Document:

Exhibit
10.7

 

CONTRIBUTION
and EXCHANGE AGREEMENT

 

CONTRIBUTION AND EXCHANGE AGREEMENT (this “Agreement”),
dated as of [______], 2015, by and between Sidoti & Company, Inc., a newly formed Delaware corporation (the “Corporation”),
and the holders of LLC Units (as defined herein) of SHC (as defined herein) party hereto (the “LLC Unitholders”).

 

WHEREAS, the LLC Unitholders desire to contribute
to the Corporation the LLC Units held by them in exchange for unregistered shares of Common Stock (as defined herein), pursuant
to the terms and subject to the conditions set forth herein (the “Contribution and Exchange”);

 

WHEREAS, the parties hereto intend for the Contribution
and Exchange to qualify as a tax-free transfer of property to a corporation under Section 351(a) of the Internal Revenue Code of
1986, as amended (the “Code”).

 

NOW, THEREFORE, in consideration of the mutual
covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

 

section
1.1  Definitions

 

The following definitions shall be for all purposes,
unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

 

“Common Stock” means the
common stock, par value $0.001 per share, of the Corporation.

 

“LLC Unit” means (i) a Capital
Member Interest (as such term is defined in the SHC Operating Agreement) of SHC or (ii) an Employee Interest (as such term is defined
in the SHC Operating Agreement) of SHC.

 

“SEC” means the Securities
and Exchange Commission.

 

“Securities Act” means the
United States Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“SHC” means Sidoti Holding
Company, LLC, a Delaware limited liability company.

 

“SHC Operating Agreement”
means the Third Amended and Restated Operating Agreement of SHC, dated as of January 1, 2002.

 

ARTICLE
II

 

section
2.1  Contribution and Exchange of LLC Units for Shares of Common Stock.

 

(a)      The
LLC Unitholders hereby contribute to the Corporation all of the LLC Unitholders’ right, title and interest in and to the
number of LLC Units listed next to their

 

    	 

    	 

    

 

respective names on Schedule 1 hereto
(the “Property”). In consideration for the contribution of the Property, the Corporation shall issue to
the LLC Unitholders the number of unregistered shares of Common Stock (collectively, the “Exchange
Shares”) in the amounts listed next to their respective names on Schedule 1 hereto, which shall reflect a
rate of exchange of [  ] share[s] of Common Stock for each LLC Unit contributed. Notwithstanding anything herein to the
contrary, the Corporation and each of the LLC Unitholders hereby agree that the Contribution and Exchange shall not take
effect under any circumstances if the Corporation does not complete the pricing of its initial public offering of Common
Stock.

 

(b)      The
Corporation shall deliver or cause to be delivered at the principal executive offices of the Corporation, the Exchange Shares,
registered in the names of the LLC Unitholders.

 

(c)      The
Exchange Shares will be issued to the LLC Unitholders in reliance upon a specific exemption from the registration requirements
of the Securities Act. Each LLC Unitholder acknowledges that, until such time as a registration statement under the Securities
Act covering the Exchange Shares has been declared effective by the SEC or the Exchange Shares may be sold pursuant to an exemption
from registration under the Securities Act without any restriction as to the number of Exchange Shares as of a particular date
that can then be immediately sold, the Exchange Shares will bear a restrictive legend in substantially the following form:

 

“THE SHARES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. THE SHARES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN
THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE CORPORATION HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

 

(d)      The
Corporation and each LLC Unitholder shall bear their own expenses in connection with the consummation of the Contribution and Exchange,
whether or not the Contribution and Exchange is ultimately consummated.

 

ARTICLE
IIII

 

section
3.1  Representations and Warranties of the Corporation. The Corporation represents and warrants to the
LLC Unitholders that (i) it is a corporation duly incorporated and is existing in good standing under the laws of the State of
Delaware, (ii) it has all requisite

 

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corporate power and authority to enter into and
perform this Agreement and to consummate the transactions contemplated hereby and to issue the Exchange Shares, (iii) the execution
and delivery of this Agreement by the Corporation and the consummation by it of the transactions contemplated hereby (including
without limitation, the issuance of the Exchange Shares) have been duly authorized by all necessary corporate action on the part
of the Corporation, (iv) this Agreement constitutes a legal, valid and binding obligation of the Corporation enforceable against
the Corporation in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, (v) the Exchange Shares
will, upon issuance, be validly issued, fully paid and non-assessable, and (vi) the execution, delivery and performance of this
Agreement by the Corporation and the consummation by the Corporation of the transactions contemplated hereby will not (A) result
in a violation of the Certificate of Incorporation of the Corporation or the Bylaws of the Corporation or (B) conflict with, or
constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any
rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Corporation
is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree applicable to the Corporation
or by which any property or asset of the Corporation is bound or affected, except with respect to clauses (B) or (C) for any conflicts,
defaults, accelerations, terminations, cancellations or violations, that would not reasonably be expected to have a material adverse
effect on the Corporation or its business, financial condition or results of operations.

 

section
3.2  Representations and Warranties of the LLC Unitholders. Each LLC Unitholder, severally and not jointly,
represents and warrants to the Corporation that (i) if it is not a natural person, that it is duly organized and, to the extent
such concept exists in its jurisdiction of organization, is in good standing under the laws of such jurisdiction, (ii) it has all
requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated
hereby, (iii) if it is not a natural person, the execution and delivery of this Agreement by it of the transactions contemplated
hereby have been duly authorized by all necessary corporate or other entity action on the part of such LLC Unitholder, (iv) this
Agreement constitutes a legal, valid and binding obligation of such LLC Unitholder enforceable against it in accordance with its
terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or
similar laws relating to or limiting creditors’ rights generally, (v) the LLC Units subject to the Contribution and Exchange
are being transferred to the Corporation free and clear of any pledge, lien, security interest, encumbrance, equities or claim,
(vi) no consent, approval, authorization, order, registration or qualification of any third party or with any court or governmental
agency or body having jurisdiction over such LLC Unitholder or the LLC Units subject to the Contribution and Exchange is required
to be obtained by such LLC Unitholder for the transfer to the Corporation of such LLC Units subject to the Contribution and Exchange,
(vii) the execution, delivery and performance of this Agreement by such LLC Unitholder and the consummation by such LLC Unitholder
of the transactions contemplated hereby will not (A) if it is not a natural person, result in a violation of the Certificate of
Incorporation and Bylaws or other organizational documents of such LLC Unitholder or (B) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such LLC Unitholder is a party, or
(C) result in a violation of any law, rule, regulation,

 

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order, judgment or decree applicable such LLC
Unitholder, except with respect to clauses (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or
violations, that would not in any material respect result in the unenforceability against such LLC Unitholder of this Agreement,
(viii) it is either (A) an “accredited investor” within the meaning of Rule 501(a) of Regulation D promulgated
under the Securities Act or (B) is knowledgeable, sophisticated and experienced in financial and business matters and in making,
and is qualified to make, decisions with respect to acquisitions of or investments in unregistered, non-listed securities issued
by the Corporation and comparable entities similar to the Exchange Shares in transactions similar to the Contribution and Exchange,
has the ability to bear the economic risks of participation in the Contribution and Exchange, has reviewed carefully this Agreement
and any other documentation relating to the Contribution and Exchange and has requested, received, reviewed and considered all
information it deems relevant in making an informed decision to participate in the Contribution and Exchange, and (ix) it understands
that the Exchange Shares are being issued to it in reliance upon specific exemptions from the registration requirements of the
Securities Act and state securities laws and that the Corporation is relying upon the truth and accuracy of, and such LLC Unitholder’s
compliance with, the representations, warranties, agreements, acknowledgments and understandings of such LLC Unitholder set forth
herein in order to determine the availability of such exemptions and the eligibility of such LLC Unitholder to acquire the Exchange
Shares.

