Document:

Exhibit 10.1

 

PROMISSORY NOTE

 

 

Principal Amount: $70,000.00June 22, 2021

 

FOR VALUE RECEIVED, Brain Scientific Inc.,
a corporation incorporated under the laws of the State of Nevada, having as its address at 125 Wilbur Place, Ste 170, Bohemia, NY 11716
(the “Borrower”), hereby promises to pay to the order of Piezo Motion Corp., a corporation incorporated under the laws
of the State of Delaware, having its address at 6700 Professional Parkway, Sarasota FL 34240, or its successors or assigns (the “Holder”),
the principal amount of Seventy Thousand United States Dollars (US$70,000.00) by no later than September 30, 2021 (as may be extended
pursuant to the term hereof, the “Maturity Date”) and to pay interest on the principal amount outstanding hereunder at the
rate of zero percent (0%) per annum commencing on the date hereof (“Issuance Date”). This Promissory Note, as may be amended
or supplemented from time to time, shall be referred to herein as the “Note”.

 

1.
Defined Terms. For purposes of this Note, except as otherwise expressly provided or otherwise defined elsewhere in this
Note, or unless the context otherwise requires, the capitalized terms in this Note shall have the meanings assigned to them as follows:

 

1.1
“Assets” means all of the properties and assets of the Person in question, as the context may so require, whether
real, personal or mixed, tangible or intangible, wherever located, whether now owned or hereafter acquired.

 

1.2
“Borrower” shall have the meaning given to it in the preamble hereof.

 

1.3
“Business Day” shall mean any day other than a Saturday, Sunday or a legal holiday on which federal banks are
authorized or required to be closed for the conduct of commercial banking business.

 

1.4
“Consent” means any consent, approval, order or authorization of, or any declaration, filing or registration
with, or any application or report to, or any waiver by, or any other action (whether similar or dissimilar to any of the foregoing) of,
by or with, any Person, which is necessary in order to take a specified action or actions, in a specified manner and/or to achieve a specific
result.

 

1.5
“Event of Default” shall have the meaning given to it in Section 3.1.

 

1.6
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

1.7
“Governmental Authority” means any foreign, federal, state or local government, or any political subdivision
thereof, or any court, agency or other body, organization, group, stock market or exchange exercising any executive, legislative, judicial,
quasi-judicial, regulatory or administrative function of government.

 

1.8
“Holder” shall have the meaning given to it in the preamble hereof.

 

1.9
“Law” means any provision of any law, statute, ordinance, code, constitution, charter, treaty, rule or regulation
of any Governmental Authority.

 

1.10
“Maturity Date” shall have the meaning given to it in the preamble hereof.

 

1.11
“Note” shall have the meaning given to it in the preamble hereof.

 

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1.12
“Obligations” means, now existing or in the future, any debt, liability or obligation of any nature whatsoever
(including any required performance of any covenants or agreements), whether secured, unsecured, recourse, nonrecourse, liquidated, unliquidated,
accrued, voluntary or involuntary, direct or indirect, absolute, fixed, contingent, ascertained, unascertained, known, unknown, whether
or not jointly owed with others, whether or not from time to time decreased or extinguished and later decreased, created or incurred,
or obligations existing or incurred under this Note, or any other agreement between any of the Borrower and the Holder, as such obligations
may be amended, supplemented, converted, extended or modified from time to time.

 

1.13
“Person” means any individual, sole proprietorship, joint venture, partnership, company, corporation, association,
cooperation, trust, estate, Governmental Authority, or any other entity of any nature whatsoever.

 

1.14
“Subsidiary” means any Person in which the Borrower, directly or indirectly, (i) owns or acquires any of the outstanding
capital stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any part of the business, operations
or administration of such Person, and all of the foregoing, collectively, “Subsidiaries.”

 

2.
Payments of Principal and Interest; Additional Terms.

 

2.1
Payment of Principal. The principal amount of this Note shall be paid to the Holder no later than the Maturity Date.

 

2.2
Payment of Interest. Except as otherwise provided herein, all interest on the principal amount of this Note shall be paid
to the Holder on the Maturity Date.

 

2.3
General Payment Provisions. All payments of principal and interest, if any, on this Note shall be made in lawful money of
the United States of America by wire transfer to such account as the Holder may designate by written notice to the Borrower in accordance
with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business
Day, the same shall instead be due on the next succeeding Business Day.

 

2.4
Prepayment. At any time, upon receiving the written consent of the Holder, the Borrower may pre-pay this Note without penalty.

