will revert to the Plan.

(e) **Death of Participant**. If a Participant dies while a Service Provider, the Option may be exercised
 within such period of time as is specified in the Stock Option Agreement (but in no event
 later than the expiration of the term of such Option as set forth in the Stock Option Agreement)
 to the extent that the Option is vested on the date of death, by the Participant's
 designated beneficiary, provided such beneficiary has been designated prior to the Participant's
 death in a form acceptable to the Committee. If no such beneficiary has been designated by
 the Participant, then such Option may be exercised by the personal representative of the
 Participant's estate or by the person(s) to whom the Option is transferred pursuant
 to the Participant's will or in accordance with the laws of descent and distribution.
 In the absence of a specified time in the Stock Option Agreement, the Option shall remain
 exercisable for twelve (12) months following the Participant's death (but in no event
 later than the expiration of the term of such Option as set forth in the Stock Option Agreement).
 Unless otherwise provided by the Committee, if at the time of death Participant is not vested
 as to his or her entire Option, the Shares covered by the unvested portion of the Option
 immediately will revert to the Plan. If the Option is not so exercised within the time specified
 herein, the Option will terminate, and the Shares covered by such Option will revert to the
 Plan.

**5.8**  **<u>EARLY EXERCISE OF OPTIONS</u>** . An Option may, but need not, include a provision whereby the
 Participant may elect at any time before the Participant ceases to be a Service Provider,
 to exercise the Option as to any part or all of the Shares subject to the Option prior to
 the full vesting of the Option. Subject to any repurchase limitation, any unvested Shares
 so purchased may be subject to a repurchase right in favor of the Company or to any other
 restriction the Committee determines to be appropriate.

**Article 6.**<br> RESTRICTED SHARES.**

**6.1**  **<u>TIME, AMOUNT AND FORM OF AWARDS</u>** . Awards under the Plan may be granted in the form of Restricted
 Shares to Service Providers in such amounts as the Committee, in its sole discretion, will
 determine.

**6.2**  **<u>STOCK AWARD AGREEMENT</u>** . Each Award of Restricted Shares will be evidenced by a Stock Award
 Agreement that will specify the Period of Restriction, the number of Shares granted, and
 such other terms and conditions as the Committee, in its sole discretion, will determine,
 including, without limitation, any price to be paid by the Participant for such Restricted
 Shares. Unless the Committee determines otherwise, the Company as escrow agent, will hold
 the Restricted Shares until the restrictions on such Shares have lapsed.

**6.3**  **<u>VOTING AND DIVIDEND RIGHTS</u>** . Unless otherwise provided in the Stock Award Agreement, during
 the Period of Restriction, the holder of Restricted Shares awarded under the Plan shall have
 full voting, dividend and other rights provided with respect to the Shares. Without limitation,
 a Stock Award Agreement may require that the holders of Restricted Shares invest any cash
 dividends received in additional Restricted Shares (in which case such additional Restricted
 Shares shall be subject to the same conditions and restrictions as the Award with respect
 to which the dividends were paid), or may defer payment of any dividends until vesting of
 the Award.

**6.4**  **<u>TRANSFERABILITY</u>** .
 Except as provided in this Article 6 or as the Committee determines, Restricted Shares may
 not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until
 the end of the applicable Period of Restriction.

**6.5**  **<u>OTHER RESTRICTIONS</u>** . The Committee, in its sole discretion, may impose such other restrictions
 on Restricted Shares as it may deem advisable or appropriate; provided however that restrictions
 and conditions applicable to Restricted Shares must be structured in a way that would cause
 such Restricted Shares to be exempt from Section 409A by virtue of such Restricted Shares
 being transferred under Section 83 of the Code.

**6.6**  **<u>REMOVAL OF RESTRICTIONS</u>** . Except as otherwise provided in this Article 6, Shares of Common
 Stock covered by each Restricted Share grant made under the Plan will be released from escrow
 as soon as practicable after the last day of the Period of Restriction or at such other time
 as the Committee may determine. The Committee, in its discretion, may accelerate the time
 at which any restrictions will lapse or be removed.

