Document:

Exhibit 10.4

 

ARMEAU BRANDS INC.

 

2017 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.

 

     1
                                         | P a g e

     

    

 

(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 shareholders which a majority of the Continuing Directors who
are not Affiliates or Associates of the offeror do not recommend such shareholders 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 Armeau Brands Inc., a Nevada 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.

 

     2
                                         | P a g e

     

    

 

(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 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 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 months and one day following the expiration
of such three 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

 

     3
                                         | P a g e

     

    

 

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

 

(t)           
“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.

 

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

 

(v)           “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.

 

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

 

(x)           “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 NASDAQ Global Select Market, The NASDAQ Global Market, The NASDAQ Capital Market of The NASDAQ Stock Market LLC, the New York
Stock Exchange or 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;

 

     4
                                         | P a g e

     

    

 

(ii)            If the Common Stock is regularly quoted on an automated quotation system (including the various tiers of the over-the-counter
market maintained by OTC Markets Group, Inc. 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 or the average of any such
prices for such period as determined by the Administrator in good faith not to exceed thirty (30) trading days prior to 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) or the average thereof for such period prior to the date of determination as
established by the Administrator above, 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.

 

(y)          “Good Reason” means the occurrence after a Corporate Transaction or Change in Control 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 thirty (30) days
of the effective time of such event or condition):

 

(i)            
a change in the Grantee’s responsibilities or duties that represents a material and substantial diminution in the
Grantee’s responsibilities or duties as in effect immediately preceding the consummation of a Corporate Transaction or Change
in Control;

 

(ii)            a reduction in the Grantee’s base salary to a level below that in effect at any time within six months preceding the
consummation of a Corporate Transaction or Change in Control or at any time thereafter; provided that an across-the-board
reduction in the salary level of substantially all other individuals in positions similar to the Grantee’s by substantially
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 or residence
prior to the Corporate Transaction or Change in Control except for reasonably required travel on business that is not materially
greater than such travel requirements prior to the Corporate Transaction or Change in Control.

 

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

 

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

 

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

 

     5
                                         | P a g e

     

    

 

(cc)         “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.

 

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

 

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

 

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

 

(gg)         “Plan” means this 2017 Stock Incentive Plan.

 

(hh)         “Registration Date” means the first to occur of (i) the closing of the first sale, subsequent
to the date this Plan is adopted, 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 (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; (ii) the date the Common Stock is otherwise registered under and the Company becomes subject to the reporting
requirements of Sections 13 or 15 (d) or the Exchange Act; and (iii) 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, on or prior to the date of consummation of such Corporate
Transaction.

 

(ii)           “Related Entity” means any Parent or Subsidiary of the Company.

 

(jj)           “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.

 

(kk)         “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.

 

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

 

     6
                                         | P a g e

     

    

 

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

 

(nn)         “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.

 

(oo)         “Securities Act” means the Securities Act of 1933, as amended.

 

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

 

(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 that may be issued pursuant
to all Awards is 1,250,000 Shares, plus an annual increase to be added on the first day of the calendar year beginning January
1, 2018 equal to (i) the greater of such number of shares as (A) will set the maximum number of Shares that may be issued pursuant
to all Awards equal to 15% of the number of Shares outstanding as of such date; or (B) 2% of the number of Shares outstanding as
of such date; or (ii) a lesser number of Shares determined by the Administrator. Notwithstanding the foregoing, subject to
the provisions of Section 10, below, of the number of Shares specified above, the maximum aggregate number of Shares
available for grant of Incentive Stock Options shall be 425,000 Shares, increased on the first day of the calendar year beginning
January 1, 2018, in a number of Shares proportionate to the increase in the total number of Shares that may be issued pursuant
to all Awards under this Plan, as set forth in this Section 3.  The Shares to be issued pursuant to Awards may be authorized,
but unissued or reacquired Shares.

