# EDGAR Filing Document

**Accession Number:** 0001892322
**File Stem:** 0001493152-23-007595
**Filing Date:** 2023-3
**Character Count:** 163340
**Document Hash:** b9dd55c9527334652b3694370dc3934b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-007595.hdr.sgml**: 20230314

**ACCESSION NUMBER**: 0001493152-23-007595

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230314

**DATE AS OF CHANGE**: 20230314

**EFFECTIVENESS DATE**: 20230314

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HeartCore Enterprises, Inc.
- **CENTRAL INDEX KEY:** 0001892322
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **IRS NUMBER:** 870913420
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270524
- **FILM NUMBER:** 23730734

**BUSINESS ADDRESS:**
- **STREET 1:** 1-2-33, HIGASHIGOTANDA,
- **STREET 2:** SHINAGAWA-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 1410022
- **BUSINESS PHONE:** 650-695-2583

**MAIL ADDRESS:**
- **STREET 1:** 848 JORDAN AVE. APT G
- **CITY:** LOS ALTOS
- **STATE:** CA
- **ZIP:** 94022

**As filed with the Securities and Exchange Commission on March 14, 2023**

**Registration No. 333-________**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**<u>HEARTCORE ENTERPRISES, INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **87-0913420** |
| (State or other jurisdiction<br> of incorporation or organization) | (I.R.S. Employer<br> Identification Number) |

---

**HeartCore Enterprises, Inc.**

**1-2-33, Higashigotanda, Shinagawa-ku, Tokyo, Japan**

(Address of principal executive offices, including zip code)

**2021 Equity Incentive Plan**

(Full title of the plan)

**Sumitaka Yamamoto**

**Chief Executive Officer**

**c/o HeartCore Enterprises, Inc.**

**1-2-33, Higashigotanda, Shinagawa-ku, Tokyo, Japan**

**+81-3-6409-6966**

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

***Copies to:***

**Laura Anthony, Esq.**

**Anthony L.G., PLLC**

**625 N. Flagler Drive, Suite 600**

**West Palm Beach, FL 33401**

**(561) 514-0936**

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.

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 PROSPECTUS**

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement 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 documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the equity benefit plans covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference**.

HeartCore Enterprises, Inc. (the "Registrant") hereby incorporates by reference into this Registration Statement the following documents previously filed with the Securities and Exchange Commission (the "Commission"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's
 Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1892322/000149315222008441/form10-k.htm) for the fiscal year ended December 31, 2021, filed with the Commission on March 31, 2022; and

2. All other reports of the
 Registrant filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
 since March 31, 2022 (other than the portions of these documents not deemed to be filed); and

3. The description of the
 Registrant's securities contained in the Registrant's [Form 8-A](https://www.sec.gov/Archives/edgar/data/1892322/000149315222003458/form8-a12b.htm) filed with the Commission on February 8, 2022 and in the
 Registrant's Registration Statement on [Form S-1](https://www.sec.gov/Archives/edgar/data/1892322/000149315222000137/forms-1.htm) (File No. 333-261984), initially filed with the Commission on January 3, 2022
 and declared effective on February 9, 2022, including any amendments or reports filed for the purpose of updating such description.

All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; *provided*, *however*, that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into 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 subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such 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 certificate of incorporation provides that its officers and directors will be indemnified by the Registrant to the fullest extent authorized by Delaware law, as it now exists or may in the future be amended. In addition, the Registrant's certificate of incorporation provides that the Registrant's directors will not be personally liable for monetary damages to the Registrant for breaches of their fiduciary duty as directors, except to the extent such exemption from liability or limitation thereof is not permitted by the General Corporation Law of the State of Delaware.

On February 9, 2022, each of Takeshi Omoto, Yoshitomo Yamano, Yuki Tan and Yuta Katai entered into an indemnification agreement with the Registrant. Previously, Ferdinand Groenewald entered into an indemnification agreement with the Registrant. Each indemnification agreement provides, among other things, for indemnification to the fullest extent permitted by law and the Registrant's certificate of incorporation and bylaws against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements provide for the advancement or payment of all expenses to the indemnitee and for reimbursement to the Registrant if it is found that such indemnitee is not entitled to such indemnification under applicable law and the Registrant's certificate of incorporation and bylaws.

The Registrant's certificate of incorporation also permits the Registrant to maintain insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit such indemnification. The Registrant has purchased a policy of directors' and officers' liability insurance that insures officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures the Registrant against its obligations to indemnify its officers and directors.

These provisions may discourage stockholders from bringing a lawsuit against the Registrant's directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action, if successful, might otherwise benefit the Registrant and its stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent the Registrant pays the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.

The Registrant believes that these provisions and the insurance are necessary to attract and retain talented and experienced officers and directors.

Any repeal or amendment of provisions of the Registrant's certificate of incorporation affecting indemnification rights, whether by the Registrant's board of directors, stockholders or by changes in applicable law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such amendment or change in law permits the Registrant to provide broader indemnification rights on a retroactive basis, and will not in any way diminish or adversely affect any right or protection existing thereunder with respect to any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to the Registrant's directors, officers and controlling persons pursuant to the provisions described above, 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 Registrant's payment of expenses incurred or paid by the Registrant's director, officer or controlling person 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.

**Item 7. Exemption from Registration Claimed**.

Not applicable.

**Item 8. Exhibits**.

---

| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Description** |
| 5.1\* | [Opinion of Anthony L.G., PLLC.](ex5-1.htm) |
| 23.1\* | [Consent of MaloneBailey, LLP.](ex23-1.htm) |
| 23.2\* | [Consent of Anthony L.G., PLLC (included on Exhibit 5.1).](ex5-1.htm) |
| 24.1\* | [Power of Attorney (included on the signature page).](#POA_001) |
| 99.1\* | [2021 Equity Incentive Plan.](ex99-1.htm) |
| 107\* | [Filing Fees Exhibit](ex107.htm) |

---

\* Filed herewith

**Item 9. Undertakings**.

A. The undersigned Registrant
 hereby undertakes:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 this Registration Statement.

&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;(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.

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.

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, as amended, 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 Tokyo, Japan, on March 14, 2023.

---

| | |
|:---|:---|
| **HEARTCORE ENTERPRISES, INC.** | **HEARTCORE ENTERPRISES, INC.** |
| By: | */s/ Sumitaka Yamamoto* |
|  | Sumitaka Yamamoto |
|  | Chief Executive Officer and President |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Sumitaka Yamamoto as his true and lawful attorney-in-fact and agent with full power of substitution, for him and in their name, place and stead, in any and all capacities, to sign this Registration Statement on Form S-8 and any and all amendments thereto (including post-effective amendments), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

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 date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Sumitaka Yamamoto* | Chairman of the Board, Chief Executive Officer and President | March 14, 2023 |
| Sumitaka Yamamoto | (principal executive officer) |  |
| */s/ Qizhi Gao* | Chief Financial Officer (principal financial officer | March 14, 2023 |
| Qizhi Gao | and principal accounting officer) |  |
| */s/ Ferdinand Groenewald* | Director | March 14, 2023 |
| Ferdinand Groenewald |  |  |
| */s/ Kimio Hosaka* | Director | March 14, 2023 |
| Kimio Hosaka |  |  |
| */s/ Yuta Katai* | Director | March 14, 2023 |
| Yuta Katai |  |  |
| */s/ Takeshi Omoto* | Director | March 14, 2023 |
| Takeshi Omoto |  |  |
| */s/ Prakash Sadasivam* | Director | March 14, 2023 |
| Prakash Sadasivam |  |  |
| */s/ Yuki Tan* | Director | March 14, 2023 |
| Yuki Tan |  |  |
| */s/ Yoshitomo Yamano* | Director | March 14, 2023 |
| Yoshitomo Yamano |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

**ANTHONY L.G., PLLC**

**ANTHONY L.G., PLLC**

---

| | |
|:---|:---|
| ***laura aNTHONy, esq.***<br> ***JOHN CACOMANOLIS, ESQ.\****<br> ***CHAD FRIEND, ESQ., LLM***<br> ***SVETLANA ROVENSKAYA, ESQ.\*\****<br> ****<br>****<br> ***OF COUNSEL:***<br> ***Jessica Haggard, esq. \*\*\****<br> ***MICHAEL R. GEROE, ESQ., CIPP/US\*\*\*\****<br> ***CRAIG D. LINDER, ESQ.\*\*\*\*\****<br> ***PETER P. LINDLEY, ESQ., CPA, MBA***<br> ***john lowy, esq.\*\*\*\*\*\****<br> ***STUART REED, ESQ.***<br> ***LAZARUS ROTHSTEIN, ESQ.***<br> ***Harris Tulchin, Esq. \*\*\*\*\*\*\**** | **<u>www.ANTHONYPLLC.com</u>**<br> **<u>WWW.SECURITIESLAWBLOG.COM</u>**<br> **<u>WWW.LAWCAST.COM</u>**<br>***DIRECT E-MAIL: LANTHONY@ANTHONYPLLC.COM***<br>|

---

\*licensed in FL and NY

\*\*licensed in NY and NJ

\*\*\*licensed in Missouri

\*\*\*\*licensed in CA, DC, MO and NY

\*\*\*\*\*licensed in CA, FL and NY

\*\*\*\*\*\*licensed in NY and NJ

\*\*\*\*\*\*\*licensed in CA and HI (inactive in HI)

March 14, 2023

HeartCore Enterprises, Inc.

1-2-33, Higashigotanda, Shinagawa-ku, Tokyo, Japan

**Re: Registration Statement on Form S-8**

Ladies and Gentlemen:

We have examined the Registration Statement on Form S-8 (the "Registration Statement") to be filed by the Company with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), relating to the 2,400,000 shares of the Company's common stock, par value $0.0001 per share (the "Shares"), issuable pursuant to the 2021 Equity Incentive Plan (the "Plan").

In that connection, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments as we have deemed necessary or appropriate for the purposes of this opinion, including, without limitation: (a) the Articles of Incorporation of the Company; (b) the Bylaws of the Company; (c) certain resolutions adopted by the Board of Directors of the Company; and (d) the Plan.

In rendering our opinion, we have assumed the genuineness of all signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as duplicates or copies. As to all questions of fact material to this opinion that have not been independently established, we have relied upon certificates or comparable documents of officers and representatives of the Company.

Based on the foregoing and in reliance thereon, and subject to compliance with applicable state securities laws, we are of the opinion that the Shares when, and if, issued pursuant to the terms of the Plan will be validly issued, fully paid and non-assessable.

Our opinion expressed herein is limited to the internal laws of the State of Delaware and the federal laws of the United States, and we do not express any opinion herein concerning any other law.

We hereby consent to the filing of this opinion with the Commission as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| ANTHONY L.G., PLLC |
| */s/ Anthony L.G., PLLC* |

---

**625 N. FLAGLER DRIVE, SUITE 600 ● WEST PALM BEACH, FLORIDA ● 33401 ● PHONE: 561-514-0936 ● FAX 561-514-0832**

## 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 March 31, 2022 with respect to the audited consolidated financial statements of HeartCore Enterprises, Inc. for the year ended December 31, 2021.

We also consent to the references to us under the heading "Experts" in such Registration Statement.