**Article 7.**<br> ADJUSTMENTS; DISSOLUTION OR LIQUIDATION; MERGER OR CHANGE IN CONTROL**

**7.1**  **<u>ADJUSTMENTS</u>** .
 In the event that any dividend or other distribution (whether in the form of cash, Shares,
 other securities, or other property), recapitalization, stock split, reverse stock split,
 reorganization, merger, consolidation, split-up, spin-off, combination, repurchase,
 or exchange of Shares or other securities of the Company, or other change in the corporate
 structure of the Company affecting the Shares occurs, the Committee, in order to prevent
 diminution or enlargement of the benefits or potential benefits intended to be made available
 under the Plan, will adjust the number and class of shares that may be delivered under the
 Plan and/or the number, class, and price of shares covered by each outstanding Award and
 the numerical Share limits in Article 3 of the Plan. It is intended that, if possible
 and unless the Committee specifically determines that such adjustment is in the best interests
 of the Company or its Subsidiaries or Parent, any adjustments contemplated be made in a manner
 that satisfies applicable legal, tax (including, without limitation and as applicable in
 the circumstances, Code Sections 424 and 409A) and accounting (so as to not trigger any charge
 to earnings with respect to such adjustment) requirements.

**7.2**  **<u>DISSOLUTION OR LIQUIDATION</u>** . In the event of the proposed dissolution or liquidation of the Company,
 the Committee will notify each Participant as soon as practicable prior to the effective
 date of such proposed transaction. To the extent it has not been previously exercised, an
 Award will terminate immediately prior to the consummation of such proposed action.

**7.3**  **<u>CERTAIN TRANSACTIONS/ CHANGE IN CONTROL</u>** . In the event of a merger, consolidation or similar
 transaction directly or indirectly involving the Company, each outstanding Award will be
 treated as the Committee determines (subject to the provisions of the following paragraph)
 whether with or without a Participant's consent, including, without limitation, that
 (i) such Award will be assumed, or a substantially equivalent Award will be substituted,
 by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments
 as to the number and kind of shares and prices as set forth in Section 7.1; (ii) upon
 written notice to the applicable Participant, such Award will terminate upon or immediately
 prior to the consummation of such transaction; (iii) (1) such Award will terminate in
 exchange for an amount of cash and/or property, if any, equal to the amount that would have
 been attained upon the exercise of such Award or realization of the applicable Participant's
 rights as of the date of the occurrence of such transaction (and, for the avoidance of doubt,
 if as of the date of the occurrence of such transaction the Committee determines in good
 faith that no amount would have been attained upon the exercise of such Award or realization
 of the applicable Participant's rights thereunder, then such Award may be terminated
 by the Company without payment), or (2) such Awards will be replaced with other rights
 or property selected by the Committee in its sole discretion; or (iv) any combination
 of the foregoing. In taking any of the actions permitted under this Section 7.3, the
 Committee will not be obligated to treat all Awards, all Awards held by a Participant, all
 Awards of the same type, or all portions of the same Award, similarly.

Notwithstanding the generality of the foregoing, in the event of a merger, consolidation or similar transaction directly or indirectly involving the Company that results in a Change in Control and in which the acquiring or succeeding corporation does not assume or substitute for the Award (or portion of the Award), the Participant will fully vest in and have the right to exercise all of his or her outstanding Options (or portion thereof) that are not assumed or substituted for, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Shares (or portions thereof) not assumed or substituted for will lapse, and, with respect to Awards with performance-based vesting (or portions thereof) not assumed or substituted for, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met, in each case, unless specifically provided otherwise under the applicable Award Agreement or other written agreement between the Participant and the Company or any of its Parent or Subsidiaries, as applicable. In addition, if an Option (or portion thereof) is not assumed or substituted for, the Committee will notify the Participant in writing or electronically that the Option (or its applicable portion) will be exercisable for a period of time determined by the Committee in its sole discretion, and the Option (or its applicable portion) will terminate upon the expiration of such period.