 

ARTICLE
IV

 

section
4.1  Addresses and Notices. All notices, requests,
claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly
given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered
or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such
other address for a party as shall be as specified in a notice given in accordance with this Section 4.1):

 

(a)      If
to the Corporation, to:

 

Sidoti & Company, Inc.

122 East 42nd Street

4th Floor

New York, NY 10168

Attention: Chief Executive Officer

Fax: (212) 297-9166

Electronic Mail: psidoti@sidoti.com

 

With a copy to:

 

Anna T. Pinedo, Esq.

Morrison & Foerster LLP

250 West 55th Street

New York, NY 10019

Fax: (212) 468-7900

Electronic Mail: apinedo@mofo.com

 

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(b)      If
to any LLC Unitholder, to the address and other contact information set forth in the records of SHC from time to time.

 

section
4.2  Further Action. The parties hereto shall execute and deliver all documents, provide all information
and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

 

section
4.3  Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties
hereto and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives
and assigns.

 

section
4.4  Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable
of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially
adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto
as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

section
4.5  Amendment. The provisions of this Agreement may be amended only by the affirmative vote or written
consent of each of (i) the Corporation and (ii) LLC Unitholders holding at least two thirds of the then outstanding LLC Units (excluding
LLC Units held by the Corporation); provided that except as otherwise provided herein, no amendment may materially and adversely
affect the rights of an LLC Unitholder, as such, other than on a pro rata basis with other LLC Unitholders without the consent
of such LLC Unitholder (or, if there is more than one such LLC Unitholder that is so affected, without the consent of a majority
of such affected LLC Unitholder in accordance with their holdings of LLC Units).

 

section
4.6  Waiver. No failure by any party hereto to insist upon the strict performance of any covenant, duty,
agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver
of any such breach of any other covenant, duty, agreement or condition.

 

section
4.7  Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)      Any
and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or
in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including
the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration conducted by a single
arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the
parties hereto to the dispute fail to agree on the selection of an arbitrator within thirty (30) days of the receipt of the request
for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct
the proceedings in the English language.

 

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Performance under this Agreement shall continue
if reasonably possible during any arbitration proceedings.

 

(b)     Notwithstanding
the provisions of Section 4.7(a) hereof, the parties hereto may bring an action or special proceeding in any court of competent
jurisdiction for the purpose of compelling a party hereto to arbitrate, seeking temporary or preliminary relief in aid of an arbitration
hereunder, and/or enforcing an arbitration award and, for the purposes of this Section 4.7(b), each party hereto (i) expressly
consents to the application of Section 4.7(c) hereof to any such action or proceeding and (ii) agrees that proof shall not be required
that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would
be inadequate.

 

(c)     (i)      EACH
PARTY HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING
BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 4.7, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED
ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action
or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an
arbitration award. The parties hereto acknowledge that the fora designated by this Section 4.7(c) have a reasonable relation to
this Agreement, and to the parties’ relationship with one another.

 

(ii)    The
parties hereto hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have
to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred
to in the preceding paragraph of this Section 4.7 and the parties hereto agree not to plead or claim the same.

 

section
4.8  Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or
by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf”
format data file or other electronic transmission service shall be considered original executed counterparts for purposes of this
Section 4.8.

 

section
4.9  Tax Treatment. The parties hereto intend that the Contribution and Exchange contemplated by this Agreement
will be treated for federal income tax purposes as transfers pursuant to Section 351 of the Code and any corresponding provisions
of applicable state income or franchise tax statutes, with the consequences described in Revenue Ruling 84-111, Situation 3. No
party hereto shall take any position inconsistent with such treatment.

 

section
4.10 Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any
of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that

 

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the parties hereto shall be entitled to specific
performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity.

 

section
4.11  Independent Nature of LLC Unitholders’ Rights and Obligations. The obligations of each LLC
Unitholder hereunder are several and not joint with the obligations of any other LLC Unitholder, and no LLC Unitholder shall be
responsible in any way for the performance of the obligations of any other LLC Unitholder under hereunder. The decision of each
LLC Unitholder to enter into to this Agreement has been made by such LLC Unitholder independently of any other LLC Unitholder.
Nothing contained herein, and no action taken by any LLC Unitholder pursuant hereto, shall be deemed to constitute the LLC Unitholders
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the LLC Unitholders
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the
Corporation acknowledges that the LLC Unitholders are not acting in concert or as a group, and the Corporation will not assert
any such claim, with respect to such obligations or the transactions contemplated hereby.

 

section
4.12  Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of
the State of New York.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the parties have
caused this Agreement to be duly executed and delivered, all as of the date first set forth above.

 

	 	SIDOTI & COMPANY, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	LLC UNITHOLDERS
	 	 
	 	 
	 	Peter T. Sidoti
	 	 
	 	 
	 	Ann Sidoti
	 	 
	 	Sidoti Family Trust dated March 1, 1999
	 	 
	 	By:	 
	 	 	Peter T. Sidoti, Trustee
	 	 
	 	 
	 	Marie Conway
	 	 
	 	 
	 	Paul Roukis
	 	 
	 	 
	 	Mitra Ramgopal

 

[Signature Page to Contribution and Exchange Agreement]

 

    	 

    	 

    

 

	 	 
	 	Steve Wortman
	 	 
	 	 
	 	Scott Stember
	 	 
	 	 
	 	Michael Coady
	 	 
	 	 
	 	Matt Kempler
	 	 
	 	 
	 	Liz Blanock
	 	 
	 	 
	 	Dorothy Gallie
	 	 
	 	 
	 	David Gold
	 	 
	 	 
	 	Gary Jacobs

 

[Signature Page to Contribution and Exchange Agreement]

 

    	 

    	 

    

 

schedule 1

 

	Name
    of LLC Unitholder	Number
    of LLC Units

    Subject to the Contribution

    and Exchange	Number
    of Exchange Shares
	Peter T. Sidoti	 	 
	 	 	 
	Ann Sidoti	 	 
	 	 	 
	Sidoti Family Trust dated March 1, 1999	 	 
	 	 	 
	Marie Conway	 	 
	 	 	 
	Paul Roukis	 	 
	 	 	 
	Mitra Ramgopal	 	 
	 	 	 
	Steve Wortman	 	 
	 	 	 
	Scott Stember	 	 
	 	 	 
	Michael Coady	 	 
	 	 	 
	Matt Kempler	 	 
	 	 	 
	Liz Blanock	 	 
	 	 	 
	Dorothy Gallie	 	 
	 	 	 
	David Gold	 	 
	 	 	 
	Gary JacobsExhibit 10.8

 

SIDOTI & COMPANY, INC.