 

(b)           Any Shares covered by an Award (or portion of an Award) that is forfeited, canceled or expires (whether voluntarily or involuntarily)
shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares that may be issued under
the Plan. Shares that actually have been issued under the Plan pursuant to an Award shall not be returned to the Plan and shall
not become available for future issuance under the Plan, except that if unvested Shares are forfeited, or repurchased by the Company
at the lesser of their original purchase price or their Fair Market Value at the time of repurchase, such Shares shall become available
for future grant under the Plan

 

(c)           
To the extent not prohibited by the listing requirements of The NASDAQ Stock Market LLC (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 that 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 that may be issued pursuant to
all Awards under the Plan, unless otherwise determined by the Administrator.

 

     7
                                         | P a g e

     

    

 

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 Covered Employee intended to qualify as Performance-Based Compensation shall be made only by a Committee (or subcommittee
of a Committee) that 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;

 

     8
                                         | P a g e

     

    

 

(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

 

(A)           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;

 

(B)            the reduction of the exercise price of any Option awarded under the Plan and the base appreciation amount of any SAR awarded
under the Plan shall be subject to shareholder approval; and

 

(C)            canceling an Option or SAR at a time when its exercise price or base appreciation amount (as applicable) exceeds the Fair
Market Value of the underlying Shares, in exchange for another Option, SAR, Restricted Stock, or other Award or for cash shall
be subject to shareholder approval, unless the cancellation and exchange occurs in connection with a Corporate Transaction. Notwithstanding
the foregoing, canceling an Option or SAR in exchange for another Option, SAR, Restricted Stock, or other Award or for cash with
an exercise price, purchase price or base appreciation amount (as applicable) that is equal to or greater than the exercise price
or base appreciation amount (as applicable) of the original Option or SAR shall not be subject to shareholder approval;

 

(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.

 

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.

 

     9
                                         | P a g e

     

    

 

(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 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 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 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 that 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.

 

     10
                                         | P a g e

     

    

 

(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 shareholder
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 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.

 

     11
                                         | P a g e

     

    

 

(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 100,000 Shares.
In connection with a Grantee’s commencement of Continuous Service, a Grantee may be granted Options and SARs for up to an
additional 150,000 Shares that 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 250,000 Shares. The foregoing limitation shall be adjusted proportionately in connection with any change in the Company’s
capitalization pursuant to Section 10.

 

(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).

 

(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.

 

     12
                                         | P a g e

     

    

 

(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 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

 

(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.

 

     13
                                         | P a g e

     

    

 

(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 Applicable 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, that 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;

 

(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 the number of Shares as to which the Option is
being exercised, multiplied by (A) 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 (B) 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

 

     14
                                         | P a g e

     

    

 

(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 that do not permit all of the foregoing forms of consideration to be used in payment
for the Shares or that 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 Shareholder.

 

(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. Unless otherwise provided in the Grantee’s Award Agreement or as determined in
writing by the Committee or the Board, the Grantee’s right to exercise the Award shall terminate concurrently with the termination
of Grantee’s Continuous Service, if Grantee’s Continuous Service is terminated for Cause and three months and one day
after the termination of the Grantee’s Continuous Service, if Grantee’s Continuous Service is terminated without Cause.
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 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.

 

     15
                                         | P a g e

     

    

 

(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 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 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 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 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 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 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.

 

     16
                                         | P a g e

     

    

 

(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 shareholders of the Company
and Section 11 hereof, the number of Shares covered by each outstanding Award, and the number of Shares that have been authorized
for issuance under the Plan but as to which no Awards have yet been granted or that 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 shareholders 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 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.

 

     17
                                         | P a g e

     

    

 

(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 shareholders of the Company. It shall continue in effect for a term of ten 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 shareholders 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 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.

 

     18
                                         | P a g e

     

    

 

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.           Shareholder Approval.  The grant of Incentive Stock Options under the Plan shall be subject to approval
of the Plan by the shareholders 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 shareholder 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 shareholders, but until such approval is obtained, no such Incentive
Stock Option shall be exercisable. In the event that shareholder 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 shareholders 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 13 or 15(d) 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 shareholder approval required
under Section 162(m) of the Code has been obtained.

 

     19
                                         | P a g e

     

    

 

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 shareholders 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.