*/s/ MaloneBailey, LLP*

www.malonebailey.com

Houston, Texas

March 14, 2023

## Exhibit 99.1

**Exhibit 99.1**

**<u>HeartCore Enterprises, Inc.</u>**

**<u>2021 Equity Incentive Plan</u>**

**<u>**Table of Contents**</u>**

---

| | | |
|:---|:---|:---|
| **Article I.** | **Purposes and Definitions** | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.01 | Purposes of this Plan; Structure. | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.02 | Definitions. | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.03 | Additional Interpretations. | 7 |
| **Article II.** | **Stock Subject to this Plan; Administration.** | 7 |
| &nbsp;&nbsp;&nbsp;Section 2.01 | Stock Subject to this Plan. | 7 |
| &nbsp;&nbsp;&nbsp;Section 2.02 | Administration of this Plan. | 8 |
| &nbsp;&nbsp;&nbsp;Section 2.03 | Eligibility. | 10 |
| &nbsp;&nbsp;&nbsp;Section 2.04 | Indemnification. | 10 |
| **Article III.** | **Awards.** | 10 |
| &nbsp;&nbsp;&nbsp;Section 3.01 | Stock Options. | 10 |
| &nbsp;&nbsp;&nbsp;Section 3.02 | Stock Appreciation Rights. | 13 |
| &nbsp;&nbsp;&nbsp;Section 3.03 | Restricted Stock. | 14 |
| &nbsp;&nbsp;&nbsp;Section 3.04 | Restricted Stock Units. | 15 |
| &nbsp;&nbsp;&nbsp;Section 3.05 | Performance Units and Performance Shares. | 17 |
| &nbsp;&nbsp;&nbsp;Section 3.06 | Cash-Based Awards and Other Stock-Based Awards. | 20 |
| &nbsp;&nbsp;&nbsp;Section 3.07 | Form of Award Agreements. | 21 |
| **Article IV.** | **Additional Provisions Applicable to this Plan and Awards** | 22 |
| &nbsp;&nbsp;&nbsp;Section 4.01 | Outside Director Limitations. | 22 |
| &nbsp;&nbsp;&nbsp;Section 4.02 | Compliance With Code Section 409A. | 22 |
| &nbsp;&nbsp;&nbsp;Section 4.03 | Leaves of Absence/Transfer Between Locations. | 22 |
| &nbsp;&nbsp;&nbsp;Section 4.04 | Limited Transferability of Awards. | 22 |
| &nbsp;&nbsp;&nbsp;Section 4.05 | Adjustments; Dissolution, Merger, Etc. | 22 |
| &nbsp;&nbsp;&nbsp;Section 4.06 | Tax Withholding. | 25 |
| &nbsp;&nbsp;&nbsp;Section 4.07 | Compliance with Securities Laws. | 26 |
| &nbsp;&nbsp;&nbsp;Section 4.08 | Tax Withholding. | 26 |
| &nbsp;&nbsp;&nbsp;Section 4.09 | No Effect on Employment or Service. | 26 |
| &nbsp;&nbsp;&nbsp;Section 4.10 | Repurchase Rights. | 27 |
| &nbsp;&nbsp;&nbsp;Section 4.11 | Fractional Shares. | 27 |
| &nbsp;&nbsp;&nbsp;Section 4.12 | Forfeiture Events. | 27 |
| &nbsp;&nbsp;&nbsp;Section 4.13 | Date of Grant. | 27 |
| &nbsp;&nbsp;&nbsp;Section 4.14 | Term of Plan. | 28 |
| &nbsp;&nbsp;&nbsp;Section 4.15 | Amendment and Termination of this Plan. | 28 |
| &nbsp;&nbsp;&nbsp;Section 4.16 | Conditions Upon Issuance of Shares. | 28 |
| &nbsp;&nbsp;&nbsp;Section 4.17 | Inability to Obtain Authority. | 28 |
| &nbsp;&nbsp;&nbsp;Section 4.18 | Shareholder Approval. | 28 |
| &nbsp;&nbsp;&nbsp;Section 4.19 | Retirement and Welfare Plans. | 29 |
| &nbsp;&nbsp;&nbsp;Section 4.20 | Beneficiary Designation. | 29 |
| &nbsp;&nbsp;&nbsp;Section 4.21 | Severability. | 29 |
| &nbsp;&nbsp;&nbsp;Section 4.22 | No Constraint on Corporate Action. | 29 |
| &nbsp;&nbsp;&nbsp;Section 4.23 | Unfunded Obligation. | 29 |
| &nbsp;&nbsp;&nbsp;Section 4.24 | Choice of Law. | 29 |

---

<u>Exhibits</u>

---

| | |
|:---|:---|
| Exhibit A | Form of Award Agreement for Options |
| Exhibit B | Form of Award Agreement for Stock Appreciation Rights |
| Exhibit C | Form of Award Agreement for Restricted Stock |
| Exhibit D | Form of Award Agreement for Restricted Stock Units |

---

(i) **HeartCore Enterprises, Inc.**

**2021 Equity Incentive Plan**

**Article I. <u>Purposes and Definitions</u>**

**Section 1.01 <u>Purposes of this Plan; Structure.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 purposes of this Plan are (i) to attract and retain the best available personnel for positions of substantial responsibility, (ii)
 to provide additional incentive to Employees, Directors and Consultants, and (ii) to promote the success of the Company's business.

(b) This
 Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted
 Stock Units, Performance Awards, Cash-Based Awards and Other Stock-Based Awards.

**Section 1.02 <u>Definitions.</u>** As used herein, the following definitions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;(a) "Administrator"
 means the Board or any of its Committees as will be administering this Plan, in accordance with Section 2.02.

(b) "Affiliate"
 means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with
 such Person.

(c) "Applicable
 Laws" means the legal and regulatory requirements relating to the administration of equity-based awards, including but not
 limited to the related issuance of shares of Common Stock, including but not limited to under U.S. federal and 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 non-U.S. country or jurisdiction where Awards are, or will be, granted under this Plan.

(d) "Award"
 means, individually or collectively, a grant under this Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted
 Stock Units, Performance Units or Performance Shares, or Cash-Based Award or Other Stock-Based Award granted under this Plan.

(e) "Award
 Agreement" means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted
 under this Plan, which Award Agreement shall be is subject to the terms and conditions of this Plan.

(f) "Board"
 means the Board of Directors of the Company.

(g) "Cash-Based
 Award" means an Award denominated in cash and granted pursuant to Section 3.06.

&nbsp;&nbsp;&nbsp;&nbsp;(h) "Cause"
 means, unless such term or an equivalent term is otherwise defined by the applicable Award Agreement or other written agreement between
 a Participant and the Company or its Affiliates applicable to an Award, any of the following: (i) the Participant's theft,
 dishonesty, willful misconduct, breach of fiduciary duty for personal profit, or falsification of documents or records of the Company
 or any of its Affiliates; (ii) the Participant's material failure to abide by the Company's or any Affiliate's
 code of conduct or other policies (including, without limitation, policies relating to confidentiality and reasonable workplace conduct);
 (iii) the Participant's unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or
 corporate opportunity of the Company or any of its Affiliates (including, without limitation, the Participant's improper use
 or disclosure of the Company's or any of its Affiliate's confidential or proprietary information); (iv) any intentional
 act by the Participant which has a material detrimental effect on the Company's or any of its Affiliate's reputation
 or business; (v) the Participant's repeated failure to perform any reasonable assigned duties after written notice from the
 Company or any of its Affiliates, and a reasonable opportunity to cure, such failure; (vi) any material breach by the Participant
 of any employment, service, non-disclosure, non-competition, non-solicitation or other similar agreement between the Participant
 and the Company or any of its Affiliates which breach is not cured pursuant to the terms of such agreement; or (vii) the Participant's
 conviction (including any plea of guilty or nolo contendere) of any criminal act involving fraud, dishonesty, misappropriation or
 moral turpitude, or which impairs the Participant's ability to perform his or her duties with the Company or any of its Affiliates.

(i) "Change
 in Control" means the occurrence of any of the following events, subject to the provisions of Section 1.03:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Change in Ownership of the Company</u>. 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 Section 1.02(i)(i), 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. Further,
 if the shareholders of the Company immediately before such change in ownership continue to retain immediately after the change in
 ownership, in substantially the same proportions as their ownership of shares of the Company's voting stock immediately prior
 to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the
 stock of the Company or of the ultimate parent entity of the Company, such event shall not be considered a Change in Control under
 this Section 1.02(i)(i). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting
 from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case
 may be, either directly or through one or more subsidiary corporations or other business entities.

(ii) <u>Change in Effective Control of the Company</u>. A change in the effective control of the Company which 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. For purposes of this Section 1.02(i)(ii),
 if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the
 same Person will not be considered a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Change in Ownership of a Substantial Portion of the Company's Assets</u>. 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; provided, however, that for purposes of this Section 1.02(i)(iii), the following will
 not constitute a change in the ownership of a substantial portion of the Company's assets: (A) a transfer to an entity that
 is controlled by the Company's shareholders immediately after the transfer, or (B) a transfer of assets by the Company to:
 (1) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company's stock,
 (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company,
 (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding
 stock of the Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly
 or indirectly, by a Person described in clause (B)(3) of this Section 1.02(i)(iii). For purposes of this Section 1.02(i)(iii), 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.

&nbsp;&nbsp;&nbsp;&nbsp;(j) "Code"
 means the Internal Revenue Code of 1986, as amended, and reference to a specific section of the Code or regulation thereunder shall
 include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future
 legislation or regulation amending, supplementing or superseding such section or regulation.

(k) "Committee"
 means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by a duly authorized
 committee of the Board, in accordance with Section 2.02.

(l) "Common
 Stock" means the common stock, par value $0.0001 per share, of the Company.

(m) "Company"
 means HeartCore Enterprises, Inc., a Delaware corporation, or any successor thereto.

(n) "Consultant"
 means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary to render bona fide services to
 such entity, provided the services (i) are not in connection with the offer or sale of securities in a capital-raising transaction,
 and (ii) do not directly promote or maintain a market for the Company's securities, in each case, within the meaning of Form
 S-8 promulgated under the Securities Act, and provided further, that a Consultant will include only those persons to whom the issuance
 of Shares may be registered under Form S-8 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(o) "Control"
 of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
 of such Person, whether through the ownership of voting securities, by contract, or otherwise." Controlled", "Controlling"
 and "under common Control with" have correlative meanings. Without limiting the foregoing a Person (the "Controlled
 Person") shall be deemed Controlled by (a) any other Person (the "10% Owner") (i) owning beneficially, as meant
 in Rule 13d-3 under the Exchange Act, securities entitling such Person to cast 10% or more of the votes for election of directors
 or equivalent governing authority of the Controlled Person or (ii) entitled to be allocated or receive 10% or more of the profits,
 losses, or distributions of the Controlled Person; (b) an officer, director, general partner, partner (other than a limited partner),
 manager, or member (other than a member having no management authority that is not a 10% Owner) of the Controlled Person; or (c)
 a spouse, parent, lineal descendant, sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law
 of an Affiliate of the Controlled Person or a trust for the benefit of an Affiliate of the Controlled Person or of which an Affiliate
 of the Controlled Person is a trustee.

(p) "Director"
 means a member of the Board.

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

(r) "Dividend
 Equivalent Right" means the right of a Participant, granted at the discretion of the Administrator or as otherwise provided
 by this Plan, to receive a credit for the account of such Participant in an amount equal to the cash dividends paid on one Share
 for each Share represented by an Award held by such Participant.

(s) "Employee"
 means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company, provided
 that neither service as a Director nor payment of a director's fee by the Company will be sufficient to constitute "employment"
 by the Company or any Parent or Subsidiary of the Company.

(t) "Exchange
 Act" means the Securities Exchange Act of 1934, as amended.

(u) "Exchange
 Program" means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for awards of the same
 type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants
 would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the
 Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine
 the terms and conditions of any Exchange Program in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(v) "Fair
 Market Value" means, as of any date, the value of Common Stock determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the Common Stock is listed on any established stock exchange or a national market system (other than an over-the counter market,
 which will not be considered an established stock exchange of national market system for the purposes of this definition), including
 without limitation the New York Stock Exchange, 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, if no closing sales price was
 reported on that date, as applicable, on the last trading date such closing sales price was 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;

(ii) 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 (or, if no
 bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as reported
 in The Wall Street Journal or such other source as the Administrator deems reliable;

(iii) In
 the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;(w) "Fiscal
 Year" means the fiscal year of the Company.

(x) "Incentive
 Stock Option" means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option
 within the meaning of Code Section 422 and the regulations promulgated thereunder.

(y) "Nonstatutory
 Stock Option" means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

(z) "Officer"
 means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations
 promulgated thereunder.

(aa) "Option"
 means a stock option granted pursuant to this Plan.

(bb) "Outside
 Director" means a Director who is not an Employee.

(cc) "Other
 Stock-Based Award" means an Award denominated in Shares and granted pursuant to Section 3.06.

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

(ee) "Participant"
 means the holder of an outstanding Award.

(ff) "Performance
 Award" means an Award of Performance Shares or Performance Units.

&nbsp;&nbsp;&nbsp;&nbsp;(gg) "Performance
 Award Formula" means, for any Performance Award, a formula or table established by the Administrator pursuant to Section 3.05
 which provides the basis for computing the value of a Performance Award at one or more levels of attainment of the applicable Performance
 Goal(s) measured as of the end of the applicable Performance Period.

(hh) "Performance
 Share" means an Award denominated in Shares which may be earned in whole or in part upon attainment of performance goals or
 other vesting criteria as the Administrator may determine pursuant to Section 3.05.