 

2015 STOCK INCENTIVE PLAN

 

1.            Purposes
of the Plan.  The purposes of this Plan are to attract and retain the best available personnel, to provide additional incentives
to Employees, Directors and Consultants and to promote the success of the Company’s business.

 

2.            Definitions.
The following definitions shall apply as used herein and in the individual Award Agreements except as defined otherwise in an individual
Award Agreement. In the event a term is separately defined in an individual Award Agreement, such definition shall supersede the
definition contained in this Section 2.

 

(a)         “Administrator”
means the Board or any of the Committees appointed to administer the Plan.

 

(b)         “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under
the Exchange Act.

 

(c)         “Applicable
Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of federal securities
laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and
the rules of any non-U.S. jurisdiction applicable to Awards granted to residents therein.

 

(d)         “Assumed”
means that pursuant to a Corporate Transaction either (i) the Award is expressly affirmed by the Company or (ii) the
contractual obligations represented by the Award are expressly assumed (and not simply by operation of law) by the successor entity
or its Parent in connection with the Corporate Transaction with appropriate adjustments to the number and type of securities of
the successor entity or its Parent subject to the Award and the exercise or purchase price thereof which at least preserves the
compensation element of the Award existing at the time of the Corporate Transaction as determined in accordance with the instruments
evidencing the agreement to assume the Award.

 

(e)         “Award”
means the grant of an Option, SAR, Dividend Equivalent Right, Restricted Stock, Restricted Stock Unit or other right or benefit
under the Plan.

 

(f)          “Award
Agreement” means the written agreement evidencing the grant of an Award executed by the Company and the Grantee, including
any amendments thereto.

 

(g)         “Board”
means the Board of Directors of the Company.

 

(h)         “Cause”
means, with respect to the termination by the Company or a Related Entity of the Grantee’s Continuous Service, that such
termination is for “Cause” as such term (or word of like import) is expressly defined in a then-effective written
agreement between the Grantee and the Company or such Related Entity, or in the absence of such then-effective written agreement
and definition, is based on, in the determination of the Administrator, the Grantee’s: (i) performance of any act or
failure to perform any act in bad faith and to the detriment of the Company or a Related Entity; (ii) dishonesty, intentional
misconduct or material

 

    	 

    	 	 

    

 

breach of any agreement with the Company or
a Related Entity; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any
person; provided, however, that with regard to any agreement that defines “Cause” on the occurrence of or in connection
with a Corporate Transaction or a Change in Control, such definition of “Cause” shall not apply until a Corporate Transaction
or a Change in Control actually occurs.

 

(i)          “Change
in Control” means a change in ownership or control of the Company after the Registration Date effected through
either of the following transactions:

 

(i)          the
direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by
a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common
control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing
more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender
or exchange offer made directly to the Company’s stockholders which a majority of the Continuing Directors who are not Affiliates
or Associates of the offeror do not recommend such stockholders accept, or

 

(ii)         a
change in the composition of the Board over a period of twelve (12) months or less such that a majority of the Board members (rounded
up to the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals
who are Continuing Directors.

 

(j)          “Code”
means the Internal Revenue Code of 1986, as amended.

 

(k)         “Committee”
means any committee composed of members of the Board appointed by the Board to administer the Plan.

 

(l)          “Common
Stock” means the common stock of the Company.

 

(m)        “Company”
means Sidoti & Company, Inc., a Delaware corporation, or any successor entity that adopts the Plan in connection with a Corporate
Transaction.

 

(n)         “Consultant”
means any person (other than an Employee or a Director, solely with respect to rendering services in such person’s capacity
as a Director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the Company or
such Related Entity.

 

(o)         “Continuing
Directors” means members of the Board who either (i) have been Board members continuously for a period of at least
twelve (12) months or (ii) have been Board members for less than twelve (12) months and were elected or nominated for election
as Board members by at least a majority of the Board members described in clause (i) who were still in office at the time
such election or nomination was approved by the Board.

 

(p)         “Continuous
Service” means that the provision of services to the Company or a Related Entity in any capacity of Employee, Director
or Consultant is not interrupted or terminated. In jurisdictions requiring notice in advance of an effective termination as an

 

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Employee, Director or Consultant, Continuous
Service shall be deemed terminated upon the actual cessation of providing services to the Company or a Related Entity notwithstanding
any required notice period that must be fulfilled before a termination as an Employee, Director or Consultant can be effective
under Applicable Laws. A Grantee’s Continuous Service shall be deemed to have terminated either upon an actual termination
of Continuous Service or upon the entity for which the Grantee provides services ceasing to be a Related Entity. Continuous Service
shall not be considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company,
any Related Entity, or any successor, in any capacity of Employee, Director or Consultant, or (iii) any change in status as
long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or Consultant
(except as otherwise provided in the Award Agreement). Notwithstanding the foregoing, except as otherwise determined by the Administrator,
in the event of any spin-off of a Related Entity, service as an Employee, Director or Consultant for such Related Entity following
such spin-off shall be deemed to be Continuous Service for purposes of the Plan and any Award under the Plan. An approved leave
of absence shall include sick leave, military leave, or any other authorized personal leave. For purposes of each Incentive Stock
Option granted under the Plan, if such leave exceeds three (3) months, and reemployment upon expiration of such leave is not guaranteed
by statute or contract, then the Incentive Stock Option shall be treated as a Non-Qualified Stock Option on the day three (3) months
and one (1) day following the expiration of such three (3) month period.

 

(q)         “Corporate
Transaction” means any of the following transactions, provided, however, that the Administrator shall determine under
parts (iv) and (v) whether multiple transactions are related, and its determination shall be final, binding and conclusive:

 

(i)         a
merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which
is to change the state in which the Company is incorporated;

 

(ii)        the
sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

(iii)       the
complete liquidation or dissolution of the Company;

 

(iv)       any
reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a tender offer
followed by a reverse merger) in which the Company is the surviving entity but (A) the shares of Common Stock outstanding
immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of
securities, cash or otherwise, or (B) in which securities possessing more than forty percent (40%) of the total combined voting
power of the Company’s outstanding securities are transferred to a person or persons different from those who held such securities
immediately prior to such merger or the initial transaction culminating in such merger, but excluding any such transaction or series
of related transactions that the Administrator determines shall not be a Corporate Transaction; or

 

(v)        acquisition
in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored

 

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employee benefit plan) of beneficial ownership
(within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total
combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions
that the Administrator determines shall not be a Corporate Transaction.

 

(r)         “Covered
Employee” means an Employee who is a “covered employee” under Section 162(m)(3) of the Code.

 

(s)         “Designated
Entity” means any Affiliate or any other entity designated by the Administrator for participation in the Plan.

 

(t)          “Director”
means a member of the Board or the board of directors of any Related Entity.

 

(u)        “Disability”
means as defined under the long-term disability policy of the Company or the Related Entity to which the Grantee provides services
regardless of whether the Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee provides
service does not have a long-term disability plan in place, “Disability” means that a Grantee is unable to carry out
the responsibilities and functions of the position held by the Grantee by reason of any medically determinable physical or mental
impairment for a period of not less than ninety (90) consecutive days. A Grantee will not be considered to have incurred a Disability
unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.