 

		3.	Defaults and Remedies.

 

3.1
Events of Default. An “Event of Default” means:

 

		3.1.1	the Borrower shall fail to pay any interest, principal or other charges due under this Note on the date
when any such payment shall be due and payable;

 

		3.1.2	the Borrower shall fail to perform, comply with or abide by any of the stipulations, agreements, conditions
and/or covenants contained in this Note on the part of the Borrower to be performed complied with or abided by;

 

		3.1.3	the bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief
of debtors shall be instituted by or against the Borrower or any Subsidiary and, if instituted against the Borrower or any Subsidiary
by a third party, shall not be dismissed within forty-five (45) days of their initiation;

 

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		3.1.4	the commencement by the Borrower or any Subsidiary of a voluntary case or proceeding under any applicable
federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated
a bankrupt or insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Borrower
or any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it to the
filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator
or other similar official of the Borrower or any Subsidiary or of any substantial part of its property, or the making by it of an assignment
for the benefit of creditors, or the execution of a composition of debts, or the occurrence of any other similar federal, state or foreign
proceeding, the taking of corporate action by the Borrower or any Subsidiary in furtherance of any such action or the taking of any action
by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under federal, state or foreign law;

 

		3.1.5	the entry by a court of (i) a decree, order, judgment or other similar document in respect of the Borrower
or any Subsidiary of a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
reorganization or other similar law or (ii) a decree, order, judgment or other similar document adjudging the Borrower or any Subsidiary
as bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition
of or in respect of the Borrower or any Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order, judgment
or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the
Borrower or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the
continuance of any such decree, order, judgment or other similar document or any such other decree, order, judgment or other similar document
unstayed and in effect for a period of thirty (30) consecutive days;

 

		3.1.6	the Borrower shall fail to maintain the listing or quotation of its common stock on at least one of the
OTC Pink, OTCQB, Nasdaq National Market, Nasdaq Small Cap Market, New York Stock Exchange, NYSE MKT, or an equivalent replacement exchange;
or

 

		3.1.7	the Borrower shall fail to file when due all reports under the Exchange Act (including but not limited
to becoming delinquent in its filings); and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

		3.1.8	[RESERVED]

 

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3.2
Remedies. Upon the occurrence of an Event of Default that is not timely cured within an applicable cure period hereunder,
the Holder may, in its sole discretion, accelerate full repayment of all principal amounts outstanding hereunder, together with accrued
interest thereon, together with all attorneys’ fees, paralegals’ fees and costs and expenses incurred by the Holder in collecting
or enforcing payment hereof (whether such fees, costs or expenses are incurred in negotiations, all trial and appellate levels, administrative
proceedings, bankruptcy proceedings or otherwise), and together with all other sums due by the Borrower hereunder, all without any relief
whatsoever from any valuation or appraisement laws, and payment thereof may be enforced and recovered in whole or in part at any time
by one or more of the remedies provided to the Holder at law, in equity, or under this Note. Any amount of principal or interest on this
Note which is not paid when due shall bear interest at the rate of ten percent (10%) per annum.

 

4.
Representations and Warranties.

 

4.1
Organization. The Borrower is a corporation duly incorporated, validly existing and in good standing under the Laws of Nevada
and has the full power and authority and all necessary certificates, licenses and approvals: (i) to enter into and execute this Note and
to perform all of its Obligations hereunder; and (ii) to own and operate its Assets and properties and to conduct and carry on its business
as and to the extent now conducted. The Borrower is duly qualified to transact business and is in good standing as a foreign entity in
each jurisdiction where the character of its business or the ownership or use and operation of its Assets or properties requires such
qualification, except as would not have an material adverse effect. The exact legal name of the Borrower is as set forth in the preamble
to this Note, and the Borrower does not currently conduct business under any other name or trade name.

 

4.2
Authority and Approval of Agreement; Binding Effect. The execution and delivery by the Borrower of this Note, and the performance
by the Borrower of all of its Obligations hereunder, has been duly and validly authorized and approved by the Borrower and, its directors
or shareholders, as required, pursuant to all applicable Laws and no other action or Consent on the part of its board, shareholders or
any other Person is necessary or required by the Borrower to execute this Note, consummate the transactions contemplated herein, perform
all of its Obligations hereunder. This Note has been duly and validly executed by the Borrower (and the officer executing this Note is
duly authorized to act and execute same on behalf of the Borrower) and constitutes the valid and legally binding agreement of the Borrower,
enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies.

 

5.
Covenants.

 

5.1
Legal Existence. The Borrower shall at all times preserve and maintain its: (i) existence and good standing in the jurisdiction
of its organization; and (ii) its qualification to do business and good standing in each jurisdiction where the nature of its business
makes such qualification necessary, and shall at all times continue as a going concern in the business which the Borrower is presently
conducting.

 

5.2
Notice of Default. The Borrower shall, promptly, but not more than one (1) Business Day after the commencement thereof,
give notice to the Holder in writing of the occurrence of any "Event of Default" or of any event which, with the lapse of time,
the giving of notice or both, would constitute an Event of Default hereunder.

 

6.
Miscellaneous.

 

6.1
Lost or Stolen Note. Upon notice to the Borrower of the loss, theft, destruction or mutilation of this Note, and, in the
case of loss, theft or destruction, of an indemnification undertaking by the Holder to the Borrower in a customary and reasonable form
and, in the case of mutilation, upon surrender and cancellation of the Note, the Borrower shall execute and deliver a new Note of like
tenor and date and in substantially the same form as this Note.

 

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6.2
[RESERVED].

 

6.3
Severability. In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal,
or unenforceable, in whole or in part, in any respect, or in the event that any one or more of the provisions of this Note operates or
would prospectively operate to invalidate this Note, then and in any of those events, only such provision or provisions shall be deemed
null and void and shall not affect any other provision of this Note. The remaining provisions of this Note shall remain operative and
in full force and effect and shall in no way be affected, prejudiced, or disturbed thereby.