(ii) "Performance
 Unit" means an Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria
 as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing
 pursuant to Section 3.05.

(jj) "Period
 of Restriction" means the period during which the transfer of Shares of Restricted Stock 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 Administrator.

(kk) "Person"
 means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),
 limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or political
 subdivision thereof, or an agency or instrumentality thereof.

(ll) "Plan"
 means this 2021 Equity Incentive Plan.

(mm) "Restricted
 Stock" means Shares issued pursuant to an Award of Restricted Stock under Section 3.03, or issued pursuant to the early exercise
 of an Option.

(nn) "Restricted
 Stock Unit" means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant
 to Section 3.04. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

(oo) "Rule
 16b-3" means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised
 with respect to this Plan.

(pp) "Section
 16(b)" means Section 16(b) of the Exchange Act.

(qq) "Securities
 Act" means the Securities Act of 1933, as amended.

(rr) "Service
 Provider" means an Employee, Director or Consultant.

(ss) "Share"
 means a share of the Common Stock, as adjusted in accordance with Section 4.05.

(tt) "Stock
 Appreciation Right" means an Award, granted alone or in connection with an Option, that pursuant to Section 3.02 is designated
 as a Stock Appreciation Right.

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

**Section 1.03 <u>Additional Interpretations.</u>** For purposes of Section 1.02(i), 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 unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. 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.

**Article II. <u>Stock Subject to this Plan; Administration.</u>**

**Section 2.01 <u>Stock Subject to this Plan.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of Section 2.01(a) and Section 4.05, the maximum aggregate number of Shares that may be subject to Awards and sold
 under this Plan is 2,400,000 Shares. The Shares may be authorized but unissued, or reacquired Common Stock.

(b) Subject
 to adjustment as provided in Section 4.05, the maximum aggregate number of shares of Shares that may be issued under this Plan as
 set forth in Section 2.01(a) shall be cumulatively increased on January 1, 2022 and on each subsequent January 1 through and including
 January 1, 2022, by a number of shares (the "Annual Increase") equal to the smaller of (a) three percent (3%) of the
 number of shares of Common Stock issued and outstanding on the immediately preceding December 31, or (b) an amount determined by
 the Board.

(c) If
 an Award expires or becomes un-exercisable without having been exercised in full, is surrendered pursuant to an Exchange Program,
 or, with respect to Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares, is forfeited to or repurchased
 by the Company due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights
 the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under this Plan (unless
 this Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation
 Right will cease to be available under this Plan; all remaining Shares under Stock Appreciation Rights will remain available for
 future grant or sale under this Plan (unless this Plan has terminated). Shares that have actually been issued under this Plan under
 any Award will not be returned to this Plan and will not become available for future distribution under this Plan; provided, however,
 that if Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units, Performance Shares or Performance Units are
 repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares will become available for future
 grant under this Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholdings related to an Award will
 become available for future grant or sale under this Plan. To the extent an Award under this Plan is paid out in cash rather than
 Shares, such cash payment will not result in reducing the number of Shares available for issuance under this Plan. Notwithstanding
 the foregoing and, subject to adjustment as provided in Section 4.05, the maximum number of Shares that may be issued upon the exercise
 of Incentive Stock Options will equal the aggregate Share number stated in Section 2.01(a), plus, to the extent allowable under Code
 Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under this Plan pursuant
 to Section 2.01(c) and Section 2.01(d).

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 this Plan.

**Section 2.02 <u>Administration of this Plan.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Multiple Administrative Bodies*. Different Committees with respect to different groups of Service Providers may administer this Plan.

(ii) *Rule 16b-3*. To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder
 will be structured to satisfy the requirements for exemption under Rule 16b-3.

(iii) *Other Administration*. Other than as provided above, this Plan will be administered by (A) the Board or (B) a Committee, which Committee
 will be constituted to satisfy Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Powers of the Administrator*. Subject to the provisions of this Plan, and in the case of a Committee, subject to the specific duties
 delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 determine the Fair Market Value;

(ii) to
 select the Service Providers to whom Awards may be granted hereunder;

(iii) to
 determine the number of Shares to be covered by each Award granted hereunder;

(iv) to
 approve forms of Award Agreements for use under this Plan;

(v) to
 determine the terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder, with such terms
 and conditions including, but not being limited to, the exercise price, the time or times when Awards may be exercised (which may
 be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation
 regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to
 determine whether an Award will be settled in Shares, cash, other property or in any combination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to
 institute and determine the terms and conditions of an Exchange Program;

(viii) to
 construe and interpret the terms of this Plan and Awards granted pursuant to this Plan;

(ix) to
 prescribe, amend and rescind rules and regulations relating to this Plan, including rules and regulations relating to sub-plans established
 for the purpose of satisfying applicable non-U.S. laws or for qualifying for favorable tax treatment under applicable non-U.S. laws;

(x) to
 modify or amend each Award (subject to Section 4.15(c)), including but not limited to the discretionary authority to extend the post-termination
 exercisability period of Awards; provided, however, that in no case will an Option or Stock Appreciation Right be extended beyond
 its original maximum term;

(xi) to
 allow Participants to satisfy tax withholding obligations in a manner prescribed in Section 4.05(d);

(xii) to
 authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted
 by the Administrator;

(xiii) to
 allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such Participant
 under an Award;

(xiv) to
 prescribe, amend or rescind rules, guidelines and policies relating to this Plan, or to adopt sub-plans or supplements to, or alternative
 versions of, this Plan, including, without limitation, as the Administrator deems necessary or desirable to comply with the laws
 of, or to accommodate the tax policy, accounting principles or custom of, foreign jurisdictions whose residents may be granted Awards;

(xv) to
 correct any defect, supply any omission or reconcile any inconsistency in this Plan or any Award Agreement and to make all other
 determinations and take such other actions with respect to this Plan or any Award as the Administrator may deem advisable to the
 extent not inconsistent with the provisions of this Plan or applicable law; and

(xvi) to
 make all other determinations deemed necessary or advisable for administering this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Option or Stock Appreciation Right Repricing*. The Administrator shall have the authority, without additional approval by the shareholders
 of the Company, to approve a program providing for either (a) the cancellation of outstanding Options or Stock Appreciation Rights
 having exercise prices per share greater than the then Fair Market Value of a Share ("Underwater Awards") and the grant
 in substitution therefor of new Options or Stock Appreciation Rights covering the same or a different number of shares but with an
 exercise price per share equal to the Fair Market Value per share on the new grant date or payments in cash, or (b) the amendment
 of outstanding Underwater Awards to reduce the exercise price thereof to the Fair Market Value per share on the date of amendment.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Effect of Administrator's Decision*. The Administrator's decisions, determinations and interpretations will be final and
 binding on all Participants and any other holders of Awards and will be given the maximum deference permitted by Applicable Laws

**Section 2.03 <u>Eligibility.</u>** Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.

**Section 2.04 <u>Indemnification.</u>** In addition to such other rights of indemnification as they may have as members of the Board or the Administrator or as officers or employees of the Company or any of its Affiliates, to the extent permitted by applicable law, members of the Board or the Administrator and any officers or employees of the Company or any of its Affiliates to whom authority to act for the Board, the Administrator or the Company is delegated shall be indemnified by the Company against all reasonable expenses, including attorneys' fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with this Plan, or any right granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them 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 person is liable for gross negligence, bad faith or intentional misconduct in duties; provided, however, that within sixty (60) days after the institution of such action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at its own expense to handle and defend the same.

**Article III. <u>Awards</u>.**

**Section 3.01 <u>Stock Options.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant of Options*. Subject to the terms and provisions of this Plan, the Administrator, at any time and from time to time, may grant
 Options in such amounts as the Administrator, in its sole discretion, will determine.

(b) *Option Agreement*. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term of
 the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other
 terms and conditions as the Administrator, in its sole discretion, will determine.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Limitations*.
 Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding
 such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock
 Options 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 Nonstatutory Stock Options. For purposes
 of this Section 3.01(c), Incentive Stock Options 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 the calculation will
 be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Term of Option*. The term of each Option will be stated in the Award Agreement. In the case of an Incentive Stock Option, the term
 will be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant
 who, at the time the Incentive Stock Option 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 Incentive Stock Option will be five
 (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.

(e) *Option Exercise Price and Consideration*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Exercise Price</u>. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by the
 Administrator, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In
 the case of an Incentive Stock Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) granted
 to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the
 voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than
 one hundred ten percent (110%) of the Fair Market Value per Share (or the fair market value per Share as determined in accordance
 with Treas. Reg. 1.409A-1(b)(5)(iv)(A)) on the date of grant;

(B) granted
 to any Employee other than an Employee described in paragraph (1) immediately above, the per Share exercise price will be no less
 than one hundred percent (100%) of the Fair Market Value per Share on the date of grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 the case of a Nonstatutory Stock Option, the per Share exercise price will be no less than one hundred percent (100%) of the Fair
 Market Value per Share on the date of grant (or the fair market value per Share as determined in accordance with Treas. Reg. 1.409A-1(b)(5)(iv)(A)).

(3) Notwithstanding
 the foregoing provisions of this Section 3.01(e), Options may be granted with a per Share exercise price of less than one hundred
 percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent
 with, Code Section 424(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Waiting Period and Exercise Dates</u>. At the time an Option is granted, the Administrator will fix the period within which the Option may
 be exercised and will determine any conditions that must be satisfied before the Option may be exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Form of Consideration</u>. The Administrator will determine the acceptable form of consideration for exercising an Option, including the
 method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration
 at the time of grant. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note, to the extent permitted
 by Applicable Laws; (4) 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 Administrator determines in its sole discretion; (5) consideration
 received by the Company under a broker assisted (or other) cashless exercise program (whether through a broker or otherwise) implemented
 by the Company in connection with this Plan; (6) by net exercise; (7) such other consideration and method of payment for the issuance
 of Shares to the extent permitted by Applicable Laws; or (8) any combination of the foregoing methods of payment. In making its determination
 as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration may be reasonably
 expected to benefit the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *Exercise of Option*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Procedure for Exercise; Rights as a Shareholder</u>. Any Option granted hereunder will be exercisable according to the terms of this Plan and
 at such times and under such conditions as determined by the Administrator and set forth in the Award 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 Administrator 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 Administrator and permitted by the Award Agreement and this Plan. 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 shareholder
 will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or
 cause to be issued) such Shares promptly after the Option is exercised. 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 Section 4.05. Exercising an Option in
 any manner will decrease the number of Shares thereafter available, both for purposes of this 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;(ii) <u>Termination of Relationship as a Service Provider</u>. 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, the Participant may exercise his or her Option within such
 period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in
 no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified
 time in the Award Agreement, the Option will remain exercisable for three (3) months following the Participant's termination.
 Unless otherwise provided by the Administrator, 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 this Plan. If after termination the Participant does
 not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered
 by such Option will revert to this Plan.

(iii) <u>Disability of Participant</u>. 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 Award Agreement to the extent the Option is vested
 on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement).
 In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the
 Participant's termination. Unless otherwise provided by the Administrator, 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 this 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 this Plan.

(iv) <u>Death of Participant</u>. If a Participant dies while a Service Provider, the Option may be exercised following the Participant's
 death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death
 (but in no event may the option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement),
 by the Participant's designated beneficiary, provided such beneficiary has been designated prior to Participant's death
 in a form acceptable to the Administrator. 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 Award Agreement, the Option will remain exercisable for twelve (12) months following Participant's death. Unless
 otherwise provided by the Administrator, 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 will immediately revert to this 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 this Plan. .

**Section 3.02 <u>Stock Appreciation Rights.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant of Stock Appreciation Rights*. Subject to the terms and conditions of this Plan, a Stock Appreciation Right may be granted to
 Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Number of Shares*. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock Appreciation
 Rights.

(c) *Exercise Price and Other Terms*. The per Share exercise price for the Shares that will determine the amount of the payment to be received
 upon exercise of a Stock Appreciation Right as set forth in Section 3.02(f) will be determined by the Administrator and will be no
 less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject
 to the provisions of this Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights
 granted under this Plan. Stock Appreciation Rights which have become exercisable may be exercised by delivery of written or electronic
 notice of exercise to the Company in accordance with the terms of the Award Agreement, specifying the number of Stock Appreciation
 Rights to be exercised and the date on which such Stock Appreciation Rights were awarded and vested.