 

(v)        “Dividend
Equivalent Right” means a right entitling the Grantee to compensation measured by dividends paid with respect to Common
Stock.

 

(w)        “Employee”
means any person, including an Officer or Director, who is in the employ of the Company or any Related Entity, subject to the control
and direction of the Company or any Related Entity as to both the work to be performed and the manner and method of performance.
The payment of a director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment”
by the Company.

 

(x)         “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(y)         “Fair
Market Value” means, as of any date, the value of Common Stock determined as follows:

 

(i)          If
the Common Stock is listed on one or more established stock exchanges or national market systems, including without limitation
the New York Stock Exchange and the NYSE MKT, its Fair Market Value shall be the closing sales price for such stock (or the closing
bid, if no sales were reported) as quoted on the principal exchange or system on which the Common Stock is listed (as determined
by the Administrator) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as
applicable, on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal
or such other source as the Administrator deems reliable;

 

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(ii)         If
the Common Stock is regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities
dealer, its Fair Market Value shall be the closing sales price for such stock as quoted on such system or by such securities dealer
on the date of determination, but if selling prices are not reported, the Fair Market Value of a share of Common Stock shall be
the mean between the high bid and low asked prices for the Common Stock on the date of determination (or, if no such prices were
reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal or such other source
as the Administrator deems reliable; or

 

(iii)        In
the absence of an established market for the Common Stock of the type described in (i) and (ii), above, the Fair Market Value thereof
shall be determined by the Administrator in good faith.

 

(z)         “Good Reason” means the occurrence of any of the following events or conditions unless consented to by the Grantee
(and the Grantee shall be deemed to have consented to any such event or condition unless the Grantee provides written notice of
the Grantee’s non-acquiescence within 30 days of the effective time of such event or condition):

 

(i)          a
change in the Grantee’s responsibilities or duties which represents a material and substantial diminution in the Grantee’s
responsibilities or duties as in effect immediately preceding the change;

 

(ii)         a
reduction in the Grantee’s base salary to a level below that in effect at any time within six (6) months preceding the reduction;
provided that an across-the-board reduction in the salary level of substantially all other individuals in positions similar to
the Grantee’s by the same percentage amount shall not constitute such a salary reduction; or

 

(iii)        requiring
the Grantee to be based at any place outside a 50-mile radius from the Grantee’s job location except for reasonably required
travel on business.

 

(aa)       “Grantee”
means an Employee, Director or Consultant who receives an Award under the Plan.

 

(bb)      “Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422
of the Code.

 

(cc)       “Non-Qualified
Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

(dd)       “Officer”
means a person who is an officer of the Company or a Related Entity within the meaning of Section 16 of the Exchange Act and
the rules and regulations promulgated thereunder.

 

(ee)       “Option”
means an option to purchase Shares pursuant to an Award Agreement granted under the Plan.

 

(ff)        “Parent”
means a “parent corporation”, whether now or hereafter existing, as defined in Section 424(e) of the Code.

 

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(gg)      “Performance-Based
Compensation” means compensation qualifying as “performance-based compensation” under Section 162(m)
of the Code.

 

(hh)      “Plan”
means this 2015 Stock Incentive Plan.

 

(ii)        “Registration
Date” means the first to occur of (i) the closing of the first sale to the general public pursuant to a registration
statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended,
of (A) the Common Stock or (B) the same class of securities of a successor corporation (or its Parent) issued pursuant
to a Corporate Transaction in exchange for or in substitution of the Common Stock; and (ii) in the event of a Corporate Transaction,
the date of the consummation of the Corporate Transaction if the same class of securities of the successor corporation (or its
Parent) issuable in such Corporate Transaction shall have been sold to the general public pursuant to a registration statement
filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended, on or
prior to the date of consummation of such Corporate Transaction.

 

(jj)         “Related
Entity” means any Parent or Subsidiary of the Company or a Designated Entity.

 

(kk)       “Replaced”
means that pursuant to a Corporate Transaction the Award is replaced with a comparable stock award or a cash incentive program
of the Company, the successor entity (if applicable) or Parent of either of them which preserves the compensation element of such
Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same (or a more
favorable) vesting schedule applicable to such Award. The determination of Award comparability shall be made by the Administrator
and its determination shall be final, binding and conclusive.

 

(ll)        “Restricted
Stock” means Shares issued under the Plan to the Grantee for such consideration, if any, and subject to such restrictions
on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and conditions as established
by the Administrator.

 

(mm)     “Restricted
Stock Units” means an Award which may be earned in whole or in part upon the passage of time or the attainment of performance
criteria established by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash,
Shares or other securities as established by the Administrator.

 

(nn)       “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act or any successor thereto.

 

(oo)       “SAR”
means a stock appreciation right entitling the Grantee to Shares or cash compensation, as established by the Administrator, measured
by appreciation in the value of Common Stock.

 

(pp)       “Share”
means a share of the Common Stock.

 

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(qq)      “Subsidiary”
means a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code.

 

3.            Stock
Subject to the Plan.

 

(a)          Subject
to the provisions of Section 10, below, the maximum aggregate number of Shares which may be issued pursuant to all
Awards (including Incentive Stock Options) is __________ Shares, plus an annual increase to be added on the first day of the
Company’s fiscal year beginning after the Registration Date equal to the least of (x)
__________ Shares, (y) ten percent (10%) of the number of Shares outstanding as of such date, or (z) a lesser
number of Shares determined by the Administrator. SARs payable in Shares shall reduce the maximum aggregate number of Shares
which may be issued under the Plan only by the net number of actual Shares issued to the Grantee upon exercise of the SAR.
The Shares to be issued pursuant to Awards may be authorized, but unissued, or reacquired Common Stock.

 

(b)          To
the extent not prohibited by the listing requirements of the NYSE MKT (or other established stock exchange or national market system
on which the Common Stock is traded) or Applicable Law, any Shares covered by an Award which are surrendered (i) in payment of
the Award exercise or purchase price (including pursuant to the “net exercise” of an option pursuant to Section 7(b)(v))
or (ii) in satisfaction of tax withholding obligations incident to the exercise of an Award shall be deemed not to have been issued
for purposes of determining the maximum number of Shares which may be issued pursuant to all Awards under the Plan, unless otherwise
determined by the Administrator.

 

4.            Administration
of the Plan.

 

(a)          Plan
Administrator.

 

(i)          Administration
with Respect to Directors and Officers.  With respect to grants of Awards to Directors or Employees who are also Officers or
Directors of the Company, the Plan shall be administered by (A) the Board or (B) a Committee designated by the Board,
which Committee shall be constituted in such a manner as to satisfy the Applicable Laws and to permit such grants and related transactions
under the Plan to be exempt from Section 16(b) of the Exchange Act in accordance with Rule 16b-3. Once appointed, such
Committee shall continue to serve in its designated capacity until otherwise directed by the Board.

 

(ii)         Administration
With Respect to Consultants and Other Employees.  With respect to grants of Awards to Employees or Consultants who are neither
Directors nor Officers of the Company, the Plan shall be administered by (A) the Board or (B) a Committee designated by the Board,
which Committee shall be constituted in such a manner as to satisfy the Applicable Laws. Once appointed, such Committee shall continue
to serve in its designated capacity until otherwise directed by the Board. The Board may authorize one or more Officers to grant
such Awards and may limit such authority as the Board determines from time to time.