Notwithstanding anything in this Section 7.3 to the contrary, and unless otherwise provided for in an Award Agreement or other written agreement between the Participant and the Company or any of its Parent or Subsidiaries, as applicable, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its acquirer or successor modifies any of such performance goals without the Participant's consent; provided, however, a modification to such performance goals only to reflect the acquiring or succeeding corporation's corporate structure following the applicable transaction will not be deemed to invalidate an otherwise valid Award assumption.

Notwithstanding anything in this Section 7.3 to the contrary, if a payment under an Award Agreement is subject to Section 409A and if the change in control definition contained in the Award Agreement or other agreement related to the Award does not comply with the definition of "change in control" for purposes of a distribution under Section 409A, then any payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Section 409A without triggering any penalties applicable under Section 409A.

**7.4**  **<u>OUTSIDE DIRECTOR AWARDS</u>** . With respect to Awards granted to an Outside Director, in the event
 of a Change in Control in which such Awards are assumed or substituted for, if on the date
 of or following such assumption or substitution the Participant's status as a Director
 or a director of the successor corporation, as applicable, is terminated other than upon
 a voluntary resignation by the Participant (unless such resignation is at the request of
 the acquirer), then the Participant will fully vest in and have the right to exercise Options
 as to all of the Shares underlying such Award, including those Shares which would not otherwise
 be vested or exercisable, all restrictions on Restricted Stock will lapse, and, with respect
 to Awards with performance-based vesting, unless specifically provided otherwise under the
 applicable Award Agreement, a Company policy applicable to the Participant, or other written
 agreement between the Participant and the Company, all performance goals or other vesting
 criteria will be deemed achieved at one hundred percent (100%) of target levels and all other
 terms and conditions met.

**7.5**  **<u>MODIFICATION OR ASSUMPTION OF OPTIONS</u>.** The Committee may modify, extend or assume outstanding
 options or may accept the cancellation of outstanding options (whether granted by the Company
 or by another issuer) in return for the grant of new options for the same or a different
 number of shares and at the same or a different exercise price. The foregoing notwithstanding,
 no modification of an Option shall, without the consent of the Optionee, alter or impair
 his or her rights or obligations under such Option (except that the Committee has the authority
 to amend any outstanding Option without the Optionee's consent if the Committee deems
 it necessary or advisable to comply with Section 409A). In addition, to the extent the Committee's
 modification of the purchase price or the exercise price of any outstanding Award effects
 a repricing, shareholder approval shall be required before the repricing is effective.

**Article 8.**<br> LEAVE OF ABSENCE/ TRANSFERABILITY**

**8.1**  **<u>LEAVE OF ABSENCE/TRANSFER BETWEEN LOCATIONS</u>** . Unless the Committee provides otherwise and
 except as required by Applicable Laws, vesting of Awards granted hereunder will be suspended
 during any unpaid leave of absence. For purposes of ISOs, no such leave may exceed three
 (3) months, unless reemployment upon expiration of such leave is guaranteed by statute
 or contract. If reemployment upon expiration of a leave of absence approved by the Company
 is not so guaranteed, then six (6) months following the first (1<sup>st</sup>) day of
 such leave any ISO held by the Participant will cease to be treated as an ISO and will be
 treated for tax purposes as a NQO.

**8.2**  **<u>TRANSFERABILITY OF AWARDS</u>.** Unless determined otherwise by the Committee, an Award may not be sold,
 pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by
 will or by the laws of descent or distribution and may be exercised, during the lifetime
 of the Participant, only by the Participant. If the Committee makes an Award transferable,
 such Award will not be transferable other than for no consideration, and will contain such
 additional terms and conditions as the Committee deems appropriate.