(d) *Stock Appreciation Right Agreement*. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the
 exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the
 Administrator, in its sole discretion, will determine.

(e) *Expiration of Stock Appreciation Rights*. A Stock Appreciation Right granted under this Plan will expire upon the date determined by the
 Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section
 3.01(d) relating to the maximum term and Section 3.01(f) relating to exercise also will apply to Stock Appreciation Rights.

(f) *Payment of Stock Appreciation Right Amount*. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment
 from the Company in an amount determined by multiplying (i) the difference between the Fair Market Value of a Share on the date of
 exercise over the exercise price; and (ii) the number of Shares with respect to which the Stock Appreciation Right is exercised.
 At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent
 value, or in some combination thereof.

(g) *Deemed Exercise of Stock Appreciation Rights*. If, on the date on which a Stock Appreciation Rights would otherwise terminate or expire,
 the Stock Appreciation Right by its terms remains exercisable immediately prior to such termination or expiration and, if so exercised,
 would result in a payment to the holder of such Stock Appreciation Right, then any portion of such Stock Appreciation Right which
 has not previously been exercised shall automatically be deemed to be exercised as of such date with respect to such portion.

**Section 3.03 <u>Restricted Stock.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant of Restricted Stock*. Subject to the terms and provisions of this Plan, the Administrator, at any time and from time to time,
 may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Restricted Stock Agreement*. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction,
 the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless
 the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions on
 such Shares have lapsed.

(c) *Transferability*.
 Except as provided in this Section 3.03 or as the Administrator determines, Shares of Restricted Stock may not be sold, transferred,
 pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

(d) *Other Restrictions*. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as
 it may deem advisable or appropriate.

(e) *Removal of Restrictions*. Except as otherwise provided in this Section 3.03, Shares of Restricted Stock covered by each Restricted Stock
 grant made under this 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 Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any
 restrictions will lapse or be removed.

(f) *Voting Rights*. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise
 full voting rights with respect to those Shares, unless the Administrator determines otherwise.

(g) *Dividends and Other Distributions*. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled
 to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise. If
 any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and
 forfeitability as the Shares of Restricted Stock with respect to which they were paid.

(h) *Return of Restricted Stock to Company*. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have
 not lapsed will revert to the Company and again will become available for grant under this Plan.

**Section 3.04 <u>Restricted Stock Units.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant*.
 Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator
 determines that it will grant Restricted Stock Units under this Plan, it will advise the Participant in an Award Agreement of the
 terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units.

(b) *Vesting Criteria and Other Terms*. The Administrator
 will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number
 of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement
 of Company-wide, divisional, business unit, or individual goals (including, but not limited to, continued employment or service),
 applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Earning Restricted Stock Units*. Upon meeting the applicable
vesting criteria, the Participant will be entitled to receive a payout as determined by the Administrator or as set forth in the applicable
Award Agreement. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole
discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

(d) *Form and Timing of Payment*. Payment of earned Restricted
Stock Units will be made as soon as practicable after the date(s) determined by the Administrator and set forth in the Award Agreement.
The Administrator, in its sole discretion, may settle earned Restricted Stock Units in cash, Shares, or a combination of both.

(e) *Voting Rights, Dividend Equivalent Rights and Distributions*.
Participants shall have no voting rights with respect to Shares represented by Restricted Stock Units until the date of the issuance
of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).
However, the Administrator, in its discretion, may provide in the Award Agreement evidencing any Restricted Stock Unit Award that the
Participant shall be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Stock during the period
beginning on the date such Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date the
Award is settled or the date on which it is terminated. Dividend Equivalent Rights, if any, shall be paid by crediting the Participant
with a cash amount or with additional whole Restricted Stock Units as of the date of payment of such cash dividends on Stock, as determined
by the Administrator. The number of additional Restricted Stock Units (rounded to the nearest whole number), if any, to be credited shall
be determined by dividing (a) the amount of cash dividends paid on the dividend payment date with respect to the number of Shares represented
by the Restricted Stock Units previously credited to the Participant by (b) the Fair Market Value per Share on such date. Such cash amount
or additional Restricted Stock Units shall be subject to the same terms and conditions and shall be settled in the same manner and at
the same time as the Restricted Stock Units originally subject to the Restricted Stock Unit Award. In the event of a dividend or distribution
paid in Shares or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section
4.05, appropriate adjustments shall be made in the Participant's Restricted Stock Unit Award so that it represents the right to
receive upon settlement any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends)
to which the Participant would be entitled by reason of the Shares issuable upon settlement of the Award, and all such new, substituted
or additional securities or other property shall be immediately subject to the same vesting conditions as are applicable to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *Cancellation*.
 On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

**Section 3.05 <u>Performance Units and Performance Shares.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Issuance*.
 Performance Awards may be granted to Service Providers at any time and from time to time, as will be determined by the Administrator,
 in its sole discretion. The Administrator will have complete discretion in determining the number of Performance Units and Performance
 Shares granted to each Participant.

(b) *Value of Performance Units/Shares*. Each Performance Unit will have an initial value that is established by the Administrator on or
 before the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date
 of grant.

(c) *Performance Objectives and Other Terms*. The Administrator will set performance objectives or other vesting provisions (including, without
 limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will
 determine the number or value of Performance Units/Shares that will be paid out to the Service Providers. The time period during
 which the performance objectives or other vesting provisions must be met will be called the "Performance Period." Each
 Performance Awards will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions
 as the Administrator, in its sole discretion, will determine.

(d) *Performance Targets and Goals*. The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, business
 unit or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities
 laws, or any other basis determined by the Administrator in its discretion ("Performance Goals"). Performance Goals shall
 be established by the Administrator on the basis of targets to be attained ("Performance Targets") with respect to one
 or more measures of business or financial performance (each, a "Performance Measure"), subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Performance Measures</u>  *.*** Performance Measures shall be calculated in accordance with the Company's financial statements,
 or, if such measures are not reported in the Company's financial statements, they shall be calculated in accordance with generally
 accepted accounting principles, a method used generally in the Company's industry, or in accordance with a methodology established
 by the Administrator prior to the grant of the Performance Award. As specified by the Administrator, Performance Measures may be
 calculated with respect to the Company and its Subsidiaries consolidated therewith for financial reporting purposes, one or more
 Subsidiaries or such division or other business unit of any of them selected by the Administrator. Unless otherwise determined by
 the Administrator prior to the grant of the Performance Award, the Performance Measures applicable to the Performance Award shall
 be calculated prior to the accrual of expense for any Performance Award for the same Performance Period and excluding the effect
 (whether positive or negative) on the Performance Measures of any change in accounting standards or any unusual or infrequently occurring
 event or transaction, as determined by the Administrator, occurring after the establishment of the Performance Goals applicable to
 the Performance Award. Each such adjustment, if any, shall be made solely for the purpose of providing a consistent basis from period
 to period for the calculation of Performance Measures in order to prevent the dilution or enlargement of the Participant's
 rights with respect to a Performance Award. Performance Measures may be based upon one or more of the following, as determined by
 the Administrator: (1) revenue; (2) sales; (3) expenses; (4) operating income; (5) gross margin; (6) operating margin; (7) earnings
 before any one or more of: stock-based compensation expense, interest, taxes, depreciation and amortization; (8) pre-tax profit;
 (9) net operating income; (10) net income; (11) economic value added; (12) free cash flow; (13) operating cash flow; (14) balance
 of cash, cash equivalents and marketable securities; (15) stock price; (16) earnings per share; (17) return on shareholder equity;
 (18) return on capital; (19) return on assets; (20) return on investment; (21) total shareholder return; (22) employee satisfaction;
 (23) employee retention; (24) market share; (25) customer satisfaction; (26) product development; (27) research and development expenses;
 (28) completion of an identified special project; and (29) completion of a joint venture or other corporate transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Performance Targets.</u> Performance Targets may include a minimum, maximum, target level and intermediate levels of performance, with the final
 value of a Performance Award determined under the applicable Performance Award Formula by the Performance Target level attained during
 the applicable Performance Period. A Performance Target may be stated as an absolute value, an increase or decrease in a value, or
 as a value determined relative to an index, budget or other standard selected by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Earning of Performance Units/Shares*. After the applicable Performance Period has ended, the holder of Performance Units/Shares will be
 entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to
 be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been
 achieved. After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance
 objectives or other vesting provisions for such Performance Unit/Share.

(f) *Form and Timing of Payment of Performance Units/Shares*. Payment of earned Performance Units or Performance Shares will be made as
 soon as practicable after the expiration of the applicable Performance Period. The Administrator, in its sole discretion, may pay
 earned Performance Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the
 earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof.

(g) *Cancellation of Performance Units/Shares*. On the date set forth in the Award Agreement, all unearned or unvested Performance Units or Performance
 Shares will be forfeited to the Company, and again will be available for grant under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(h) *Qualified Performance-Based Awards.* Restricted Stock and Restricted Stock Units granted to officers and Employees of the Company or any
 Parent or Subsidiary of the Company (within the meaning of Code Section 424) may be granted with the intent that the award satisfy
 the "Performance-Based Exception" (any such award intended to satisfy the Performance-Based Exception, a "Qualified
 Performance-Based Award"). The grant, vesting, or payment of a Qualified Performance-Based Awards may depend on the degree
 of achievement of one or more performance goals relative to a pre-established targeted level or levels using one or more performance
 targets as determined by the Administrator (on an absolute or relative (including, without limitation, relative to the performance
 of one or more other companies or upon comparisons of any of the indicators of performance relative to one or more other companies)
 basis, any of which may also be expressed as a growth or decline measure relative to an amount or performance for a prior date or
 period) for the Company on a consolidated basis or for one or more of the Company's Subsidiaries, segments, divisions, or business
 or operational units, or any combination of the foregoing. The performance period applicable to any Performance Units or Performance
 Shares may not be less than three (3) months nor more than ten (10) years. To satisfy the Performance-Based Exception, the performance
 measure(s) applicable to the Qualified Performance-Based Award and specific performance formula, goal or goals ("targets"),
 including must be established and approved by the Administrator during the first ninety (90) days of the applicable Performance Period
 (and, in the case of Performance Periods of less than one year, in no event after 25% or more of the Performance Period has elapsed)
 and while performance relating to such target(s) remains substantially uncertain within the meaning of Section 162(m) of the Code.

(i) *Voting Rights; Dividend Equivalent Rights and Distributions*. Participants shall have no voting rights with respect to Shares represented
 by Performance Share Awards until the date of the issuance of such Shares, if any (as evidenced by the appropriate entry on the books
 of the Company or of a duly authorized transfer agent of the Company). However, the Administrator, in its discretion, may provide
 in the Award Agreement evidencing any Performance Share Award that the Participant shall be entitled to Dividend Equivalent Rights
 with respect to the payment of cash dividends on Stock during the period beginning on the date the Award is granted and ending, with
 respect to each share subject to the Award, on the earlier of the date on which the Performance Shares are settled or the date on
 which they are forfeited. Such Dividend Equivalent Rights, if any, shall be credited to the Participant either in cash or in the
 form of additional whole Performance Shares as of the date of payment of such cash dividends on Stock, as determined by the Administrator.
 The number of additional Performance Shares (rounded to the nearest whole number), if any, to be so credited shall be determined
 by dividing (a) the amount of cash dividends paid on the dividend payment date with respect to the number of Shares represented by
 the Performance Shares previously credited to the Participant by (b) the Fair Market Value per Share on such date. Dividend Equivalent
 Rights, if any, shall be accumulated and paid to the extent that the related Performance Shares become nonforfeitable. Settlement
 of Dividend Equivalent Rights may be made in cash, Shares, or a combination thereof as determined by the Administrator, and may be
 paid on the same basis as settlement of the related Performance Share as provided in Section 3.05(e). Dividend Equivalent Rights
 shall not be paid with respect to Performance Units. In the event of a dividend or distribution paid in Shares or other property
 or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.05, appropriate adjustments
 shall be made in the Participant's Performance Share Award so that it represents the right to receive upon settlement any and
 all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the Participant
 would be entitled by reason of the Shares issuable upon settlement of the Performance Share Award, and all such new, substituted
 or additional securities or other property shall be immediately subject to the same Performance Goals as are applicable to the Award.