 

6.4
Cancellation. After all principal, accrued interest and other amounts at any time owed on this Note has been indefeasibly
paid or satisfied in full, this Note shall automatically be deemed canceled, shall be surrendered to the Borrower for cancellation and
shall not be re-issued.

 

6.5
Entire Agreement and Amendments. This Note represents the entire agreement between the parties hereto with respect to the
subject matter hereof and thereof, and there are no representations, warranties or commitments, except as set forth herein. This Note
may be amended only by an instrument in writing executed by the parties hereto.

 

6.6
Binding Effect. This Note shall be binding upon the Borrower and the successors and assigns of the Borrower and shall inure
to the benefit of the Holder and the successors and assigns of the Holder.

 

6.7
Governing Law and Venue. The Borrower and Holder each irrevocably agrees that any dispute arising under, relating to, or
in connection with, directly or indirectly, this Note or related to any matter which is the subject of or incidental to this Note (whether
or not such claim is based upon breach of contract or tort) shall be subject to the exclusive jurisdiction and venue of the state and/or
federal courts located in New York. This provision is intended to be a “mandatory” forum selection clause and governed by
and interpreted consistent with Nevada law. The Borrower and Holder each hereby consents to the exclusive jurisdiction and venue of any
state or federal court having its situs in the State of New York, and each waives any objection based on forum non conveniens. The Borrower
hereby waives personal service of any and all process and consent that all such service of process may be made by certified mail, return
receipt requested, directed to the Borrower, as set forth herein in the manner provided by applicable statute, law, rule of court or otherwise.
All terms and provisions hereof and the rights and obligations of the Borrower and Holder hereunder shall be governed, construed and interpreted
in accordance with the laws of the State of Nevada, without reference to conflict of laws principles.

 

6.8
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall
be cumulative and in addition to all other remedies available under this Note, at law or in equity.

 

6.9
Specific Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more
general provision contained herein. This Note shall be deemed to be jointly drafted by the Borrower and the Holder and shall not be construed
against any person as the drafter hereof.

 

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6.10
Failure or Indulgence Not Waiver. No failure or delay on the part of this Note in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege.

 

6.11
Notice. Notice shall be given to each party such other address as provided to the other party in writing.

 

6.12
Transfer. This Note may be transferred by the Holder without the consent of the Borrower.

 

6.13
Collection Costs. If (a) this Note is placed in the hands of an attorney for collection or enforcement or is collected or
enforced through any legal proceeding or the Borrower otherwise takes action or incurs costs to collect amounts due under this Note or
to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership of the Borrower or other proceedings
affecting creditors’ rights and involving a claim under this Note, then the Borrower shall pay the costs incurred by the Holder
for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including,
without limitation, attorneys’ fees and disbursements.

 

[signature page follows]

 

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IN WITNESS WHEREOF, the
parties have caused this Note to be executed on and as of the Issuance Date.

 

	 	Brain Scientific, Inc.
	 	as Borrower
	 	 	 
	 	By:	/s/ Boris Goldstein
	 	Name:	  
	 	Title:	  
	 	 	 
	 	Piezo Motion Corp.
	 	as Holder
	 	 	 
	 	By:	/s/
	 	Name:	  
	 	Title:	

 

Date: June 22, 2021

 

Principal Amount: $70,000.00

 

[Signature page to Promissory Note ]

 

7EX-10.8

 Exhibit 10.8 

GINKGO BIOWORKS, INC. 

2008 STOCK INCENTIVE PLAN 

AS AMENDED AS OF JUNE 18, 2014 
  

	1.	 Purpose. 

The purpose of this plan (the “Plan”) is to secure for Ginkgo BioWorks, Inc., a Delaware corporation (the “Company”), and
its shareholders the benefits arising from capital stock ownership by employees, officers and directors of, and consultants or advisors to, the Company and its parent and subsidiary corporations who are expected to contribute to the Company’s
future growth and success. Under the Plan recipients may be awarded both (i) Options (as defined in Section 2.1) to purchase the Company’s common stock, $.01 par value (“Common Stock”) and (ii) shares of the
Company’s Common Stock (“Restricted Stock Awards”). Except where the context otherwise requires, the term “Company” shall include any parent and all present and future subsidiaries of the Company as defined in Sections
424(e) and 424(f) of the Internal Revenue Code of 1986, as amended or replaced from time to time (the “Code”). Those provisions of the Plan which make express reference to Section 422 of the Code shall apply only to Incentive Stock
Options (as that term is defined below). 
  

	2.	 Types of Awards and Administration. 

 

	 	2.1	 Options. Options granted pursuant to the Plan (“Options”) shall be authorized by action of the
Board of Directors of the Company (the “Board” or “Board of Directors”) and may be either incentive stock options (“Incentive Stock Options”) meeting the requirements of Section 422 of the Code or non-statutory Options which are not intended to meet the requirements of Section 422 of the Code. The vesting of Options may be conditioned upon the completion of a specified period of employment with the
Company and/or such other conditions or events as the Board may determine. The Board may also provide that Options are immediately exercisable subject to certain repurchase rights in the Company dependent upon the continued employment of the
optionee and/or such other conditions or events as the Board may determine. 