**Article 9.**<br> LIMITATION ON RIGHTS.**

**9.1**  **<u>RETENTION RIGHTS</u>** . Neither the Plan nor any Award granted under the Plan shall be deemed to
 give any individual a right to remain a Service Provider. The Company and its Parents and
 Subsidiaries reserve the right to terminate the service of any Service Provider at any time,
 with or without Cause, subject to Applicable Laws, the Company's articles of incorporation
 and bylaws and a written employment agreement (if any).

**9.2**  **<u>REGULATORY REQUIREMENTS</u>** . Any other provision of the Plan notwithstanding, the obligation of
 the Company to issue Shares under the Plan shall be subject to all Applicable Laws, rules
 and regulations and such approval by any regulatory body as may be required. The Company
 reserves the right to restrict, in whole or in part, the delivery of Shares pursuant to any
 Award prior to the satisfaction of all legal requirements relating to the issuance of such
 Shares, to their registration, qualification or listing or to an exemption from registration,
 qualification or listing.

**Article 10.**<br> TAX.**

**10.1**  **<u>GENERAL</u>** .
 To the extent provided by the terms of an Award Agreement and subject to the discretion of
 the Committee, the Participant may satisfy any federal, state, local, foreign or other taxes
 (including the Participant's FICA obligation) tax withholding obligation relating to
 the exercise or acquisition of Common Stock under an Award by any of the following means
 (in addition to the Company's right to withhold from any compensation paid to the Participant
 by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing
 the Company to withhold shares of Common Stock from the shares of Common Stock otherwise
 issuable to the Participant as a result of the exercise or acquisition of Common Stock under
 the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding
 the minimum amount of tax required to be withheld by law; or (c) delivering to the Company
 previously owned and unencumbered shares of Common Stock of the Company. The Company shall
 not be required to issue any Shares or make any cash payment under the Plan until such obligations
 are satisfied. The amount of the withholding requirement will be deemed to include any amount
 which the Committee agrees may be withheld at the time the election is made, not to exceed
 the amount determined by using the maximum federal, state or local marginal income tax rates
 applicable to the Participant with respect to the Award on the date that the amount of tax
 to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or
 delivered will be determined as of the date that the taxes are required to be withheld.

**10.2**  **<u>COMPLIANCE WITH SECTION 409A</u>** . All Awards granted hereunder are intended to be exempt from
 or comply with the requirements of Section 409A. Any ambiguities in this Plan or any Award
 granted hereunder will be interpreted to so comply with or be exempt from Section 409A, as
 appropriate. The terms of the Plan and any Award granted under the Plan shall be interpreted,
 operated and administered in a manner consistent with the foregoing intention. Notwithstanding
 any other provision in the Plan or an Award Agreement, the Committee, to the extent it unilaterally
 deems necessary or advisable in its sole discretion, reserves the right, but shall not be
 required, to amend or modify the Plan and any Award granted under the Plan so that the Award
 qualifies for exemption from or complies with Section 409A; provided, however, that the Company
 makes no representation that the Awards granted under the Plan shall be exempt from or comply
 with Section 409A of the Code. Any amounts payable under the Plan shall be excludible from
 the requirements of Section 409A, either as involuntary separation pay or as short-term deferral
 amounts, to the maximum possible extent. In no event
 will the Company (or any Parent or Subsidiary of the Company, as applicable) have any liability
 for or reimburse a Participant for any taxes imposed or other costs incurred under Section 409A.

Whenever in the provision of payment or benefit under the Plan is conditioned on the Service Provider's execution and non-revocation of a waiver and release of claims, such waiver and release must be executed and not revoked, and all revocation periods must have expired, on or prior to the stated payment date; otherwise, the payment or benefit is forfeited. In no event may a Service Provider, directly or indirectly, designate the calendar year of a payment.