**Section 3.06 <u>Cash-Based Awards and Other Stock-Based Awards.</u>** Cash-Based Awards and Other Stock-Based Awards shall be evidenced by Award Agreements in such form as the Administrator shall establish. Such Award Agreements may incorporate all or any of the terms of this Plan by reference and shall comply with and be subject to the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Grant of Cash-Based Awards.* Subject to the provisions of this Plan, the Administrator, at any time and from time to time, may grant
 Cash-Based Awards to Participants in such amounts and upon such terms and conditions, including the achievement of performance criteria,
 as the Administrator may determine.

(b) *Grant of Other Stock-Based Awards.* The Administrator may grant other types of equity-based or equity-related Awards not otherwise described
 by the terms of this Plan (including the grant or offer for sale of unrestricted securities, stock-equivalent units, stock appreciation
 units, securities or debentures convertible into common stock or other forms determined by the Administrator) in such amounts and
 subject to such terms and conditions as the Administrator shall determine. Other Stock-Based Awards may be made available as a form
 of payment in the settlement of other Awards or as payment in lieu of compensation to which a Participant is otherwise entitled.
 Other Stock-Based Awards may involve the transfer of actual Shares to Participants, or payment in cash or otherwise of amounts based
 on the value of a Share and may include, without limitation, Awards designed to comply with or take advantage of the applicable local
 laws of jurisdictions other than the United States.

(c) *Value of Cash-Based and Other Stock-Based Awards.* Each Cash-Based Award shall specify a monetary payment amount or payment range as
 determined by the Administrator. Each Other Stock-Based Award shall be expressed in terms of Shares or units based on such Shares,
 as determined by the Administrator. The Administrator may require the satisfaction of such Service requirements, conditions, restrictions
 or performance criteria, including, without limitation, Performance Goals as described in Section 3.05, as shall be established by
 the Administrator and set forth in the Award Agreement evidencing such Award. If the Administrator exercises its discretion to establish
 performance criteria, the final value of Cash-Based Awards or Other Stock-Based Awards that will be paid to the Participant will
 depend on the extent to which the performance criteria are met. The establishment of performance criteria with respect to the grant
 or vesting of any Cash-Based Award or Other Stock-Based Award intended to result in Performance-Based Compensation shall follow procedures
 substantially equivalent to those applicable to Performance Awards set forth in Section 3.05.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Payment or Settlement of Cash-Based Awards and Other Stock-Based Awards.* Payment or settlement, if any, with respect to a Cash-Based
 Award or an Other Stock-Based Award shall be made in accordance with the terms of the Award, in cash, Shares or other securities
 or any combination thereof as the Administrator determines. The determination and certification of the final value with respect to
 any Cash-Based Award or Other Stock-Based Award intended to result in Performance-Based Compensation shall comply with the requirements
 applicable to Performance Awards set forth in Section 3.05. To the extent applicable, payment or settlement with respect to each
 Cash-Based Award and Other Stock-Based Award shall be made in compliance with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Voting Rights; Dividend Equivalent Rights and Distributions.* Participants shall have no voting rights with respect to Shares represented
 by Other Stock-Based Awards until the date of the issuance of such Shares (as evidenced by the appropriate entry on the books of
 the Company or of a duly authorized transfer agent of the Company), if any, in settlement of such Award. However, the Administrator,
 in its discretion, may provide in the Award Agreement evidencing any Other Stock-Based Award that the Participant shall be entitled
 to Dividend Equivalent Rights with respect to the payment of cash dividends on Stock during the period beginning on the date such
 Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date the Award is settled or
 the date on which it is terminated. Such Dividend Equivalent Rights, if any, shall be paid in accordance with the provisions set
 forth in Section 3.04(e). Dividend Equivalent Rights shall not be granted with respect to Cash-Based Awards. In the event of a dividend
 or distribution paid in Shares or other property or any other adjustment made upon a change in the capital structure of the Company
 as described in Section 4.05, appropriate adjustments shall be made in the Participant's Other Stock-Based Award so that it
 represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than
 regular, periodic cash dividends) to which the Participant would be entitled by reason of the Shares issuable upon settlement of
 such Award, and all such new, substituted or additional securities or other property shall be immediately subject to the same vesting
 conditions and performance criteria, if any, as are applicable to the Award.

(f) *Nontransferability of Cash-Based Awards and Other Stock-Based Awards.* Prior to the payment or settlement of a Cash-Based Award or Other Stock-Based
 Award, the Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance,
 or garnishment by creditors of the Participant or the Participant's beneficiary, except transfer by will or by the laws of
 descent and distribution. The Administrator may impose such additional restrictions on any Shares issued in settlement of Cash-Based
 Awards and Other Stock-Based Awards as it may deem advisable, including, without limitation, minimum holding period requirements,
 restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares
 are then listed and/or traded, or under any state securities laws or foreign law applicable to such Shares.

**Section 3.07 <u>Form of Award Agreements.</u>** A form of Award Agreement for a grant of Options is attached hereto as Exhibit A, a form of Award Agreement for a grant of Stock Appreciation Rights is attached hereto as Exhibit B, a form of Award Agreement for a grant of Restricted Stock is attached hereto as Exhibit C; and a form of Award Agreement for a grant of Restricted Stock Units is attached hereto as Exhibit D, provided that the Administrator shall have the discretion to modify such forms and to replace such forms with any other agreement as determined by the Administrator. In the event of a conflict between the terms of any Award Agreement and the provisions in the body of this Plan, the terms of the Award Agreement shall control.

**Article IV. Additional Provisions Applicable to this Plan and Awards**

**Section 4.01 <u>Outside Director Limitations.</u>** No Outside Director may be granted, in any Fiscal Year, Awards with a grant date fair value (computed as of the date of grant in accordance with U.S. generally accepted accounting principles) of more than $300,000. Any Awards granted to an individual while he or she was an Employee, or while he or she was a Consultant but not an Outside Director, will not count for purposes of the limitations under this Section 4.01.

**Section 4.02 <u>Compliance With Code Section 409A.</u>** Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A, except as otherwise determined in the sole discretion of the Administrator. This Plan and each Award Agreement under this Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. In no event will the Company have any obligation under the terms of this Plan to reimburse a Participant for any taxes or other costs that may be imposed on Participant as a result of Section 409A.

**Section 4.03 <u>Leaves of Absence/Transfer Between Locations.</u>** Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, 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 Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.

**Section 4.04 <u>Limited Transferability of Awards.</u>** Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate.

**Section 4.05 <u>Adjustments; Dissolution, Merger, Etc.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Adjustments*.
 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 Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to
 be made available under this Plan, will adjust the number and class of shares of stock that may be delivered under this Plan and/or
 the number, class, and price of shares of stock covered by each outstanding Award, and the numerical Share limits of Section 2.01.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Dissolution or Liquidation*. In the event of the proposed dissolution or liquidation of the Company, the Administrator 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.

(c) *Change in Control*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
 the event of a merger of the Company with or into another corporation or other entity or a Change in Control, each outstanding Award
 will be treated as the Administrator determines (subject to the provisions of the following paragraph) without a Participant's
 consent, including, without limitation, that (i) Awards will be assumed, or substantially equivalent awards 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; (ii) upon written notice to a Participant, that the Participant's Awards will terminate upon or immediately prior
 to the consummation of such merger or Change in Control; (iii) outstanding Awards will vest and become exercisable, realizable, or
 payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change
 in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger
 or Change in Control; (iv) (A) the termination of an Award 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 Participant's rights as of the date
 of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the
 Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of
 the Participant's rights, then such Award may be terminated by the Company without payment), or (B) the replacement of such
 Award with other rights or property selected by the Administrator in its sole discretion; or (v) any combination of the foregoing.
 In taking any of the actions permitted under this Section 4.05(c), the Administrator will not be obligated to treat all Awards, all
 Awards held by a Participant, or all Awards of the same type, similarly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will fully
 vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to
 which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will
 lapse, and, with respect to Awards with performance-based vesting, 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 all cases, unless specifically
 provided otherwise under the applicable Award Agreement or other written agreement between the Participant and the Company or any
 of its Subsidiaries or Parents, as applicable. In addition, if an Option or Stock Appreciation Right is not assumed or substituted
 in the event of a merger or Change in Control, the Administrator will notify the Participant in writing or electronically that the
 Option or Stock Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion,
 and the Option or Stock Appreciation Right will terminate upon the expiration of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For
 the purposes of this Section 4.05(c) and Section 4.05(d), an Award will be considered assumed if, following the merger or Change
 in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger
 or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in
 Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice
 of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that
 if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its
 Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the
 exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, Performance Unit, or Performance
 Share, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market
 value to the per share consideration received by holders of Common Stock in the merger or Change in Control.

(iv) Notwithstanding
 anything in this Section 4.05(c) to the contrary, 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 successor modifies any of such performance goals without the
 Participant's consent, in all cases, unless specifically provided otherwise under the applicable Award Agreement or other written
 agreement between the Participant and the Company or any of its Subsidiaries or Parents, as applicable; provided, however, a modification
 to such performance goals only to reflect the successor corporation's post-Change in Control corporate structure will not be
 deemed to invalidate an otherwise valid Award assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding
 anything in this Section 4.05(c) to the contrary, and unless otherwise provided in an Award Agreement, if an Award that vests, is
 earned or paid-out under an Award Agreement is subject to Code Section 409A and if the change in control definition contained in
 the Award Agreement does not comply with the definition of "change of control" for purposes of a distribution under Code
 Section 409A, then any payment of an amount that is otherwise accelerated under this Section 4.05(c) will be delayed until the earliest
 time that such payment would be permissible under Code Section 409A without triggering any penalties applicable under Code Section
 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 Administrator may, without affecting the number of Shares reserved or available hereunder, authorize the issuance or assumption of
 benefits under this Plan in connection with any merger, consolidation, acquisition of property or stock, or reorganization upon such
 terms and conditions as it may deem appropriate, subject to compliance with Section 409A and any other applicable provisions of the
 Code.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Outside Director Awards*. In the event of a Change in Control, with respect to Awards granted to an Outside Director, the Outside Directors
 will fully vest in and have the right to exercise Options and/or Stock Appreciation Rights 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 and Restricted
 Stock Units will lapse, and, with respect to Awards with performance-based vesting, 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, unless specifically
 provided otherwise under the applicable Award Agreement or other written agreement between the Participant and the Company or any
 of its Subsidiaries or Parents, as applicable.

**Section 4.06 <u>Tax Withholding</u>**<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Withholding Requirements*. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof) or such earlier time as
 any tax withholding obligation is due, the Company will have the power and the right to deduct or withhold, or require a Participant
 to remit to the Company, an amount sufficient to satisfy federal, state, local, non-U.S. or other taxes (including the Participant's
 FICA obligation) required to be withheld with respect to such Award (or exercise thereof).

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Withholding Arrangements*. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time,
 may permit a Participant to satisfy such tax withholding obligation, in whole or in part by such methods as the Administrator shall
 determine, including, without limitation, (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable cash
 or Shares having a fair market value equal to the minimum statutory amount required to be withheld or such greater amount as the
 Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its
 sole discretion, (iii) delivering to the Company already-owned Shares having a fair market value equal to the minimum statutory amount
 required to be withheld or such greater amount as the Administrator may determine, in each case, provided the delivery of such Shares
 will not result in any adverse accounting consequences, as the Administrator determines in its sole discretion, (iv) selling a sufficient
 number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion
 (whether through a broker or otherwise) equal to the amount required to be withheld, or (v) any combination of the foregoing methods
 of payment. The amount of the withholding requirement will be deemed to include any amount which the Administrator 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 or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences,
 as the Administrator determines in its sole discretion. 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.

**Section 4.07 <u>Compliance with Securities Laws.</u>** The grant of Awards and the issuance of Shares pursuant to any Award shall be subject to compliance with all applicable requirements of federal, state and foreign law with respect to such securities and the requirements of any stock exchange or market system upon which the Stock may then be listed. In addition, no Award may be exercised or shares issued pursuant to an Award unless (a) a registration statement under the Securities Act shall at the time of such exercise or issuance be in effect with respect to the shares issuable pursuant to the Award, or (b) in the opinion of legal counsel to the Company, the shares issuable pursuant to the Award may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance and sale of any shares under this Plan shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a condition to issuance of any Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.