  

	 	2.1.1	 Incentive Stock Options. All Options when granted are intended to be
non-statutory Options, unless the applicable Option Agreement (as defined in Section 5.1) explicitly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options may only be
granted to employees of the Company and shall be subject to and construed consistently with the requirements of Section 422 of the Code. For so long as the Code shall so provide, Options granted to any employee under the Plan (and any other
incentive stock option plans of the Company) which are intended to constitute Incentive Stock Options shall not constitute Incentive Stock Options to the extent that such Options, in the aggregate, become exercisable for the first time in any one

	 	calendar year for shares of Common Stock with an aggregate fair market value (determined as of the respective date or dates of grant) of more than $100,000. If an Option is intended to be an Incentive Stock Option, and
if for any reason such Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a
non-statutory Option appropriately granted under the Plan provided that such Option (or portion thereof) otherwise meets the Plan’s requirements relating to
non-statutory Options. The Company shall have no liability to any optionee, or to any other party, if an Option (or portion thereof) which is intended to be an Incentive Stock Option shall not qualify as an
Incentive Stock Option. 

  

	 	2.2	 Restricted Stock Awards. The Board in its discretion may grant Restricted Stock Awards, entitling the
recipient to acquire, for a purchase price determined by the Board, shares of Common Stock subject to such restrictions and conditions as the Board may determine at the time of grant (“Restricted Stock”), including continued employment
and/or achievement of pre-established performance goals and objectives.  

  

	 	2.3	 Administration. The Plan shall be administered by the Board, whose construction and interpretation of
the terms and provisions of the Plan shall be final and conclusive. The Board may in its sole discretion issue Restricted Stock and grant Options and issue shares upon exercise of such Options as provided in the Plan. The Board shall have authority,
subject to the express provisions of the Plan, to construe Restricted Stock Agreements, Option Agreements and the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, to determine the terms and provisions of Restricted
Stock Agreements and Option Agreements, and to make all other determinations in the judgment of the Board necessary or desirable for the administration of the Plan. The Board may correct any defect or supply any omission or reconcile any
inconsistency in the Plan or in any Restricted Stock Agreement or Option Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. No director or
person acting pursuant to authority delegated by the Board shall be liable for any action or determination under the Plan made in good faith. The Board may, to the full extent permitted by or consistent with applicable laws or regulations, delegate
any or all of its powers under the Plan to a committee (the “Committee”) appointed by the Board, and if the Committee is so appointed all references to the Board in the Plan shall mean and relate to such Committee, other than references to
the Board in this sentence and in Sections 19 (as to amendment of the Plan) and 22. No director or person acting pursuant to the authority delegated by the Board shall be liable for any action or determination relating to or under the Plan made in
good faith.  

  
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	3.	 Eligibility. 

Options may be granted, and Restricted Stock may be issued, to persons who are, at the time of such grant or issuance, employees, officers or
directors of, or consultants or advisors to, the Company; provided, that the class of persons to whom Incentive Stock Options may be granted shall be limited to employees of the Company. 

 

	 	3.1	 10% Shareholder. For so long as the Code shall so provide, if any employee to whom an Incentive Stock
Option is to be granted is, at the time of the grant of such Option, the owner of stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (after taking into account the attribution of stock ownership
rules of Section 424(d) of the Code) (“10% Shareholder”), any Incentive Stock Option granted to such individual must: (i) have an exercise price per share of not less than 110% of the fair market value of one share of Common
Stock at the time of grant; and (ii) expire by its terms not more than five years from the date of grant. 

  

	4.	 Stock Subject to Plan. 

Subject to adjustment as provided in Section 14.2 below, as of June 18, 2014, the maximum number of shares of Common Stock which may
be issued under the Plan is One Million Seven Hundred and Thirty-Eight Thousand (1,738,000) shares, and the maximum number of Incentive Stock Options which may be granted under the Plan is One Million Seven Hundred and Thirty-Eight Thousand
(1,738,000) Incentive Stock Options. If an Option shall expire or terminate for any reason without having been exercised in full, the unpurchased shares subject to such Option shall again be available for subsequent Option grants or Restricted Stock
Awards under the Plan. If shares of Restricted Stock shall be forfeited to, or otherwise repurchased by, the Company pursuant to a Restricted Stock Agreement, such purchased shares shall again be available for subsequent Option grants or Restricted
Stock Awards under the Plan. If shares issued upon exercise of an Option are tendered to the Company in payment of the exercise price of an Option, such tendered shares shall again be available for subsequent Option grants or Restricted Stock Awards
under the Plan. 
  

	5.	 Forms of Restricted Stock Agreements and Option Agreements. 

 

	 	5.1	 Option Agreement. As a condition to the grant of an Option, each recipient of an Option shall execute an
option agreement (“Option Agreement”) in such form not inconsistent with the Plan as may be approved by the Board of Directors. Such Option Agreements may differ among recipients. 