Notwithstanding anything in the Plan to the contrary, with respect to amounts payable pursuant to an Award which is subject to Section 409A, in the event that a Participant is a "specified employee" as defined in Section 409A, any amount that is payable in connection with the Participant's separation from service shall not be paid prior to the date which is six months after the date the Participant separates from service (or, if earlier, the date the Participant dies). A Participant who is subject to the restriction described in the previous sentence shall be paid on the first day of the seventh month after the Participant's separation from service an amount equal to the benefit that the Participant would have received during such six-month period absent the restriction.

**Article 11.**<br> AMENDMENT/ TERMINATION/ TERM.**

**11.1**  **<u>TERM OF THE PLAN</u>** . The Plan will become effective on the date it is approved by the stockholders
 of the Company. Unless sooner terminated under Section 11.2, it will continue in effect for
 a term of ten (10) years from January 20, 2023, the date the Plan was approved and adopted
 by the Board. If the Plan is not approved by the stockholders of the Company, then it will
 not become effective.

**11.2**  **<u>AMENDMENT AND TERMINATION</u>** . The Board may at any time amend, alter, suspend or terminate the
 Plan, provided any such amendment, alteration or suspension is in compliance with Section
 409A, to the extent applicable.

**11.3**  **<u>STOCKHOLDER APPROVAL</u>** . The Company will obtain stockholder approval of any Plan amendment to the
 extent necessary and desirable to comply with Applicable Laws.

**11.4**  **<u>EFFECT OF AMENDMENT OR TERMINATION</u>** . No amendment, alteration, suspension or termination
 of the Plan will materially impair the rights of any Participant, unless mutually agreed
 otherwise between the Participant and the Committee, which agreement must be in writing and
 signed by the Participant and the Company. Termination of the Plan will not affect the Committee's
 ability to exercise the powers granted to it hereunder with respect to Awards granted under
 the Plan prior to the date of such termination.

**Article 12.**<br> CONDITIONS UPON ISSUANCE OF SHARES.**

**12.1**  **<u>LEGAL COMPLIANCE</u>** . Shares will not be issued pursuant to the exercise of an Award unless
 the grant and exercise of such Award and the issuance and delivery of such Shares will comply
 with Applicable Laws and will be further subject to the approval of counsel for the Company
 with respect to such compliance.

**12.2**  **<u>INVESTMENT REPRESENTATIONS</u>** . As a condition to the exercise of an Award, the Company may require
 the person exercising such Award to represent and warrant at the time of any such exercise
 that the Shares are being purchased only for investment and without any present intention
 to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation
 is required.

**12.3**  **<u>INABILITY TO OBTAIN AUTHORITY</u>** . The inability of
 the Company to obtain authority from any regulatory body having jurisdiction or to complete
 or comply with the requirements of any registration or other qualification of the Shares
 under any state, federal or non U.S. law or under the rules and regulations of the Securities
 and Exchange Commission, the stock exchange on which Shares of the same class are then listed,
 or any other governmental or regulatory body, which authority, registration, qualification
 or rule compliance is deemed by the Company's counsel to be necessary or advisable
 for the issuance and sale of any Shares hereunder, will relieve the Company of any liability
 in respect of the failure to issue or sell such Shares as to which such requisite authority,
 registration, qualification or rule compliance will not have been obtained.

**12.4**  **<u>STOCKHOLDER APPROVAL</u>** . The Plan will be subject to approval by the stockholders of the Company
 within twelve (12) months after the date the Plan is adopted by the Board.

**12.5**  **<u>ENTIRE AGREEMENT; GOVERNING LAW</u>** . The Plan and each Award Agreement constitute the entire
 agreement of the parties with respect to the subject matter hereof and supersede in their
 entirety all prior undertakings and agreements of the Company and Participant with respect
 to the subject matter thereof. The Plan and each Award Agreement is governed by the internal
 substantive laws but not the choice of law rules of the State of Nevada.

**12.6**  **<u>SUCCESSORS AND ASSIGNS</u>** . The Company may assign any of its rights under this Plan and any Award
 Agreement to single or multiple assignees, and this Plan and any Award Agreement shall inure
 to the benefit of the successors and assigns of the Company. Subject to the restrictions
 on transfer herein set forth, this Plan and any Award Agreement shall be binding upon Participant
 and his or her heirs, executors, administrators, successors and assigns.