 

(iii)        Administration
With Respect to Covered Employees.  Notwithstanding the foregoing, as of and after the date that the exemption for the Plan
under Section 162(m) of the Code expires, as set forth in Section 18 below, grants of Awards to any

 

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Covered Employee intended to qualify as Performance-Based
Compensation shall be made only by a Committee (or subcommittee of a Committee) which is comprised solely of two or more Directors
eligible to serve on a committee making Awards qualifying as Performance-Based Compensation. In the case of such Awards granted
to Covered Employees, references to the “Administrator” or to a “Committee” shall be deemed to be references
to such Committee or subcommittee.

 

(iv)        Administration
Errors.  In the event an Award is granted in a manner inconsistent with the provisions of this subsection (a), such Award
shall be presumptively valid as of its grant date to the extent permitted by the Applicable Laws.

 

(b)         Powers
of the Administrator.  Subject to Applicable Laws and the provisions of the Plan (including any other powers given to the Administrator
hereunder), and except as otherwise provided by the Board, the Administrator shall have the authority, in its discretion:

 

(i)          to
select the Employees, Directors and Consultants to whom Awards may be granted from time to time hereunder;

 

(ii)         to
determine whether and to what extent Awards are granted hereunder;

 

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

 

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

 

(v)         to
determine the terms and conditions of any Award granted hereunder;

 

(vi)        to
amend the terms of any outstanding Award granted under the Plan, provided that any amendment that would adversely affect the
Grantee’s rights under an outstanding Award shall not be made without the Grantee’s written consent, provided, however,
that an amendment or modification that may cause an Incentive Stock Option to become a Non-Qualified Stock Option shall not be
treated as adversely affecting the rights of the Grantee;

 

(vii)       to
construe and interpret the terms of the Plan and Awards, including without limitation, any notice of award or Award Agreement,
granted pursuant to the Plan;

 

(viii)      to
grant Awards to Employees, Directors and Consultants employed outside the United States on such terms and conditions different
from those specified in the Plan as may, in the judgment of the Administrator, be necessary or desirable to further the purpose
of the Plan; and

 

(ix)         to
take such other action, not inconsistent with the terms of the Plan, as the Administrator deems appropriate.

 

    	8

    	 	 

    

 

The express grant in the Plan of any specific
power to the Administrator shall not be construed as limiting any power or authority of the Administrator; provided that the Administrator
may not exercise any right or power reserved to the Board. Any decision made, or action taken, by the Administrator or in connection
with the administration of this Plan shall be final, conclusive and binding on all persons having an interest in the Plan.

 

(c)          Indemnification.  In addition to such other rights of indemnification as they may have as members of the Board or as Officers or Employees of the
Company or a Related Entity, members of the Board and any Officers or Employees of the Company or a Related Entity to whom authority
to act for the Board, the Administrator or the Company is delegated shall be defended and indemnified by the Company to the extent
permitted by law on an after-tax basis against all reasonable expenses, including attorneys’ fees, actually and necessarily
incurred in connection with the defense of any claim, investigation, 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
the Plan, or any Award granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement
is approved by the Company) or paid by them in satisfaction of a judgment in any such claim, investigation, action, suit or proceeding,
except in relation to matters as to which it shall be adjudged in such claim, investigation, action, suit or proceeding that such
person is liable for gross negligence, bad faith or intentional misconduct; provided, however, that within [thirty (30) days] after
the institution of such claim, investigation, action, suit or proceeding, such person shall offer to the Company, in writing, the
opportunity at the Company’s expense to defend the same.

 

5.            Eligibility.  Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants. Incentive Stock Options may be
granted only to Employees of the Company or a Parent or a Subsidiary of the Company. An Employee, Director or Consultant who has
been granted an Award may, if otherwise eligible, be granted additional Awards. Awards may be granted to such Employees, Directors
or Consultants who are residing in non-U.S. jurisdictions as the Administrator may determine from time to time.

 

6.            Terms
and Conditions of Awards.

 

(a)          Types
of Awards.  The Administrator is authorized under the Plan to award any type of arrangement to an Employee, Director or Consultant
that is not inconsistent with the provisions of the Plan and that by its terms involves or might involve the issuance of (i) Shares,
(ii) cash, (iii) an Option, (iv) a SAR, or (v) a similar right with a fixed or variable price related to the Fair Market
Value of the Shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more
events, or the satisfaction of performance criteria or other conditions. Such awards include, without limitation, Options, SARs,
sales or bonuses of Restricted Stock, Restricted Stock Units or Dividend Equivalent Rights, and an Award may consist of one such
security or benefit, or two (2) or more of them in any combination or alternative.

 

(b)         Designation
of Award.  Each Award shall be designated in the Award Agreement. In the case of an Option, the Option shall be designated as
either an Incentive Stock Option or a Non-Qualified Stock Option. However, notwithstanding such designation, an Option

 

    	9

    	 	 

    

 

will qualify as an Incentive Stock Option
under the Code only to the extent the $100,000 limitation of Section 422(d) of the Code is not exceeded. The $100,000 limitation
of Section 422(d) of the Code is calculated based on the aggregate Fair Market Value of the Shares subject to Options designated
as Incentive Stock Options which become exercisable for the first time by a Grantee during any calendar year (under all plans of
the Company or any Parent or Subsidiary of the Company). For purposes of this calculation, Incentive Stock Options shall be taken
into account in the order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the grant
date of the relevant Option. In the event that the Code or the regulations promulgated thereunder are amended after the date the
Plan becomes effective to provide for a different limit on the Fair Market Value of Shares permitted to be subject to Incentive
Stock Options, then such different limit will be automatically incorporated herein and will apply to any Options granted after
the effective date of such amendment.

 

(c)         Conditions
of Award.  Subject to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions of each
Award including, but not limited to, the Award vesting schedule, repurchase provisions, rights of first refusal, forfeiture provisions,
form of payment (cash, Shares, or other consideration) upon settlement of the Award, payment contingencies, and satisfaction of
any performance criteria. The performance criteria established by the Administrator may be based on any one of, or combination
of, the following: (i) increase in share price, (ii) earnings per share, (iii) total stockholder return, (iv) operating margin,
(v) gross margin, (vi) return on equity, (vii) return on assets, (viii) return on investment, (ix) operating income,
(x) net operating income, (xi) pre-tax profit, (xii) cash flow, (xiii) revenue, (xiv) expenses, (xv) earnings before interest,
taxes and depreciation, (xvi) economic value added and (xvii) market share. The performance criteria may be applicable
to the Company, Related Entities and/or any individual business units of the Company or any Related Entity. Partial achievement
of the specified criteria may result in a payment or vesting corresponding to the degree of achievement as specified in the Award
Agreement. In addition, the performance criteria shall be calculated in accordance with generally accepted accounting principles,
but excluding the effect (whether positive or negative) of any change in accounting standards and any extraordinary, unusual or
nonrecurring item, as determined by the Administrator, occurring after the establishment of the performance criteria applicable
to the Award intended to be performance-based compensation. 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 criteria in order to prevent the dilution
or enlargement of the Grantee’s rights with respect to an Award intended to be performance-based compensation.