 

	 	5.2	 Restricted Stock Agreement. As a condition to the issuance of Restricted Stock, each recipient thereof
shall execute a restricted stock agreement (“Restricted Stock Agreement”) in such form not inconsistent with the Plan as may be approved by the Board of Directors. Such Restricted Stock Agreements may differ among recipients.

  
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	 	5.3	 “Lock-Up” Agreement. Unless the Board specifies
otherwise, each Restricted Stock Agreement and Option Agreement shall provide that upon the request of the Company or the managing underwriter(s), the holder of any Option or the purchaser of any Restricted Stock shall, in connection with any
registration of securities of the Company under the Securities Act of 1933, as amended from time to time (the “Act”), agree in writing that for a period of time (not to exceed 180 days) from the effective date of the registration statement
under the Act for such offering, the holder or purchaser will not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any shares of the Common Stock, no par value, of the Company owned or controlled by
him or her. 

  

	6.	 Purchase Price. 

 

	 	6.1	 General. The purchase price per share of Restricted Stock and the per share exercise price of an Option
shall be determined by the Board at the time of issuance in the case of Restricted Stock and at the time of grant in the case of Options. 

  

	 	6.2	 Payment of Purchase Price. Option Agreements may provide for the payment of the exercise price by
(i) delivery of a personal, certified or bank check or postal money order payable to the order of the Company in an amount equal to the exercise price of such Option, (ii) with the consent of the Board, delivery to the Company of shares of
Common Stock of the Company already owned by the optionee for a period of six months and having a fair market value equal in amount to the exercise price of the Options being exercised, (iii) with the consent of the Board, a personal recourse
note issued by the optionee to the Company in a principal amount equal to such aggregate exercise price and with such other terms, including interest rate and maturity, as the Company may determine in its discretion; provided, however, that the
interest rate borne by such note shall not be less than the lowest applicable federal rate, as defined in Section 1274(d) of the Code, (iv) in the event there is a public market for the Common Stock at such time, subject to rules as may be
established by the Board, through delivery of irrevocable instructions to a broker to sell such shares and deliver promptly to the Company an amount equal to the aggregate exercise price, (v) any other means which the Board of Directors
determines are consistent with the purpose of the Plan and with applicable laws and regulations or (vi) any combination of such methods of payment. The fair market value of any shares of Common Stock or other
non-cash consideration which may be delivered upon exercise of an Option shall be determined by the Board. Restricted Stock Agreements may provide for the payment of any purchase price in any manner approved
by the Board at the time of authorizing the issuance thereof. 

  

	7.	 Option Period. 

Each Option shall be exercisable at such times and subject to such terms and conditions as the Board may specify in the applicable Option
Agreement. 

  
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	8.	 Exercise of Options. 

 

	 	8.1	 General. Each Option shall be exercisable either in full or in installments at such time or times and
during such period as shall be set forth in the agreement evidencing such Option, subject to the provisions of the Plan. To the extent not exercised, installments shall accumulate and be exercisable, in whole or in part, at any time after becoming
exercisable, but not later than the date the Option expires. 

  

	 	8.2	 Notice of Exercise. An Option may be exercised by the optionee by delivering to the Company on any
business day a written notice specifying the number of shares of Common Stock the optionee then desires to purchase and specifying the address to which the certificates for such shares are to be mailed (the “Notice”), accompanied by
payment for such shares. In addition, the Company may require any individual to whom an Option is granted, as a condition of exercising such Option, to give written assurances in a substance and form satisfactory to the Company to the effect that
such individual is acquiring the Common Stock subject to the Option for his or her own account for investment and not with a view to the resale or distribution thereof, and to such other effects as the Company deems necessary or advisable in order
to comply with any securities law(s). In addition, the Company may require any individual to whom an Option is granted, as a condition of exercising such Option, to become a party to a stockholders’ agreement or similar agreement, as may be
amended from time to time, between the Company and its stockholders. 

  

	 	8.3	 Delivery. As promptly as practicable after receipt of such written notification and payment, the Company
shall deliver or cause to be delivered to the optionee certificates for the number of shares with respect to which such Option has been so exercised, issued in the optionee’s name; provided, however, that such delivery shall be deemed effected
for all purposes when the Company or a stock transfer agent shall have deposited such certificates in the United States mail, addressed to the optionee, at the address specified in the Notice.  

 

	9.	 Nontransferability of Options. 

Except as the Board may otherwise permit or provide in an applicable Option Agreement, no Option shall be assignable or transferable by the
person to whom it is granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution. During the life of an optionee, an Option shall be exercisable only by the optionee. 

 

	10.	 Termination of Employment; Disability; Death. Except as may be otherwise expressly provided in the terms
and conditions of the Option Agreement, Options shall terminate on the earliest to occur of:  

  

	 	(i)	 the date of expiration thereof; 

  
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	 	(ii)	 immediately upon the effective date of termination of the optionee’s employment with, or provision of
services to, the Company by the Company for Cause (as hereinafter defined); 

  

	 	(iii)	 90 days after the date of voluntary termination of the optionee’s employment with, or
provision of services to, the Company by the optionee (other than for death or permanent disability as defined below); or 

  

	 	(iv)	 90 days after the date of termination of the optionee’s employment with, or provision of services
to, the Company by the Company without Cause (other than for death or permanent disability as defined below). 