**12.7**  **<u>CLAWBACK</u>** .
 Notwithstanding any other provisions in this Plan to the contrary, any Award received by
 a Subject Participant, and/or any Share issued upon exercise of any Award received by a Subject
 Participant hereunder, and/or any amount received with respect to any sale of any such Award
 or Share, will be subject to potential cancellation, recoupment, rescission, payback or other
 action to the extent required pursuant to Applicable Law, government regulation or national
 securities exchange listing requirement (or any clawback policy adopted by the Company pursuant
 to any such law, government regulation or national securities exchange listing requirement).
 Each Subject Participant agrees and consents to the Company's application, implementation
 and enforcement of any policy established by the Company that may apply to the Subject Participant
 and any provision of applicable law, government regulation or national securities exchange
 listing requirement relating to cancellation, rescission, payback or recoupment of compensation,
 and expressly agrees that the Company may take such actions as are necessary to effectuate
 any such policy (as applicable to the Subject Participant) or Applicable Law, government
 regulation or national securities exchange listing requirement without further consent or
 action being required by the Subject Participant.

**Article 13.**<br> DEFINITIONS.**

**13.1**"  ***Applicable Laws***" means the requirements relating to the administration of equity-based
 awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code,
 any stock exchange or quotation system on which the Common Stock is listed or quoted and
 the applicable laws of any foreign country or jurisdiction where Awards are, or will be,
 granted under the Plan.

**13.2**"  ***Award*** "
 means any award of an Option or a Restricted Share under the Plan.

**13.3**"  ***Award Agreement***" means either or both a Stock Option Agreement and a Stock Award
 Agreement.

**13.4**"  ***Board*** "
 means the Company's Board of Directors, as constituted from time to time.

**13.5**"  ***Cause*** "
 means, with respect to a Participant, the occurrence of any of the following events: (i)
 such Participant's commission of a felony or any crime involving fraud, dishonesty
 or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant's
 attempted commission of, or participation in, a fraud or act of dishonesty against the Company,
 Parent or Subsidiary; (iii) such Participant's intentional, material violation of any
 contract or agreement between the Participant and the Company, Parent or Subsidiary or of
 any statutory duty owed to the Company, Parent or Subsidiary; (iv) such Participant's
 unauthorized use or disclosure of the Company's, Parent's or Subsidiary's
 confidential information or trade secrets; (v) such Participant's gross negligence
 or willful misconduct; or (vi) such Participant's action which constitutes "Cause"
 under his or her applicable employment or consulting agreement. The determination that a
 termination of the Participant's continuous status as a Service Provider is either
 for Cause or without Cause shall be made by the Company in its sole discretion. Any determination
 by the Company that Participant's continuous status as a Service Provider was terminated
 by reason of dismissal without Cause for the purposes of outstanding Awards held by such
 Participant shall have no effect upon any determination of the rights or obligations of the
 Company or such Participant for any other purpose. If, subsequent to a Participant's
 termination as a Service Provider, it is discovered that such Participant could have been
 terminated for Cause, the Participant shall, at the election of the Company, in its sole
 discretion, be deemed to have been terminated for Cause retroactively to the date the events
 giving rise to Cause occurred. In such event, any amounts or Shares received under this Plan
 shall be returned to the Company within thirty (30) days of the Company's written demand.