 

(d)         Acquisitions
and Other Transactions.  The Administrator may issue Awards under the Plan in settlement, assumption or substitution for, outstanding
awards or obligations to grant future awards in connection with the Company or a Related Entity acquiring another entity, an interest
in another entity or an additional interest in a Related Entity whether by merger, stock purchase, asset purchase or other form
of transaction.

 

(e)         Deferral
of Award Payment.  The Administrator may establish one or more programs under the Plan to permit selected Grantees the opportunity
to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that
absent the election would entitle the Grantee to payment or receipt of Shares or other consideration under an Award. The Administrator
may establish the election procedures, the

 

    	10

    	 	 

    

 

timing of such elections, the mechanisms for
payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such
other terms, conditions, rules and procedures that the Administrator deems advisable for the administration of any such deferral
program.

 

(f)         Separate
Programs.  The Administrator may establish one or more separate programs under the Plan for the purpose of issuing particular
forms of Awards to one or more classes of Grantees on such terms and conditions as determined by the Administrator from time to
time. 

 

(g)         Individual
Limitations on Awards.

 

(i)         Individual
Limit for Options and SARs.  Following the date that the exemption from application of Section 162(m) of the Code described
in Section 18 (or any exemption having similar effect) ceases to apply to Awards, the maximum number of Shares with respect
to which Options and SARs may be granted to any Grantee in any calendar year shall be __________ (_____) Shares. In connection
with a Grantee’s commencement of Continuous Service, a Grantee may be granted Options and SARs for up to an additional __________ (_____) Shares which shall not count against the limit set forth in the previous sentence. The foregoing
limitations shall be adjusted proportionately in connection with any change in the Company’s capitalization pursuant to
Section 10, below. To the extent required by Section 162(m) of the Code or the regulations thereunder, in applying the
foregoing limitations with respect to a Grantee, if any Option or SAR is canceled, the canceled Option or SAR shall continue to
count against the maximum number of Shares with respect to which Options and SARs may be granted to the Grantee. For this purpose,
the repricing of an Option (or in the case of a SAR, the base amount on which the stock appreciation is calculated is reduced
to reflect a reduction in the Fair Market Value of the Common Stock) shall be treated as the cancellation of the existing Option
or SAR and the grant of a new Option or SAR.

 

(ii)        Individual
Limit for Restricted Stock and Restricted Stock Units.  Following the date that the exemption from application of Section 162(m)
of the Code described in Section 18 (or any exemption having similar effect) ceases to apply to Awards, for awards of Restricted
Stock and Restricted Stock Units that are intended to be Performance-Based Compensation, the maximum number of Shares with respect
to which such Awards may be granted to any Grantee in any calendar year shall be __________ (_____) Shares. The foregoing
limitation shall be adjusted proportionately in connection with any change in the Company’s capitalization pursuant to Section 10,
below.

 

(h)        Deferral.  If the vesting or receipt of Shares under an Award is deferred to a later date, any amount (whether denominated in Shares or cash)
paid in addition to the original number of Shares subject to such Award will not be treated as an increase in the number of Shares
subject to the Award if the additional amount is based either on a reasonable rate of interest or on one or more predetermined
actual investments such that the amount payable by the Company at the later date will be based on the actual rate of return of
a specific investment (including any decrease as well as any increase in the value of an investment).

 

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(i)         Early
Exercise.  The Award Agreement may, but need not, include a provision whereby the Grantee may elect at any time while an Employee,
Director or Consultant to exercise any part or all of the Award prior to full vesting of the Award. Any unvested Shares received
pursuant to such exercise may be subject to a repurchase right in favor of the Company or a Related Entity or to any other restriction
the Administrator determines to be appropriate.

 

(j)         Term
of Award.  The term of each Award shall be the term stated in the Award Agreement, provided, however, that the term of an Award
shall be no more than ten (10) years from the date of grant thereof. However, in the case of an Incentive Stock Option granted
to a Grantee who, at the time the 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 of the Company, the term of the Incentive Stock Option shall
be five (5) years from the date of grant thereof or such shorter term as may be provided in the Award Agreement. Notwithstanding
the foregoing, the specified term of any Award shall not include any period for which the Grantee has elected to defer the receipt
of the Shares or cash issuable pursuant to the Award.

 

(k)         Transferability
of Awards.  Incentive Stock Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner
other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Grantee, only by
the Grantee. Other Awards shall be transferable (i) by will and by the laws of descent and distribution and (ii) during
the lifetime of the Grantee, to the extent and in the manner authorized by the Administrator but only to the extent such transfers
are made to family members, to family trusts, to family controlled entities, to charitable organizations, and pursuant to domestic
relations orders or agreements, in all cases without payment for such transfers to the Grantee. Notwithstanding the foregoing,
the Grantee may designate one or more beneficiaries of the Grantee’s Award in the event of the Grantee’s death on a
beneficiary designation form provided by the Administrator.

 

(l)         Time
of Granting Awards.  The date of grant of an Award shall for all purposes be the date on which the Administrator makes the determination
to grant such Award, or such other later date as is determined by the Administrator.

 

7.            Award
Exercise or Purchase Price, Consideration and Taxes.

 

(a)         Exercise
or Purchase Price.  The exercise or purchase price, if any, for an Award shall be as follows:

 

(i)          In
the case of an Incentive Stock Option:

 

(A)         granted
to an Employee who, at the time of the grant of such Incentive Stock Option 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 of the Company, the per Share exercise price
shall be not less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant; or

 

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(B)         granted
to any Employee other than an Employee described in the preceding paragraph, the per Share exercise price shall be not less than
one hundred percent (100%) of the Fair Market Value per Share on the date of grant.

 

(ii)         In
the case of a Non-Qualified Stock Option, the per Share exercise price shall be not less than one hundred percent (100%) of the
Fair Market Value per Share on the date of grant.

 

(iii)        In
the case of Awards intended to qualify as Performance-Based Compensation, the exercise or purchase price, if any, shall be not
less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.

 

(iv)        In
the case of SARs, the base appreciation amount shall not be less than one hundred percent (100%) of the Fair Market Value per
Share on the date of grant.

 

(v)         In
the case of other Awards, such price as is determined by the Administrator.

 

(vi)        Notwithstanding
the foregoing provisions of this Section 7(a), in the case of an Award issued pursuant to Section 6(d), above, the exercise
or purchase price for the Award shall be determined in accordance with the provisions of the relevant instrument evidencing the
agreement to issue such Award.

 

(b)        Consideration.
Subject to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase of an Award including
the method of payment, shall be determined by the Administrator. In addition to any other types of consideration the Administrator
may determine, the Administrator is authorized to accept as consideration for Shares issued under the Plan the following, provided
that the portion of the consideration equal to the par value of the Shares must be paid in cash or other legal consideration permitted
by the Delaware General Corporation Law:

 

(i)          cash;

 

(ii)         check;

 

(iii)        surrender
of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require which
have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which
said Award shall be exercised;

 

(iv)        with
respect to Options, if the exercise occurs on or after the Registration Date, payment through a broker-dealer sale and remittance
procedure pursuant to which the Grantee (A) shall provide written instructions to a Company designated brokerage firm to effect
the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise
price payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for
the purchased Shares directly to such brokerage firm in order to complete the sale transaction;

 

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(v)         with
respect to Options, payment through a “net exercise” such that, without the payment of any funds, the Grantee may exercise
the Option and receive the net number of Shares equal to (i) the number of Shares as to which the Option is being exercised,
multiplied by (ii) a fraction, the numerator of which is the Fair Market Value per Share (on such date as is determined by
the Administrator) less the exercise price per Share, and the denominator of which is such Fair Market Value per Share (the number
of net Shares to be received shall be rounded down to the nearest whole number of Shares); or

 

(vi)        any
combination of the foregoing methods of payment.