 Until the date on which
the Option so expires, the optionee may exercise that portion of his or her Option which is exercisable at the time of termination of the employment or service relationship. 

An employment or service relationship between the Company and the optionee shall be deemed to exist during any period during which the
optionee is employed by or providing services to the Company, either on a full-time or a part-time basis. Whether an authorized leave of absence or an absence due to military or government service shall constitute termination of the employment
relationship between the Company and the optionee shall be determined by the Board at the time thereof. 
 For purposes of this
Section 10, the term “Cause” shall mean (a) a good faith finding by the Board that the optionee willfully failed to perform his or her assigned duties for the Company, (b) any material breach by the optionee of any agreement
to which the optionee and the Company are both parties, (c) any act (other than retirement) or omission to act by the optionee which may have a material and adverse effect on the Company’s business or on the optionee’s ability to
perform services for the Company, including, without limitation, the commission of any crime (other than minor traffic violations), or (d) any material misconduct or material neglect of duties by the optionee in connection with the business or
affairs of the Company. 
 In the event of the permanent and total disability or death of an optionee while in an employment or other
relationship with the Company and before the date of expiration of such option, such option shall terminate on the earlier of such date of expiration or one year following the date of such disability or death. After disability or death, the optionee
(or in the case of death, his or her executor, administrator or any person or persons to whom this option may be transferred by will or by laws of descent and distribution) shall have the right, at any time prior to such termination, to exercise the
option to the extent the optionee was entitled to exercise such option as of the date of his or her disability or death. An optionee is permanently and totally disabled if he or she is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than 12 months; permanent and total disability shall be determined in accordance with Section 22(e)(3) of the Code and
the regulations issued thereunder. 

  
 -6- 

	11.	 Rights as a Shareholder. The holder of an Option shall have no rights as a shareholder with respect to
any shares covered by the Option (including, without limitation, any rights to receive dividends or non-cash distributions with respect to such shares) until the date of issue of a stock certificate to him or
her for such shares. No adjustment shall be made for dividends or other rights for which the record date occurs prior to the date such stock certificate is issued.  

 

	12.	 Additional Provisions. The Board of Directors may, in its sole discretion, include additional provisions
in Restricted Stock Agreements and Option Agreements, including, without limitation, restrictions on transfer, rights of the Company to repurchase shares of Restricted Stock or shares of Common Stock acquired upon exercise of Options, commitments to
pay cash bonuses, to make, arrange for or guaranty loans or to transfer other property to optionees upon exercise of Options, or such other provisions as shall be determined by the Board of Directors; provided that such additional provisions
shall not be inconsistent with any other term or condition of the Plan and such additional provisions shall not be such as to cause any Incentive Stock Option to fail to qualify as an Incentive Stock Option within the meaning of Section 422 of
the Code.  

  

	13.	 Acceleration, Extension, Etc. The Board of Directors may, in its sole discretion, (i) accelerate
the date or dates on which all or any particular Option or Options may be exercised or (ii) extend the period or periods of time during which all, or any particular, Option or Options may be exercised.  

 

	14.	 Adjustment Upon Changes in Capitalization 

 

	 	14.1	 No Effect of Options upon Certain Corporate Transactions. The existence of outstanding Options shall not
affect in any way the right or power of the Company to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation, or any
issue of Common Stock, or any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part
of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

  

	 	14.2	 Adjustment Provisions. If, through or as a result of any merger, consolidation, sale of all or
substantially all of the assets of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, (i) the outstanding shares of Common Stock are increased,
decreased or exchanged for a different number or kind of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities of the Company or other
non-cash assets are distributed with respect to such shares of Common Stock or other securities, an appropriate and proportionate adjustment shall be made in (x) the maximum number and kind of shares
reserved for issuance under the Plan, (y) the number and kind of shares or other securities subject to any then outstanding Options, and (z) the price for 

  
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each share subject to any then outstanding Options, without changing the aggregate purchase price as to which such Options remain exercisable. Notwithstanding the foregoing, no adjustment shall
be made pursuant to this Section 14 if such adjustment would cause the Plan to fail to comply with Section 422 of the Code. 

  

	 	14.3	 No Adjustment in Certain Cases. Except as expressly provided for herein, the issue by the Company of
shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of
shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock then subject to outstanding
options. 

  

	 	14.4	 Board Authority to Make Adjustments. Any adjustments under this Section 14 will be made by the
Board of Directors, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive. No fractional shares will be issued under the Plan on account of any such adjustments. 