**Section 4.08 <u>Tax Withholding.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Tax Withholding in General.* The Company shall have the right to deduct from any and all payments made under this Plan, or to require
 the Participant, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local
 and foreign taxes (including social insurance), if any, required by law to be withheld by the Company or any of its Affiliates with
 respect to an Award or the Shares acquired pursuant thereto. The Company shall have no obligation to deliver Shares, to release Shares
 from an escrow established pursuant to an Award Agreement, or to make any payment in cash under this Plan until the Company or its
 Affiliate's, as applicable, withholding obligations have been satisfied by the Participant.

(b) *Withholding in or Directed Sale of Shares.* The Company shall have the right, but not the obligation, to deduct from the Shares issuable to
 a Participant upon the exercise or settlement of an Award, or to accept from the Participant the tender of, a number of whole Shares
 having a Fair Market Value, as determined by the Administrator, equal to all or any part of the tax withholding obligations of any
 the Company or its Affiliates, as applicable. The Fair Market Value of any Shares withheld or tendered to satisfy any such tax withholding
 obligations shall not exceed the amount determined by the applicable minimum statutory withholding rates. The Administrator may require
 a Participant to direct a broker, upon the vesting, exercise or settlement of an Award, to sell a portion of the shares subject to
 the Award determined by the Administrator in its discretion to be sufficient to cover the tax withholding obligations of the Company
 or its Affiliates, as applicable, and to remit an amount equal to such tax withholding obligations to the Company or its Affiliates,
 as applicable ,in cash.

**Section 4.09 <u>No Effect on Employment or Service.</u>** Neither this Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant's relationship as a Service Provider with the Company or its Subsidiaries or Parents, as applicable, nor will they interfere in any way with the Participant's right or the right of the Company and its Subsidiaries or Parents, as applicable to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.

**Section 4.10 <u>Repurchase Rights.</u>** Shares issued under this Plan may be subject to one or more repurchase options, or other conditions and restrictions as determined by the Administrator in its discretion at the time the Award is granted. The Company shall have the right to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected by the Company. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer restrictions prior to the receipt of Shares hereunder and shall promptly present to the Company any and all certificates representing Shares acquired hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.

**Section 4.11 <u>Fractional Shares.</u>** The Company shall not be required to issue fractional shares upon the exercise or settlement of any Award.

**Section 4.12 <u>Forfeiture Events.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 Awards under this Plan will be subject to recoupment under any clawback policy that the Company is required to adopt pursuant to
 the listing standards of any national securities exchange or association on which the Company's securities are listed or as
 is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Laws. In addition, the
 Administrator may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Administrator determines
 necessary or appropriate, including but not limited to a reacquisition right regarding previously acquired Shares or other cash or
 property. Unless this Section 4.12 is specifically mentioned and waived in an Award Agreement or other document, no recovery of compensation
 under a clawback policy or otherwise will be an event that triggers or contributes to any right of a Participant to resign for "good
 reason" or "constructive termination" (or similar term) under any agreement with the Company or a Subsidiary or
 Parent of the Company.

(b) Notwithstanding
 any other provision of this Plan, if the Participant's service to the Company or any of its Affiliates as a Service Provider
 is terminated for Cause, then any Award which has no vested as of such time in accordance with its terms shall automatically be forfeited
 and cancelled and shall cease to vest, be exercisable or otherwise provide any benefit to Participant, provided that such provision
 may be amended in any Award Agreement.

(c) The
 Administrator may specify in an Award Agreement that the Participant's rights, payments, and benefits with respect to an Award
 will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence additional of specified events, in addition
 to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but will not be limited to, termination
 of such Participant's status as Service Provider for Cause or any specified action or inaction by a Participant, whether before
 or after such termination of service, that would constitute Cause for termination of such Participant's status as a Service
 Provider.

**Section 4.13 <u>Date of Grant.</u>** The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant.

**Section 4.14 <u>Term of Plan.</u>** This Plan will become effective upon its adoption by the Board. It will continue in effect for a term of ten (10) years from the date adopted by the Board, unless terminated earlier under Section 4.15.

**Section 4.15 <u>Amendment and Termination of this Plan.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Amendment and Termination*. The Administrator may at any time amend, alter, suspend or terminate this Plan.

(b) *Shareholder Approval*. The Company will obtain shareholder approval of any Plan amendment to the extent necessary and desirable to comply
 with Applicable Laws.

(c) *Effect of Amendment or Termination*. No amendment, alteration, suspension or termination of this Plan will impair the rights of any Participant,
 unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by
 the Participant and the Company. Termination of this Plan will not affect the Administrator's ability to exercise the powers
 granted to it hereunder with respect to Awards granted under this Plan prior to the date of such termination.

**Section 4.16 <u>Conditions Upon Issuance of Shares.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Legal Compliance*. Shares will not be issued pursuant to the exercise of an Award unless the 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.

(b) *Investment Representations*. 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.

**Section 4.17 <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.

**Section 4.18 <u>Shareholder Approval.</u>** This Plan will be presented for approval by the shareholders of the Company within twelve (12) months after the date this Plan is adopted by the Board. Such shareholder approval will be obtained in the manner and to the degree required under Applicable Laws. No Option granted under this Plan may be treated as an Incentive Stock Option if this Plan is not approved by shareholders of the Company within twelve (12) months after the date this Plan is adopted by the Board.

**Section 4.19 <u>Retirement and Welfare Plans.</u>** Neither Awards made under this Plan nor Shares or cash paid pursuant to such Awards may be included as "compensation" for purposes of computing the benefits payable to any Participant under the Company's or any of its Affiliates' retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation shall be taken into account in computing a Participant's benefit.

**Section 4.20 <u>Beneficiary Designation.</u>** Subject to local laws and procedures, each Participant may file with the Company a written designation of a beneficiary who is to receive any benefit under this Plan to which the Participant is entitled in the event of such Participant's death before he or she receives any or all of such benefit. Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Company during the Participant's lifetime. If a married Participant designates a beneficiary other than the Participant's spouse, the effectiveness of such designation may be subject to the consent of the Participant's spouse. If a Participant dies without an effective designation of a beneficiary who is living at the time of the Participant's death, the Company will pay any remaining unpaid benefits to the Participant's legal representative.

**Section 4.21 <u>Severability.</u>** If any one or more of the provisions (or any part thereof) of this Plan shall be held invalid, illegal or unenforceable in any respect, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part thereof) of this Plan shall not in any way be affected or impaired thereby.

**Section 4.22 <u>No Constraint on Corporate Action.</u>** Nothing in this Plan shall be construed to: (a) limit, impair, or otherwise affect the Company's or any of its Affiliate's right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or (b) limit the right or power of the Company any of its Affiliates to take any action which such entity deems to be necessary or appropriate.

**Section 4.23 <u>Unfunded Obligation.</u>** Participants shall have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to this Plan shall be considered unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974. Neither the Company nor any of its Affiliates shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between the Administrator, the Company or any of its Affiliates and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant's creditors in any assets of the Company or any of its Affiliates. The Participants shall have no claim against the Company or any of its Affiliates for any changes in the value of any assets which may be invested or reinvested by the Company with respect to this Plan.

**Section 4.24 <u>Choice of Law.</u>** Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance of this Plan and each Award Agreement shall be governed by the laws of the State of Delaware, without regard to its conflict of law rules.

\*\*\*

**Exhibit A**

**Form of Option Award Agreement**

**HeartCore Enterprises, Inc.**

**Option Award Agreement**

This grant of an Award to purchase Shares ("Grant") is made as of [_______________] (the "Effective Date") by HeartCore Enterprises, Inc., a Delaware corporation (the "Company") under the HeartCore Enterprises, Inc. 2021 Equity Incentive Plan (the "Plan"), to [__________________] (the "Participant"). Under applicable provisions of the Internal Revenue Code of 1986, as amended, the Option is treated as *[an incentive option][a non-qualified option]*.

***By signing this cover sheet, you hereby accept the Option (as defined below) and agree to all of the terms and conditions described herein and in this Plan.***

Participant Name:   <br> Signature:  

---

| |
|:---|
| HeartCore Enterprises, Inc. |
| By: |
| Name: |
| Title: |

---

 ****

***This is not a stock certificate or a negotiable instrument. This grant of Option is a***

***voluntary, revocable grant from the Company and Participant hereby acknowledges<br> that the Company has no obligation to make additional grants in the future.***

**UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING <br> ENTRY WILL BE ENTERED INTO THE COMPANY'S BOOKS AND RECORDS**

**TO EVIDENCE THE OPTIONS GRANTED TO YOU.**

**\*\*\***

1. <u>Grant</u>.
 As of the Effective Date, the Company grants to the Participant an option (the "Option") to purchase on the terms and
 conditions hereinafter set forth all or any part of an aggregate of [________________] shares of the Company's Common Stock,
 par value $0.0001 per share, (the "Option Shares"), at the purchase price of $[____________] per share (the "Option
 Price"). The Participant shall have the cumulative right to exercise the Option, and the Option is only exercisable, with respect
 to the following number of Option Shares on or after the following dates:

---

| | |
|:---|:---|
| **Date** | **Number of Options Vested and<br> Shares Which May be Acquired** |

---

The Administrator may, in its sole discretion, accelerate the date on which the Participant may purchase Option Shares.

2. <u>Term</u>.
 The Option granted hereunder shall expire in all events at 5:00 p.m., Eastern time on [______________], unless sooner terminated
 as provided in in this Section 2.

3. <u>Change in Accounting Treatment</u>. If the Administrator finds that a change in the financial accounting treatment for options granted under
 this Plan adversely affects the Company or, in the determination of the Administrator, may adversely affect the Company in the foreseeable
 future, the Administrator may, in its discretion, set an accelerated termination date for the Option. In such event, the Administrator
 may take whatever other action, including acceleration of any exercise provisions, it deems necessary.

4. <u>Blackout Periods</u>. The Administrator reserves the right to suspend or limit the Participant's rights to exercise and sell Shares
 acquired through the exercise of Options to comply with Applicable Requirements and any Company's insider trading policy, any
 Applicable Law, or at any other times that it deems appropriate.

5. <u>Transfers</u>.
 Except as otherwise provided herein or in any separate provisions applicable to this Option, the Option is transferable by the Participant
 only by will or pursuant to the laws of descent and distribution in the event of the Participant's death, in which event the
 Option may be exercised by the heirs or legal representatives of the Participant as set forth in this Plan. Any attempt at assignment,
 transfer, pledge or disposition of the Option contrary to the provisions hereof or the levy of any execution, attachment or similar
 process upon the Option shall be null and void and without effect. Any exercise of the Option by a Person other than the Participant
 shall be accompanied by appropriate proofs of the right of such person to exercise the Option.

6. <u>Adjustments on Changes in Common Stock</u>. In the event that, prior to the delivery by the Company of all of the Option Shares in respect of
 which the Option is granted, there shall be an increase or decrease in the number of issued shares of Common Stock of the Company
 as a result of a subdivision or consolidation of Shares or other capital adjustment, or the payment of a stock dividend or other
 increase or decrease in such Shares, effected without receipt of consideration by the Company, the remaining number of Option Shares
 still subject to the Option and the Option Price therefor shall be adjusted in a manner determined by the Administrator so that the
 adjusted number of Option Shares and the adjusted Option Price shall be the substantial equivalent of the remaining number of Option
 Shares still subject to the Option and the Option Price thereof prior to such change. For purposes of this Section 7 no adjustment
 shall be made as a result of the issuance of Common Stock upon the conversion of other securities of the Company which are convertible
 into Shares.

7. <u>Legal Requirements</u>. If the listing, registration or qualification of the Option Shares upon any securities exchange or under any federal
 or state law, or the consent or approval of any governmental regulatory body is necessary as a condition of or in connection with
 the purchase of such Option Shares, the Company shall not be obligated to issue or deliver the certificates representing the Option
 Shares as to which the Option has been exercised unless and until such listing, registration, qualification, consent or approval
 shall have been effected or obtained. If registration is considered unnecessary by the Company or its counsel, the Company may cause
 a legend to be placed on the Option Shares being issued calling attention to the fact that they have been acquired for investment
 and have not been registered.

8. <u>Administration</u>.
 The Option has been granted pursuant to, and is subject to the terms and provisions of, this Plan. All questions of interpretation
 and application of this Plan and the Option shall be determined by the Administrator, and such determination shall be final, binding
 and conclusive. The Option shall not be treated as an incentive stock option (as such term is defined in section 422(b) of the Code)
 for federal income tax purposes unless expressly indicated as same hereupon.