 

The Administrator may at any time or from
time to time, by adoption of or by amendment to the standard forms of Award Agreement described in Section 4(b)(iv), or by
other means, grant Awards which do not permit all of the foregoing forms of consideration to be used in payment for the Shares
or which otherwise restrict one or more forms of consideration.

 

(c)         Taxes.
No Shares shall be delivered under the Plan to any Grantee or other person until such Grantee or other person has made arrangements
acceptable to the Administrator for the satisfaction of any non-U.S., federal, state, or local income and employment tax withholding
obligations, including, without limitation, obligations incident to the receipt of Shares. Upon exercise or vesting of an Award
the Company shall withhold or collect from the Grantee an amount sufficient to satisfy such tax obligations, including, but not
limited to, by surrender of the whole number of Shares covered by the Award sufficient to satisfy the minimum applicable tax withholding
obligations incident to the exercise or vesting of an Award (reduced to the lowest whole number of Shares if such number of Shares
withheld would result in withholding a fractional Share with any remaining tax withholding settled in cash).

 

8.            Exercise
of Award.

 

(a)         Procedure
for Exercise; Rights as a Stockholder.

 

(i)          Any
Award granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under the
terms of the Plan and specified in the Award Agreement.

 

(ii)         An
Award shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the
terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award
is exercised has been made, including, to the extent selected, use of the broker-dealer sale and remittance procedure to pay the
purchase price as provided in Section 7(b)(iv).

 

(b)        Exercise
of Award Following Termination of Continuous Service.  In the event of termination of a Grantee’s
Continuous Service for any reason other than Disability or death (but not in the event of a Grantee’s change of status
from Employee to Consultant or from Consultant to Employee), such Grantee may, but only during the post-termination exercise
period (but in no event later than the expiration date of the term of such Award as set forth in the Award Agreement),
exercise the portion of the Grantee’s Award that was vested at the date of such termination or such other portion of
the Grantee’s Award as may be determined by the Administrator. The Grantee’s Award Agreement may provide that
upon the termination of the

 

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 Grantee’s Continuous
Service for Cause, the Grantee’s right to exercise the Award shall terminate concurrently with the termination of Grantee’s
Continuous Service. In the event of a Grantee’s change of status from Employee to Consultant, an Employee’s Incentive
Stock Option shall convert automatically to a Non-Qualified Stock Option on the day three (3) months and one day following such
change of status. To the extent that the Grantee’s Award was unvested at the date of termination, or if the Grantee does
not exercise the vested portion of the Grantee’s Award within the post-termination exercise period, the Award shall terminate.

 

(c)         Disability
of Grantee.  In the event of termination of a Grantee’s Continuous Service as a result of his or her Disability, such
Grantee may, but only within six (6) months from the date of such termination (or such longer period as specified in the Award
Agreement but in no event later than the expiration date of the term of such Award as set forth in the Award Agreement), exercise
the portion of the Grantee’s Award that was vested at the date of such termination; provided, however, that if such Disability
is not a “disability” as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock
Option such Incentive Stock Option shall automatically convert to a Non-Qualified Stock Option on the day three (3) months and
one day following such termination. To the extent that the Grantee’s Award was unvested at the date of termination, or if
Grantee does not exercise the vested portion of the Grantee’s Award within the time specified herein, the Award shall terminate.

 

(d)        Death
of Grantee.  In the event of a termination of the Grantee’s Continuous Service as a result of his or her death, or in
the event of the death of the Grantee during the post-termination exercise period or during the six (6) month period following
the Grantee’s termination of Continuous Service as a result of his or her Disability, the Grantee’s estate or a person
who acquired the right to exercise the Award by bequest or inheritance may exercise the portion of the Grantee’s Award that
was vested as of the date of termination, within six (6) months from the date of death (or such longer period as specified
in the Award Agreement but in no event later than the expiration of the term of such Award as set forth in the Award Agreement).
To the extent that, at the time of death, the Grantee’s Award was unvested, or if the Grantee’s estate or a person
who acquired the right to exercise the Award by bequest or inheritance does not exercise the vested portion of the Grantee’s
Award within the time specified herein, the Award shall terminate.

 

(e)         Extension
if Exercise Prevented by Law.  Notwithstanding the foregoing, if the exercise of an Award within the applicable time periods
set forth in this Section 8 is prevented by the provisions of Section 9 below, the Award shall remain exercisable until
one (1) month after the date the Grantee is notified by the Company that the Award is exercisable, but in any event no later than
the expiration of the term of such Award as set forth in the Award Agreement and only in a manner and to the extent permitted under
Code Section 409A.

 

9.            Conditions
Upon Issuance of Shares.

 

(a)         If
at any time the Administrator determines that the delivery of Shares pursuant to the exercise, vesting or any other provision of
an Award is or may be unlawful under Applicable Laws, the vesting or right to exercise an Award or to otherwise receive Shares
pursuant to the terms of an Award shall be suspended until the Administrator determines that such delivery is lawful and shall
be further subject to the approval of counsel for the Company

 

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with respect to such compliance. The Company
shall have no obligation to effect any registration or qualification of the Shares under federal or state laws.

 

(b)        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 by any Applicable Laws.

 

10.          Adjustments
Upon Changes in Capitalization.  Subject to any required action by the stockholders of the Company and Section 11 hereof, the
number of Shares covered by each outstanding Award, and the number of Shares which have been authorized for issuance under the
Plan but as to which no Awards have yet been granted or which have been returned to the Plan, the exercise or purchase price of
each such outstanding Award, the maximum number of Shares with respect to which Awards may be granted to any Grantee in any calendar
year, as well as any other terms that the Administrator determines require adjustment shall be proportionately adjusted for (i) any
increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, recapitalization,
combination or reclassification of the Shares, or similar transaction affecting the Shares, (ii) any other increase or decrease
in the number of issued Shares effected without receipt of consideration by the Company, or (iii)  any other transaction with
respect to Common Stock including a corporate merger, consolidation, acquisition of property or stock, separation (including a
spin-off or other distribution of stock or property), reorganization, liquidation (whether partial or complete) or any similar
transaction; provided, however that conversion of any convertible securities of the Company shall not be deemed to have been “effected
without receipt of consideration.” In the event of any distribution of cash or other assets to stockholders other than a
normal cash dividend, the Administrator shall also make such adjustments as provided in this Section 10 or substitute, exchange
or grant Awards to effect such adjustments (collectively “adjustments”). Any such adjustments to outstanding Awards
will be effected in a manner that precludes the enlargement of rights and benefits under such Awards. In connection with the foregoing
adjustments, the Administrator may, in its discretion, prohibit the exercise of Awards or other issuance of Shares, cash or other
consideration pursuant to Awards during certain periods of time. Except as the Administrator determines, no issuance by the Company
of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason hereof shall
be made with respect to, the number or price of Shares subject to an Award.