**13.6**"  ***Change in Control***" shall mean the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Change in Ownership of the Company**. A change in the ownership of the Company which occurs on
 the date that any one person, or more than one person acting as a group ("Person"),
 acquires ownership of the stock of the Company that, together with the stock held by such
 Person, constitutes more than fifty percent (50%) of the total voting power of the stock
 of the Company, provided, however, that for purposes
 of this subsection (a), the acquisition of additional stock by any one Person, who is considered
 to own more than fifty percent (50%) of the total voting power of the stock of the Company
 will not be considered a Change in Control ; or

(b) **Change in Effective Control of the Company**. A change in the effective control of the Company
 occurs on the date that a majority of members of the Board is replaced during any twelve
 (12) month period by Directors whose appointment or election is not endorsed by a majority
 of the members of the Board prior to the date of the appointment or election; or

(c) **Change in Ownership of a Substantial Portion of the Company's Assets**. A change in the
 ownership of a substantial portion of the Company's assets which occurs on the date
 that any Person acquires (or has acquired during the twelve (12) month period ending on the
 date of the most recent acquisition by such Person or Persons) assets from the Company that
 have a total gross fair market value equal to or more than fifty percent (50%) of the total
 gross fair market value of all of the assets of the Company immediately prior to such acquisition
 or acquisitions. For purposes of this subsection (c), gross fair market value means the value
 of the assets of the Company, or the value of the assets being disposed of, determined without
 regard to any liabilities associated with such assets.

For purposes of this Section 13.6, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control, with respect to an Award subject to Section 409A, unless the transaction qualifies as a change in control event within the meaning of Section 409A.

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company's incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the Persons who held the Company's securities immediately before such transaction.

**13.7**"  ***Code*** "
 means the Internal Revenue Code of 1986, as amended.

**13.8**"  ***Committee*** "
 means a committee of the Board, as described in Article 2.

**13.9**"  ***Common Stock***" means the common stock, par value $0.00001 per share, of the Company.

**13.10**"  ***Company*** "
 means NuZee, Inc., a Nevada corporation.

**13.11**"  ***Consultant*** "
 means a consultant or adviser who provides bona fide services to the Company, a Parent or
 a Subsidiary as an independent contractor, and who may be offered securities registerable
 pursuant to a registration statement on Form S-8 under the Securities Act. Service as a Consultant
 shall be considered employment for all purposes of the Plan, except as provided in Section 4.2.

**13.12**"  ***Director*** "
 shall mean a member of the Board.

**13.13**"  ***Disability*** "
 means total and permanent disability as defined in Code Section 22(e)(3), provided that
 in the case of Awards other than ISOs, the Committee in its discretion may determine whether
 a permanent and total disability exists in accordance with uniform and non-discriminatory
 standards adopted by the Committee from time to time.

**13.14**"  ***Employee*** *"* means a common-law employee of the Company, a Parent or a Subsidiary.

**13.15**"  ***Exchange Act***" means the Securities Exchange Act of 1934, as amended.

**13.16**"  ***Exercise Price***" means the amount for which one Share may be purchased upon exercise
 of such Option, as specified in the applicable Stock Option Agreement.

**13.17**"  ***Fair Market Value***" means, for so long as the Common Stock is listed on
 any established stock exchange or a national market system, including without limitation
 the New York Stock Exchange, or the Nasdaq Global Select Market, the Nasdaq Global Market
 or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the
 closing sales price for such stock (or the closing bid, if no sales were reported) as quoted
 on such exchange or system on the day of determination, as reported in *The Wall Street Journal* or such other source as the Administrator deems reliable . If
 the Common Stock is regularly quoted by a recognized securities dealer but selling prices
 are not reported, the Fair Market Value of a Share will be the mean between the high bid
 and low asked prices for the Common Stock on the day of determination, as reported in *The Wall Street Journal* or such other source as the Committee deems reliable. In the absence of an established market for the Common Stock, the Fair Market Value shall
 be determined in good faith by the Committee and such determination shall be conclusive and
 binding on all persons.

**13.18**"  ***ISO*** "
 means an incentive stock option described in section 422(b) of the Code.

**13.19**"  ***NQO*** "
 means a stock option not described in sections 422 or 423 of the Code.

**13.20**"  ***Option*** "
 means an ISO or NQO granted under the Plan and entitling the holder to purchase Shares.

**13.21**"  ***Optionee*** "
 means an individual or estate who holds an Option.

**13.22**"  ***Outside Director***" means a Director who is not an Employee.

**13.23**"  ***Parent*** "
 means a "parent corporation" whether now or hereafter existing, as defined in
 Code Section 424(e).