9. <u>Severability</u>.
 Should a court of competent jurisdiction deem any of the provisions in this Agreement to be unenforceable in any respect, it is the
 intention of the parties to this Agreement that this Agreement be deemed, without further action on the part of the parties hereto,
 modified, amended and limited to the extent necessary to render the same valid and enforceable. It is further the parties'
 intent that all provisions not deemed to be overbroad shall be given their full force and effect. You acknowledge that you are freely,
 knowingly and voluntarily entering into this Agreement after having an opportunity for consultation with your own independent counsel.

10. <u>Notices</u>.
 Any notice to be given to the Company shall be addressed to the Administrator at its principal executive office, and any notice to
 be given to the Participant shall be addressed to the Participant at the address then appearing on the personnel or other records
 of the Company, or at such other address as either party hereafter may designate in writing to the other. Any such notice shall be
 deemed to have been duly given when deposited in the United States mail, addressed as aforesaid, registered or certified mail, and
 with proper postage and registration or certification fees prepaid.

11. <u>Reservation of Right to Terminate</u>. Nothing herein contained shall affect the right of the Company or any Affiliate to terminate the Participant
 in its applicable capacity as a Service Provider at any time for any reason whatsoever.

12. <u>Choice of Law; Jurisdiction</u>. This Grant shall be governed by and construed and interpreted in accordance with the substantive laws of
 the State of Delaware, without giving effect to any conflicts of law rule or principle that might require the application of the
 laws of another jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED
 SOLELY IN THE COURTS OF THE STATE OF DELAWARE OR THE FEDERAL COURTS OF THE UNITED STATES LOCATED IN DELAWARE, AND EACH PARTY IRREVOCABLY
 SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

13. <u>Taxes</u>.
 You agree to comply with the appropriate procedures established by the Company, from time to time, to provide for payment or withholding
 of such income or other taxes as may be required by law to be paid or withheld in connection with the Options and exercise thereof.

\*\*\*

**Exhibit B**

**Form of Stock Appreciation Right Award Agreement**

**HeartCore Enterprises, Inc.**

**Stock Appreciation Rights Award Agreement**

---

| | | |
|:---|:---|:---|
| **Number of SARs** | **Grant Date** | **Vesting Schedule** |

---

**Exercise Price: $_______________ per share of Common Stock**

HeartCore Enterprises, Inc., a Delaware corporation (the "Company"), hereby grants to [_________] (the "Participant", also referred to as "you") Stock Appreciation Rights (the "SAR"), pursuant to the terms of the attached Stock Appreciation Rights Award Agreement and the HeartCore Enterprises, Inc. 2021 Equity Incentive Plan (the "Plan").

 ****

***By signing this cover sheet, you agree to all of the terms and conditions described in the attached Stock Appreciation Rights Award Agreement and this Plan.***

Participant:   <br> Signature:  

---

| |
|:---|
| HeartCore Enterprises, Inc. |
| By: |
| Name: |
| Title: |

---

 ****

***This is not a stock certificate or a negotiable instrument. This grant of SAR is a***

***voluntary, revocable grant from the Company and Participant hereby acknowledges that the***

***Company has no obligation to make additional grants in the future.***

**UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY**

**WILL BE ENTERED INTO THE COMPANY'S BOOKS AND RECORDS**

**TO EVIDENCE THE SAR GRANTED TO YOU.**

**HeartCore Enterprises, Inc.**

**STOCK APPRECIATION RIGHTS AWARD AGREEMENT**

1. <u>SAR/Nontransferability</u>.
 This Stock Appreciation Rights Award Agreement (this "Agreement") evidences the grant to you on the Grant Date set forth
 on the cover page of this Agreement the Stock Appreciation Right as set forth therein (the "SAR") under the HeartCore
 Enterprises, Inc. 2021 Equity Incentive Plan (the "Plan"). These SARs represent the right to receive, upon exercise thereof,
 an amount in cash as set forth in this Plan. This SAR will NOT be credited with dividends to the extent dividends are paid on the
 Common Stock of the Company. Your SAR may not be transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise,
 nor may the SAR be made subject to execution, attachment or similar process. Any capitalized, but undefined, term used in this Agreement
 shall have the meaning ascribed to it in this Plan.

2. <u>The Plan</u>. The SAR is issued in accordance with and is subject to and conditioned upon all of the terms and conditions of this Agreement
 and this Plan as amended from time to time; provided, however, that no future amendment or termination of this Plan shall, without
 your consent, alter or impair any of your rights or obligations under this Plan, all of which are incorporated by reference in this
 Agreement as if fully set forth herein.

3. <u>Cash Value Determination upon Vesting and Exercise</u>. Subject to the terms and conditions set forth in this Agreement, the SARs covered
 by this grant shall vest on the vesting date set forth on the cover page of this Agreement, provided the Participant is a Service
 Provider of the Company on the Date of Vesting. The payment of the value of the SARs shall be made no later than ten (10) days following
 exercise. The payment of amounts with respect to the SARs is subject to the provisions of this Plan and to interpretations, regulations
 and determinations concerning this Plan as established from time to time by the Administrator in accordance with the provisions of
 this Plan, including, but not limited to, provisions relating to (i) rights and obligations with respect to withholding taxes, (ii)
 capital or other changes of the Company and (iii) other requirements of applicable law.

4. <u>No Shareholder Rights</u>. SARs are not Shares. Neither the Participant, nor any Person entitled to exercise the Participant's
 rights in the event of the Participant's death, shall have any of the rights and privileges of a holder of Shares.

5. <u>Severability</u>.
 Should a court of competent jurisdiction deem any of the provisions in this Agreement to be unenforceable in any respect, it is the
 intention of the parties to this Agreement that this Agreement be deemed, without further action on the part of the parties hereto,
 modified, amended and limited to the extent necessary to render the same valid and enforceable. It is further the parties'
 intent that all provisions not deemed to be overbroad shall be given their full force and effect. You acknowledge that you are freely,
 knowingly and voluntarily entering into this Agreement after having an opportunity for consultation with your own independent counsel.

6. <u>Notices</u>.
 Any notice to be given to the Company shall be addressed to the Administrator at its principal executive office, and any notice to
 be given to the Participant shall be addressed to the Participant at the address then appearing on the personnel or other records
 of the Company, or at such other address as either party hereafter may designate in writing to the other. Any such notice shall be
 deemed to have been duly given when deposited in the United States mail, addressed as aforesaid, registered or certified mail, and
 with proper postage and registration or certification fees prepaid.

7. <u>Reservation of Right to Terminate</u>. Nothing herein contained shall affect the right of the Company or any Affiliate to terminate the Participant
 in its applicable capacity as a Service Provider at any time for any reason whatsoever.

8. <u>Choice of Law; Jurisdiction</u>. This Grant shall be governed by and construed and interpreted in accordance with the substantive laws of
 the State of Delaware, without giving effect to any conflicts of law rule or principle that might require the application of the
 laws of another jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED
 SOLELY IN THE COURTS OF THE STATE OF DELAWARE OR THE FEDERAL COURTS OF THE UNITED STATES LOCATED IN DELAWARE AND EACH PARTY IRREVOCABLY
 SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

9. <u>Taxes</u>.
 You agree to comply with the appropriate procedures established by the Company, from time to time, to provide for payment or withholding
 of such income or other taxes as may be required by law to be paid or withheld in connection with the SARs.

\*\*\*

**Exhibit C**

**Form of Restricted Stock Award Agreement**

**HeartCore Enterprises, Inc.**

**Restricted Stock Award Agreement**

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Grant Date** | **Vesting Schedule** |

---

HeartCore Enterprises, Inc., a Delaware corporation (the "Company"), hereby grants to [_________] (the "Participant", also referred to as "you") shares of Restricted Stock (the "Shares"), pursuant to the terms of the attached Restricted Stock Award Agreement and the HeartCore Enterprises, Inc. 2021 Equity Incentive Plan (the "Plan").

 ****

***By signing this cover sheet, you agree to all of the terms and conditions described in the attached Restricted Stock Award Agreement and this Plan.***

Participant:   <br> Signature:  

---

| |
|:---|
| HeartCore Enterprises, Inc. |
| By: |
| Name: |
| Title: |

---

 ****

***This is not a stock certificate or a negotiable instrument. This grant of Shares is a***

***voluntary, revocable grant from the Company and Participant hereby acknowledges that the***

***Company has no obligation to make additional grants in the future.***

**UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY**

**WILL BE ENTERED INTO THE COMPANY'S BOOKS AND RECORDS**

**TO EVIDENCE THE SHARES GRANTED TO YOU.**

**HeartCore Enterprises, Inc.**

**RESTRICTED STOCK AWARD AGREEMENT**

1. <u>Award</u>.
 This Restricted Stock Award Agreement (this "Agreement") evidences the grant to Participant on the Grant Date set forth
 on the cover page of this Agreement the shares of Restricted Stock as set forth therein (the "Shares") under the HeartCore
 Enterprises, Inc. 2021 Equity Incentive Plan (the "Plan"). Any capitalized, but undefined, term used in this Agreement
 shall have the meaning ascribed to it in this Plan.

2. <u>Non-Transferability of the Shares</u>. Your Shares may not be transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise,
 nor may the Shares be made subject to execution, attachment or similar process. Except as may be required by federal income tax withholding
 provisions or by the tax laws of any state, your interests (and the interests of your beneficiaries, if any) under this Agreement
 are not subject to the claims of your creditors and may not be voluntarily or involuntarily sold, transferred, alienated, assigned,
 pledged, anticipated, or encumbered. Any attempt to sell, transfer, alienate, assign, pledge, anticipate, encumber, charge or otherwise
 dispose of any right to benefits payable hereunder shall be void. Your rights to your Shares are no greater than that of other general,
 unsecured creditors of the Company.

3. <u>Vesting</u>.
 Subject to the terms and conditions set forth in this Agreement, the Shares covered by this grant shall vest on the vesting date
 set forth on the cover page of this Agreement, provided the Participant is a Service Provider of the Company or a member of the Company
 Group on the Date of Vesting.

4. <u>Delivery of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Vesting</u>.
 Shares that vest (together with any payment due pursuant to the terms herein in respect of such Shares) shall be delivered to Participant
 (or the person to whom ownership rights may have passed by will or the laws of descent and distribution), on or as soon as administratively
 practicable after, the date of such vesting.

(b) <u>Certain Limitations</u>. Notwithstanding the foregoing provisions of this Section 3, delivery of Shares, if any, by reason of Participant's
 termination of employment shall be delayed until the six (6) month anniversary of the date of Participant's termination of
 employment to the extent necessary to comply with Code Section 409A(a)(B)(i), and the determination of whether or not there has been
 a termination of Participant's employment with the Company shall be made by the Administrator consistent with the definition
 of "separation from service" (as that phrase is used for purposes of Code Section 409A, and as set forth in Treasury
 Regulation Section 1.409A-1(h)).

5. <u>Withholding Taxes</u>. Participant shall be responsible to pay to the Company the amount of withholding taxes as determined by the Company with
 respect to the date the Shares are delivered. If Participant does not arrange for payment of the applicable withholding taxes by
 providing such amount to the Company in cash prior to the date established by the Company as the deadline for such payment, Participant
 shall be treated as having elected to relinquish to the Company a portion of the Shares that would otherwise have been transferred
 to Participant having a fair market value, based on the Fair Market Value of the Common Stock on the business day immediately preceding
 the date of delivery of the Shares, equal to the amount of such applicable withholding taxes, in lieu of paying such amount to the
 Company in cash. Participant authorizes the Company to withhold in accordance with applicable law from any compensation payable to
 him or her any taxes required to be withheld for federal, state or local law in connection with this Agreement.

6. <u>Legal Requirements</u>. If the listing, registration or qualification of Shares deliverable in respect of an Shares upon any securities
 exchange or under any federal or state law, or the consent or approval of any governmental regulatory body is necessary as a condition
 of or in connection with the issuance of such Shares, the Company shall not be obligated to issue or deliver such Shares unless and
 until such listing, registration, qualification, consent or approval shall have been effected or obtained. If registration is considered
 unnecessary by the Company or its counsel, the Company may cause a legend to be placed on any Shares being issued calling attention
 to the fact that they have been acquired for investment and have not been registered. The Administrator may from time to time impose
 any other conditions on the Shares it deems necessary or advisable to ensure that Shares are issued and resold in compliance with
 the Securities Act of 1933, as amended.