 

11.          Corporate
Transactions and Changes in Control.

 

(a)         Termination
of Award to Extent Not Assumed in Corporate Transaction.  Effective upon the consummation of a Corporate Transaction, all outstanding
Awards under the Plan shall terminate. However, all such Awards shall not terminate to the extent they are Assumed in connection
with the Corporate Transaction.

 

(b)        Acceleration
of Award Upon Corporate Transaction or Change in Control.  The Administrator shall have the authority, exercisable either in
advance of any actual or anticipated Corporate Transaction or Change in Control or at the time of an actual Corporate Transaction
or Change in Control and exercisable at the time of the grant of an Award under the

 

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Plan or any time while an Award remains outstanding,
to provide for the full or partial automatic vesting and exercisability of one or more outstanding unvested Awards under the Plan
and the release from restrictions on transfer and repurchase or forfeiture rights of such Awards in connection with a Corporate
Transaction or Change in Control, on such terms and conditions as the Administrator may specify. The Administrator also shall have
the authority to condition any such Award vesting and exercisability or release from such limitations upon the subsequent termination
of the Continuous Service of the Grantee within a specified period following the effective date of the Corporate Transaction or
Change in Control. The Administrator may provide that any Awards so vested or released from such limitations in connection with
a Change in Control, shall remain fully exercisable until the expiration or sooner termination of the Award.

 

(c)         Effect
of Acceleration on Incentive Stock Options.  Any Incentive Stock Option accelerated under this Section 11 in connection
with a Corporate Transaction or Change in Control shall remain exercisable as an Incentive Stock Option under the Code only to
the extent the $100,000 dollar limitation of Section 422(d) of the Code is not exceeded.

 

12.          Effective
Date and Term of Plan.  The Plan shall become effective upon the earlier to occur of its adoption by the Board or its approval
by the stockholders of the Company. It shall continue in effect for a term of ten (10) years unless sooner terminated. Subject
to Section 17, below, and Applicable Laws, Awards may be granted under the Plan upon its becoming effective.

 

13.          Amendment,
Suspension or Termination of the Plan.

 

(a)         The
Board may at any time amend, suspend or terminate the Plan; provided, however, that no such amendment shall be made without the
approval of the Company’s stockholders to the extent such approval is required by Applicable Laws.

 

(b)        No
Award may be granted during any suspension of the Plan or after termination of the Plan.

 

(c)        No
suspension or termination of the Plan (including termination of the Plan under Section 11, above) shall adversely affect any
rights under Awards already granted to a Grantee.

 

14.          Reservation
of Shares.

 

(a)        The
Company, during the term of the Plan, will at all times reserve and keep available such number of Shares as shall be sufficient
to satisfy the requirements of the Plan.

 

(b)        The
inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s
counsel to be necessary to the lawful issuance and sale of any Shares hereunder, 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.

 

15.          No
Effect on Terms of Employment/Consulting Relationship.  The Plan shall not confer upon any Grantee any right with respect to
the Grantee’s Continuous Service, nor shall it

 

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interfere in any way with his or her right
or the right of the Company or any Related Entity to terminate the Grantee’s Continuous Service at any time, with or without
cause, including, but not limited to, Cause, and with or without notice. The ability of the Company or any Related Entity to terminate
the employment of a Grantee who is employed at will is in no way affected by its determination that the Grantee’s Continuous
Service has been terminated for Cause for the purposes of this Plan.

 

16.          No
Effect on Retirement and Other Benefit Plans.  Except as specifically provided in a retirement or other benefit plan of the
Company or a Related Entity, Awards shall not be deemed compensation for purposes of computing benefits or contributions under
any retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit plan of any kind
or any benefit plan subsequently instituted under which the availability or amount of benefits is related to level of compensation.
The Plan is not a “Pension Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of
1974, as amended.

 

17.          Stockholder
Approval.  The grant of Incentive Stock Options under the Plan shall be subject to approval of the Plan by the stockholders
of the Company within twelve (12) months before or after the date the Plan is adopted excluding Incentive Stock Options issued
in substitution for outstanding Incentive Stock Options pursuant to Section 424(a) of the Code. Such stockholder approval
shall be obtained in the degree and manner required under Applicable Laws. The Administrator may grant Incentive Stock Options
under the Plan prior to approval by the stockholders, but until such approval is obtained, no such Incentive Stock Option shall
be exercisable. In the event that stockholder approval is not obtained within the twelve (12) month period provided above, all
Incentive Stock Options previously granted under the Plan shall be exercisable as Non-Qualified Stock Options.

 

18.          Effect
of Section 162(m) of the Code.  Section 162(m) of the Code does not apply to the Plan prior to the Registration Date.
Following the Registration Date, the Plan, and all Awards issued thereunder, are intended to be exempt from the application of
Section 162(m) of the Code, which restricts under certain circumstances the Federal income tax deduction for compensation
paid by a public company to named executives in excess of $1 million per year. The exemption is based on Treasury Regulation
Section 1.162-27(f), in the form existing on the effective date of the Plan, with the understanding that such regulation generally
exempts from the application of Section 162(m) of the Code compensation paid pursuant to a plan that existed before a company
becomes publicly held. Under such Treasury Regulation, this exemption is available to the Plan for the duration of the period that
lasts until the earlier of (i) the expiration of the Plan, (ii) the material modification of the Plan, (iii) the
exhaustion of the maximum number of shares of Common Stock available for Awards under the Plan, as set forth in Section 3(a),
(iv) the first meeting of stockholders at which directors are to be elected that occurs after the close of the third calendar year
following the calendar year in which the Company first becomes subject to the reporting obligations of Section 12 of the Exchange
Act, or (v) such other date required by Section 162(m) of the Code and the rules and regulations promulgated thereunder.
To the extent that the Administrator determines as of the date of grant of an Award that (i) the Award is intended to qualify
as Performance-Based Compensation and (ii) the exemption described above is no longer available with respect to such Award,
such Award shall not be effective until any stockholder approval required under Section 162(m) of the Code has been obtained.

 

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19.          Unfunded
Obligation.  Grantees shall have the status of general unsecured creditors of the Company. Any amounts payable to Grantees pursuant
to the Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee
Retirement Income Security Act of 1974, as amended. Neither the Company nor any Related Entity 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 Grantee account
shall not create or constitute a trust or fiduciary relationship between the Administrator, the Company or any Related Entity and
a Grantee, or otherwise create any vested or beneficial interest in any Grantee or the Grantee’s creditors in any assets
of the Company or a Related Entity. The Grantees shall have no claim against the Company or any Related Entity for any changes
in the value of any assets that may be invested or reinvested by the Company with respect to the Plan.

 

20.          Construction.  Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision
of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include
the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

21.          Nonexclusivity
of The Plan.  Neither the adoption of the Plan by the Board, the submission of the Plan to the stockholders of the Company for
approval, nor any provision of the Plan will be construed as creating any limitations on the power of the Board to adopt such additional
compensation arrangements as it may deem desirable, including, without limitation, the granting of Awards otherwise than under
the Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

 

    	19

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