  

	15.	 Effect of Certain Transactions 

 

	 	15.1	 General. In the event of a consolidation or merger or sale of all or substantially all of the assets of
the Company in which outstanding shares of capital stock are exchanged for securities, cash or other property of any other corporation or business entity, the Board, or the board of directors of any corporation assuming the obligations of the
Company, may, in its discretion, take any one or more of the following actions, as to some or all outstanding Options (and need not take the same action as to each such Option): (i) provide that such Options shall be assumed, or equivalent Options
shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), provided that any such Options substituted for Incentive Stock Options shall meet the requirements of Section 424(a) of the Code, (ii) upon
written notice to the optionees, provide that all unexercised Options will terminate immediately following the consummation of such transaction unless exercised by the optionee to the extent otherwise then exercisable within a specified
period following the date of such notice, provided that the vesting of any such Options so terminated shall have been accelerated as of immediately prior to the consummation of such transaction so that such Options may be exercised in full
concurrently with the consummation of such transaction, (iii) in the event of a merger under the terms of which holders of the Common Stock of the Company will receive upon consummation thereof a cash payment for each share surrendered in the
merger (the “Merger Price”), make or provide for a cash payment to the optionees equal to the difference between (A) the Merger Price times the number of shares of Common Stock subject to such outstanding Options (to the extent then
exercisable at prices not in excess of the Merger Price) and (B) the aggregate exercise price of all such outstanding 

  
 -8- 

	 	
Options, in exchange for the termination of such Options, and (iv) provide that all or any outstanding Options shall become exercisable in part or in full immediately prior to such event.

  

	 	15.2	 Substitute Options. The Company may grant Options in substitution for options held by employees of
another corporation who become employees of the Company, as the result of a merger or consolidation of the employing corporation with the Company or as a result of the acquisition by the Company, of property or stock of the employing corporation.
The Company may direct that substitute Options be granted on such terms and conditions as the Board considers appropriate in the circumstances. 

  

	 	15.3	 Restricted Stock. In the event of a business combination or other transaction of the type detailed in
Section 15.1, any securities, cash or other property received in exchange for shares of Restricted Stock shall continue to be governed by the provisions of any Restricted Stock Agreement pursuant to which they were issued, including any
provision regarding vesting, and such securities, cash, or other property may be held in escrow on such terms as the Board of Directors may direct, to insure compliance with the terms of any such Restricted Stock Agreement. 

 

	16.	 No Special Rights to an Employment or Other Business Relationship. Nothing contained in the Plan or in
any Option or Restricted Stock Agreement shall confer upon any optionee or holder of Restricted Stock any right with respect to the continuation of his or her employment by the Company or any other business relationship with the Company or interfere
in any way with the right of the Company at any time to terminate such employment or other business relationship or to increase or decrease the compensation of such person.  

 

	17.	 Other Employee Benefits. The amount of any compensation deemed to be received by an employee as a result
of the issuance of shares of Restricted Stock or the grant or exercise of an Option or the sale of shares received upon such award or exercise will not constitute compensation with respect to which any other employee benefits of such employee are
determined, including, without limitation, benefits under any bonus, pension, profit-sharing, life insurance or salary continuation plan, except as otherwise specifically determined by the Board of Directors. 

 

	18.	 Special Provisions Relating to Section 409A of the Code and Regulations Promulgated Thereunder.

  

	 	18.1	 Intention to Price Options at Not Lower than Fair Market Value. It is the intention of the Company to
issue all Options under the Plan with exercise prices at least equal to the fair market value of the Common Stock as of the date of grant. However, this Section 18 is included herein to ensure compliance with Section 409A of the Code in
the event that any Option is issued with an exercise price lower than the fair market value of the Common Stock as of the date of grant. 

  
 -9- 

	 	18.2	 Earliest Distribution Date. Notwithstanding anything contained in the Plan or any Option Agreement
issued pursuant to the Plan, to the extent that any Option or Common Stock issuable upon exercise of an Option constitutes “deferred compensation” within the meaning of Section 409A of the Code (“Section 409A”), such
Option or Stock may not be distributed to the recipient earlier than: 

  

	 	(a)	 the date of the recipient’s “separation from service” as determined in accordance with
Section 409A (except as otherwise provided in Section 18.3(a), 

  

	 	(b)	 the date the recipient becomes disabled (within the meaning of Section 18.4), 

 

	 	(c)	 the date of the recipient’s death, 

 

	 	(d)	 to the extent provided under Section 409A and regulations promulgated thereunder, a change in the
ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, or 

  

	 	(e)	 the occurrence of an unforeseeable emergency. 

 

	 	18.3	 Special rules.  

 

	 	(a)	 Specified employees. In the case of any specified employee, the requirement of Section 18.2(a) is met only
if distributions may not be made before the date which is 6 months after the date of separation from service (or, if earlier, the date of death of the recipient). For purposes of the preceding sentence, a specified employee is a key employee (as
defined in section 416(i) of the Code without regard to paragraph (5) thereof) of a Company any stock in which is publicly traded on an established securities market or otherwise. 

 

	 	(b)	 Unforeseeable emergency. For purposes of Section 18.2(e): 

 

	 	(i)	 In general. The term “unforeseeable emergency” means a severe financial hardship to the recipient
resulting from an illness or accident of the recipient, the recipient’s spouse, or a dependent (as defined in section 152(a) of the Code) of the recipient, loss of the recipient’s property due to casualty, or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control of the recipient. 

  

	 	(ii)	 Limitation on distributions. The requirement of Section 18.2(e) is met only if, as determined under
regulations promulgated pursuant to the Code, the amounts distributed with respect to an emergency do not exceed the amounts 

  
 -10- 

	 	
necessary to satisfy such emergency, including amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship
is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship).