7. <u>Severability</u>.
 Should a court of competent jurisdiction deem any of the provisions in this Agreement to be unenforceable in any respect, it is the
 intention of the parties to this Agreement that this Agreement be deemed, without further action on the part of the parties hereto,
 modified, amended and limited to the extent necessary to render the same valid and enforceable. It is further the parties'
 intent that all provisions not deemed to be overbroad shall be given their full force and effect. You acknowledge that you are freely,
 knowingly and voluntarily entering into this Agreement after having an opportunity for consultation with your own independent counsel.

8. <u>Notices</u>.
 Any notice to be given to the Company shall be addressed to the Administrator at its principal executive office, and any notice to
 be given to the Participant shall be addressed to the Participant at the address then appearing on the personnel or other records
 of the Company, or at such other address as either party hereafter may designate in writing to the other. Any such notice shall be
 deemed to have been duly given when deposited in the United States mail, addressed as aforesaid, registered or certified mail, and
 with proper postage and registration or certification fees prepaid.

9. <u>Reservation of Right to Terminate</u>. Nothing herein contained shall affect the right of the Company or any Affiliate to terminate the Participant
 in its applicable capacity as a Service Provider at any time for any reason whatsoever.

10. <u>Choice of Law; Jurisdiction</u>. This Grant shall be governed by and construed and interpreted in accordance with the substantive laws of
 the State of Delaware, without giving effect to any conflicts of law rule or principle that might require the application of the
 laws of another jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED
 SOLELY IN THE COURTS OF THE STATE OF DELAWARE OR THE FEDERAL COURTS OF THE UNITED STATES LOCATED IN DELAWARE AND EACH PARTY IRREVOCABLY
 SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

11. <u>Taxes</u>.
 You agree to comply with the appropriate procedures established by the Company, from time to time, to provide for payment or withholding
 of such income or other taxes as may be required by law to be paid or withheld in connection with the Restricted Stock.

\*\*\*

**Exhibit D**

**Form of Restricted Unit Award Agreement**

**HeartCore Enterprises, Inc.**

**Restricted Unit Award Agreement**

---

| | | |
|:---|:---|:---|
| **Number of Restricted<br> Stock Units** | **Grant Date** | **Vesting Schedule/Performance<br> Period/Performance Vesting Requirements** |

---

HeartCore Enterprises, Inc., a Delaware corporation (the "Company"), hereby grants to [_________] (the "Participant", also referred to as "you") the Restricted Stock Units (the "Restricted Stock Units" or "RSUs"), pursuant to the terms of the attached Restricted Unit Award Agreement and the HeartCore Enterprises, Inc. 2021 Equity Incentive Plan (the "Plan").

 ****

***By signing this cover sheet, you agree to all of the terms and conditions described in the attached Restricted Unit Award Agreement and this Plan.***

Participant:   <br> Signature:  

---

| |
|:---|
| HeartCore Enterprises, Inc. |
| By: |
| Name: |
| Title: |

---

 ****

***This is not a stock certificate or a negotiable instrument. This grant of RSUs is a***

***voluntary, revocable grant from the Company and Participant hereby acknowledges that the***

***Company has no obligation to make additional grants in the future.***

**UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY**

**WILL BE ENTERED INTO THE COMPANY'S BOOKS AND RECORDS**

**TO EVIDENCE THE RSUs GRANTED TO YOU.**

**HeartCore Enterprises, Inc.**

**RESTRICTED UNIT AWARD AGREEMENT**

1. <u>Award</u>.
 This Restricted Unit Award Agreement (this "Agreement") evidences the grant to Participant on the Grant Date set forth
 on the cover page of this Agreement the Restricted Stock Units as set forth therein (the "Restricted Stock Units" or
 "RSUs") under the HeartCore Enterprises, Inc. 2021 Equity Incentive Plan (the "Plan"). As used herein, the
 term "Restricted Stock Unit" or "RSU" shall mean a non-voting unit of measurement which is deemed for bookkeeping
 purposes to be equivalent to one outstanding Share solely for purposes of this Plan and this Agreement. The Restricted Stock Units
 shall be used solely as a device for the determination of the payment to eventually be made to the Participant if such Restricted
 Stock Units vest pursuant to this Award Agreement. The Restricted Stock Units shall not be treated as property or as a trust fund
 of any kind. Any capitalized, but undefined, term used in this Agreement shall have the meaning ascribed to it in this Plan.

2. <u>Non-Transferability of the RSUs</u>. Your RSUs may not be transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise, nor
 may the RSUs be made subject to execution, attachment or similar process. Except as may be required by federal income tax withholding
 provisions or by the tax laws of any state, your interests (and the interests of your beneficiaries, if any) under this Agreement
 are not subject to the claims of your creditors and may not be voluntarily or involuntarily sold, transferred, alienated, assigned,
 pledged, anticipated, or encumbered. Any attempt to sell, transfer, alienate, assign, pledge, anticipate, encumber, charge or otherwise
 dispose of any right to benefits payable hereunder shall be void. Your rights to your RSUs are no greater than that of other general,
 unsecured creditors of the Company.

3. <u>Vesting</u>.
 Subject to the terms and conditions set forth in this Agreement, the RSUs covered by this grant shall vest on the vesting date set
 forth on the cover page of this Agreement and subject to the satisfaction or attainment of the performance criteria set forth therein,
 if any, provided the Participant is employed by the Company on the date of vesting. The Administrator may not accelerate vesting
 of Restricted Stock Units for any reason.

4. <u>Dividends</u>.
 Participant shall not be entitled to any cash, securities or property that would have been paid or distributed as dividends with
 respect to the RSUs subject to this Agreement prior to the date the RSUs are delivered to Participant; provided, however, that the
 Company shall keep a hypothetical account in which any such items shall be recorded, and shall pay to Participant the amount of such
 dividends (in cash or in kind as determined by the Company) on the same date that the RSUs to which such payments or distributions
 relate are required to be delivered under this Agreement.

5. <u>Timing and Manner of Payment on RSUs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 or as soon as administratively practical following the vesting event pursuant to this Agreement (and in all events not later than
 two and one-half (2½) months after such vesting event), the Company shall deliver to the Participant a number of Shares (either
 by delivering one or more certificates for such Shares or by entering such Shares in book entry form, as determined by the Company
 in its discretion) equal to the number of Shares subject to the RSU that vest on the Vesting Date, less any withholding or expenses
 as set forth herein, or may settle the RSU in cash or other payment as provided in this Plan, as determined by the Administrator.
 The Company's obligation to deliver Shares or otherwise make payment with respect to vested RSUs is subject to the condition
 precedent that the Participant or other person entitled under this Plan to receive any Shares or payment with respect to the vested
 RSUs deliver to the Company any representations or other documents or assurances required pursuant to this Plan. The Participant
 shall have no further rights with respect to any RSUs that are paid or that terminate pursuant to this Agreement or this Plan.

(b) <u>Certain Limitations</u>. Notwithstanding the foregoing provisions of this Section 3, delivery of Shares or other payment, if any, with respect
 to RSUs by reason of Participant's termination of employment shall be delayed until the six (6) month anniversary of the date
 of Participant's termination of employment to the extent necessary to comply with Code Section 409A(a)(B)(i), and the determination
 of whether or not there has been a termination of Participant's employment with the Company shall be made by the Administrator
 consistent with the definition of "separation from service" (as that phrase is used for purposes of Code Section 409A,
 and as set forth in Treasury Regulation Section 1.409A-1(h)).

6. <u>Rights of Participant</u>. Participant shall have none of the rights of a shareholder at any time prior to the delivery of any Shares pursuant
 to the RSUs subject to this Agreement, except as expressly set forth in this Plan or herein.

7. <u>Withholding Taxes</u>. Participant shall be responsible to pay to the Company the amount of withholding taxes as determined by the Company with
 respect to the date the RSUs are settled. If Participant does not arrange for payment of the applicable withholding taxes by providing
 such amount to the Company in cash prior to the date established by the Company as the deadline for such payment, Participant shall
 be treated as having elected to relinquish to the Company a portion of the Shares that would otherwise have been transferred to Participant
 having a fair market value, based on the Fair Market Value of the Common Stock on the business day immediately preceding the date
 of delivery of the Shares, equal to the amount of such applicable withholding taxes, in lieu of paying such amount to the Company
 in cash, or an amount in cash if the RSU is settled in cash. Participant authorizes the Company to withhold in accordance with applicable
 law from any compensation payable to him or her any taxes required to be withheld for federal, state or local law in connection with
 this Agreement.

8. <u>Legal Requirements</u>. If the listing, registration or qualification of Shares deliverable in respect of an RSU upon any Securities Exchange
 or any Applicable Requirement, or the consent or approval of any governmental regulatory body is necessary as a condition of or in
 connection with the issuance of such Shares, the Company shall not be obligated to issue or deliver such Shares unless and until
 such Applicable Requirements shall have been effected or obtained. If registration is considered unnecessary by the Company or its
 counsel, the Company may cause a legend to be placed on any Shares being issued calling attention to the fact that they have been
 acquired for investment and have not been registered. The Administrator may from time to time impose any other conditions on the
 Shares it deems necessary or advisable to ensure that Shares are issued and resold in compliance with the Securities Act of 1933,
 as amended.

9. <u>Severability</u>.
 Should a court of competent jurisdiction deem any of the provisions in this Agreement to be unenforceable in any respect, it is the
 intention of the parties to this Agreement that this Agreement be deemed, without further action on the part of the parties hereto,
 modified, amended and limited to the extent necessary to render the same valid and enforceable. It is further the parties'
 intent that all provisions not deemed to be overbroad shall be given their full force and effect. You acknowledge that you are freely,
 knowingly and voluntarily entering into this Agreement after having an opportunity for consultation with your own independent counsel.

10. <u>Notices</u>.
 Any notice to be given to the Company shall be addressed to the Administrator at its principal executive office, and any notice to
 be given to the Participant shall be addressed to the Participant at the address then appearing on the personnel or other records
 of the Company, or at such other address as either party hereafter may designate in writing to the other. Any such notice shall be
 deemed to have been duly given when deposited in the United States mail, addressed as aforesaid, registered or certified mail, and
 with proper postage and registration or certification fees prepaid.

11. <u>Reservation of Right to Terminate</u>. Nothing herein contained shall affect the right of the Company or any Affiliate to terminate the Participant
 in its applicable capacity as a Service Provider at any time for any reason whatsoever.

12. <u>Choice of Law; Jurisdiction</u>. This Grant shall be governed by and construed and interpreted in accordance with the substantive laws of
 the State of Delaware, without giving effect to any conflicts of law rule or principle that might require the application of the
 laws of another jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED
 SOLELY IN THE COURTS OF THE STATE OF DELAWARE OR THE FEDERAL COURTS OF THE UNITED STATES LOCATED IN DELAWARE AND EACH PARTY IRREVOCABLY
 SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING.

13. <u>Taxes</u>.
 You agree to comply with the appropriate procedures established by the Company, from time to time, to provide for payment or withholding
 of such income or other taxes as may be required by law to be paid or withheld in connection with the RSUs.

\*\*\*

## Ex-Filing

**Exhibit 107**

**CALCULATION OF FILING FEE TABLE**

**<u>Form S-8</u>**

(Form Type)

**<u>HeartCore Enterprises, Inc.</u>**

(Exact Name of Registrant as Specified in its Charter)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security<br> Class Title** | **Fee Calculation Rule** | **Amount Registered (1)** | **Proposed Maximum Offering Price Per Share** |  | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Common stock, par value $0.0001 per share | Other (2) | 2400000 | $1.01 | (3) | $&nbsp;&nbsp;&nbsp;&nbsp;2424000.00 | $110.20 per $1,000,000 of the proposed maximum aggregate offering price | $267.12 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  |  | $2424000.00 |  | $267.12 |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |  | - |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  |  | $267.12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416(a)
 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement also covers any additional
 securities that may from time to time be offered or issued in respect of the securities registered by this Registration Statement
 as a result of any stock dividend, stock split, recapitalization or other similar transaction.

(2) Rule 457(c) and Rule 457(h)

(3) Estimated
 solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) under the Securities Act. Based
 on the average of high ($1.0333) and low ($0.97) sale prices of the common stock, as reported on The Nasdaq Capital
 Market on March 10, 2023, which date is within five business days prior to filing this registration statement, and rounded
 up to $1.01 solely for purposes of calculating the registration fee.