**13.24**"  ***Participant*** "
 means an individual or estate who holds an Award.

**13.25**"  ***Period of Restriction***" means the period during which the transfer of Restricted Shares
 are subject to restrictions and therefore, the Shares are subject to a substantial risk of
 forfeiture. Such restrictions may be based on the passage of time, the achievement of target
 levels of performance, or the occurrence of other events as determined by the Committee.

**13.26**"  ***Plan*** "
 means this NuZee, Inc. 2023 Equity Incentive Plan, as amended from time to time.

**13.27**"  ***Restricted Share***" means a Share awarded under the Plan.

**13.28**  ***"Section 409A"*** means Code Section 409A and the regulations and other guidance issued
 thereunder.

**13.29**"  ***Service Provider***" means an Employee, Director or Consultant.

**13.30**"  ***Share*** "
 means a share of Common Stock, as adjusted in accordance with Article 7 of the Plan.

**13.31**"  ***Stock Award Agreement***" means the agreement between the Company and the recipient
 of a Restricted Share that contains the terms, conditions and restrictions pertaining to
 such Restricted Share.

**13.32**"  ***Stock Option Agreement***" means the agreement between the Company and an Optionee that
 contains the terms, conditions and restrictions pertaining to his or her Option.

**13.33**"  ***Subsidiary*** "
 means a "subsidiary corporation" whether now or hereafter existing, as defined
 in Code Section 424(f).

**13.34**"  ***Subject Participant***" means a Participant who is designated by the Board as an "executive
 officer" under the Exchange Act.

**13.35**"  ***Substitute Award***" has the meaning set forth in Section 3.4.

**EXECUTION.**

The Company has caused its duly authorized officer to execute this document in the name of the Company.

---

| | |
|:---|:---|
| **NUZEE, INC.** | **NUZEE, INC.** |
| By: | *<u>/s/ Masateru Higashida</u>* |
|  | Masateru Higashida, Chief Executive Officer, Secretary, and Treasurer<br>|

---

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

<u>Form S-8</u>

(Form Type)

<u>NuZee, Inc.</u>

(Exact name of Registrant as Specified in its Charter)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Amount**<br> **Registered<sup>(1)</sup>** | **Proposed Maximum<br> Offering Price Per Unit** | **Maximum<br> Aggregate<br> Offering Price** | **Fee Rate** | **Amount of<br> Registration Fee** |
| Equity | Common Stock, par value $0.00001 per share Other<sup>(2)</sup>103000<sup>(3)</sup> |  | $11.25<sup>(2)</sup> | $1158750.00 | 0.00011020 | $127.69 |
| Total Offering Amount | Total Offering Amount | Total Offering Amount |  | $1158750.00 |  | $127.69 |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  | N/A |
| Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $127.69 |

---

(1) Pursuant
 to Rule 416(a) promulgated under the Securities Act of 1933, as amended (the "  ***Securities Act*** "), this Registration
 Statement shall also cover such indeterminate number of additional shares of common stock, par value $0.00001 per share, of the Registrant
 (the "  ***Common Stock***") that become issuable under the Registrant's 2023 Equity Incentive Plan by reason
 of any stock dividend, stock split, recapitalization, or other similar transaction effected that results in an increase to the number
 of outstanding shares of the Registrant's Common Stock.

(2) Estimated
 solely for the purpose of calculating the registration fee pursuant to Rule 457(h) and Rule 457(c) under the Securities Act, and
 based on the average of the high and low prices of the Registrant's Common Stock on March 20, 2023 as reported on the
 Nasdaq Capital Market.

(3) Represents
 103,000 shares of the Registrant's Common Stock reserved for future issuance under the Registrant's 2023 Equity Incentive
 Plan.