  

	 	18.4	 Disabled. For purposes of Section 18.2(b), a recipient shall be considered disabled if the
recipient: 

  

	 	(a)	 is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or 

  

	 	(b)	 is, by reason of any medically determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Company.

  

	 	18.5	 No Acceleration. No acceleration of the time or schedule of any payment governed by this Section 18
shall occur except as provided in regulations promulgated pursuant to Section 409A. 

  

	 	18.6	 Compliance with Section 409A. This Section 18 is intended to comply with
Section 409A and the regulations promulgated thereunder, and to the extent it conflicts with Section 409A and such regulations at any time, it shall be construed in accordance with Section 409A and such regulations as they may be in
effect at such time. 

  

	19.	 Amendments. 

  

	 	19.1	 The Board may at any time, and from time to time, modify, amend or suspend the Plan in any respect.

  

	 	19.2	 The termination or any modification or amendment of the Plan shall not, without the consent of an optionee or
the holder of Restricted Stock, adversely affect his or her rights under an Option or Restricted Stock Award previously granted to him or her. With the consent of the recipient of Restricted Stock or optionee affected, the Board may amend
outstanding Restricted Stock Agreements or Option Agreements in a manner not inconsistent with the Plan. The Board shall have the right to amend or modify the terms and provisions of the Plan and of any outstanding Incentive Stock Options to the
extent necessary to qualify any or all such Options for such favorable federal income tax treatment (including deferral of taxation upon exercise) as may be afforded incentive stock options under Section 422 of the Code. 

  
 -11- 

	20.	 Withholding. The Company shall have the right to deduct from payments of any kind otherwise due to the
optionee or recipient of Restricted Stock, any federal, state or local taxes of any kind required by law to be withheld with respect to issuance of any shares of Restricted Stock or shares issued upon exercise of Options. Subject to the prior
approval of the Company, which may be withheld by the Company in its sole discretion, the obligor may elect to satisfy such minimum withholding obligations, in whole or in part, (i) by causing the Company to withhold shares of Common Stock
otherwise issuable or (ii) by delivering to the Company shares of Common Stock of the Company already owned by the obligor for a period of at least six months. The shares so withheld shall have a fair market value equal to such
withholding obligation. The fair market value of the shares used to satisfy such withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined. A person who has made an election
pursuant to this Section 20 may only satisfy his or her withholding obligation with shares of Common Stock which are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements. 

 

	21.	 Effective Date and Duration of the Plan. 

 

	 	21.1	 Effective Date. The Plan shall become effective when adopted by the Board of Directors. If shareholder
approval is not obtained within twelve months after the date of the Board’s adoption of the Plan, no Options previously granted under the Plan shall be deemed to be Incentive Stock Options and no Incentive Stock Options shall be granted
thereafter. Amendments to the Plan not requiring shareholder approval shall become effective when adopted by the Board. Amendments requiring shareholder approval shall become effective when adopted by the Board, but if shareholder approval is not
obtained within twelve months of the Board’s adoption of such amendment, unless otherwise permitted under the Code, any Incentive Stock Options granted pursuant to such amendment shall be deemed to be
non-statutory Options provided that such Options are authorized by the Plan. Subject to this limitation, Options may be granted under the Plan at any time after the effective date and before the date fixed for
termination of the Plan. 

  

	 	21.2	 Termination. Unless sooner terminated by action of the Board of Directors, the Plan shall terminate upon
the close of business on the day next preceding the tenth anniversary of the date of its adoption by the Board of Directors. 

  

	22.	 Requirements of Law. The Company shall not be required to sell or issue any shares under any Option or
Restricted Stock Agreement if the issuance of such shares shall constitute a violation by the optionee, the Restricted Stock Award recipient, or by the Company of any provisions of any law or regulation of any governmental authority. In addition, in
connection with the Act, the Company shall not be required to issue any shares upon exercise of any Option unless the Company has received evidence satisfactory to it to the effect that the holder of such Option will not transfer such shares except
pursuant to a registration statement in effect under the Act or unless an opinion of 

  
 -12- 

	 	
counsel satisfactory to the Company has been received by the Company to the effect that such registration is not required in connection with any such transfer. Any determination in this
connection by the Board shall be final, binding and conclusive. In the event the shares issuable on exercise of an Option are not registered under the Act or under the securities laws of each relevant state or other jurisdiction, the Company may
imprint on the certificate(s) appropriate legends that counsel for the Company considers necessary or advisable to comply with the Act or any such state or other securities law. The Company may register, but in no event shall be obligated to
register, any securities covered by the Plan pursuant to the Act; and in the event any shares are so registered the Company may remove any legend on certificates representing such shares. The Company shall not be obligated to take any affirmative
action in order to cause the exercise of an Option or the issuance of shares pursuant thereto to comply with any law or regulation of any governmental authority. 

 

	23.	 Governing Law. This Plan and each Option or Restricted Stock Agreement shall be governed by the laws of
the State of Delaware, without regard to its principles of conflicts of law. 

  
 -13-

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