 

     20
                                         | P a g eExhibit 10.5

 

VOTING
AGREEMENT

 

This
VOTING AGREEMENT (this “Agreement”), is made and entered into as of this 27th day of September,
2017 (the “Effective Date”), by and among ALEXANDER M. SALGADO and ERDUIS SANABRIA (the “Management
Shareholders”) and the other individuals and entities signatory to this Agreement (the “Investing Shareholders,”
and together with the Management Shareholders, collectively, the “Shareholders” and individually, a “Shareholder”).

 

RECITALS

 

WHEREAS,
concurrently with the execution of this Agreement, the Shareholders, who are currently members of 271 LAKE DAVIS HOLDINGS, LLC
D/B/A SANSAL (the “LLC”) are acquiring shares of common stock (the “Shares”) of ARMEAU
BRANDS, INC., a Nevada corporation (the “Company”) in exchange for their respective limited liability company
membership interests in the LLC; and

 

WHEREAS,
the Shareholders wish to provide for the orderly management of certain of the Company’s affairs on an ongoing basis.

 

AGREEMENT

 

NOW,
THEREFORE, the Shareholders agree as follows:

 

1.             Voting Provisions. Each Shareholder agrees to vote, or cause to be voted, all Shares owned by such Shareholder,
or over which such Shareholder has voting control, from time to time and at all times, in whatever manner as shall be necessary,
in accordance with the recommendations with respect to all matters brought to a vote of shareholders of the Company, including
without limitation, the election or removal of directors, the amendment of the Company’s Articles of Incorporation or the
merger or sale of the Company. For purposes of this Agreement, the term “Shares” shall mean and include any
securities of the Company the holders of which are entitled to vote for members of the Board, including without limitation, all
shares of common stock and preferred stock, by whatever name called, now owned or subsequently acquired by a Shareholder, however
acquired, whether through stock splits, stock dividends, reclassifications, recapitalizations, similar events or otherwise. In
the absence of a voting recommendation by the Management Shareholders on one or more matters brought to a vote of shareholders,
each Shareholder may vote such Shareholder’s Shares as determined by the Shareholder in the Shareholders’ sole and
absolute discretion.

 

2.             Remedies.

 

2.1           Irrevocable Proxy and Power of Attorney. Each Shareholder hereby constitutes and appoints as the proxies
of such Shareholder and hereby grants a power of attorney to the Managing Shareholders, and each of them, with full power of substitution,
to vote such Shareholder’s Shares in accordance with Section 1, and hereby authorizes each of them to represent and
vote, if and only if the Shareholder (a) fails to vote or (b) attempts to vote (whether by proxy, in person or by written
consent), in a manner which is inconsistent with the terms of this Agreement, all of such Shareholder’s Shares Each of the
proxy and power of attorney granted pursuant to the immediately preceding sentence is given in consideration of the agreements
and covenants of the Shareholders in connection with the transactions contemplated by this Agreement and, as such, each is coupled
with an interest and shall be irrevocable unless and until this Agreement terminates or expires pursuant to this Agreement.

 

     

     

    

 

2.2           Specific Enforcement. Each Shareholder acknowledges and agrees that each other Shareholder party hereto
will be irreparably damaged in the event any of the provisions of this Agreement are not performed by Shareholders parties in accordance
with their specific terms or are otherwise breached. Accordingly, it is agreed that each of Managing Shareholders, on behalf of
themselves and the other the Shareholders, shall be entitled to an injunction to prevent breaches of this Agreement, and to specific
enforcement of this Agreement and its terms and provisions in any action instituted in any court of the United States or any state
having subject matter jurisdiction.

 

2.3           Remedies
Cumulative. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative
and not alternative.

 

3.             Term. This Agreement shall be effective as of the date hereof and shall continue in effect until and shall
terminate upon the earliest to occur of (a) the sale or merger of the Company; (b) the Management Shareholders beneficially owning
in the aggregate fewer than twenty-five percent (25%) of the Shares owned as of the Effective Date; (b) termination of this Agreement
in accordance with Section 4.6; or (c) the fifth (5th) anniversary of this Agreement.

 

4.             Miscellaneous.

 

4.1           Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the Shareholders and their respective heirs, legal representatives, successors and assigns. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns
any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this
Agreement.

 

4.2           Governing
Law; Jurisdiction; Attorney’s Fees. This Agreement shall be governed by and construed in accordance with the
Laws of the State of Florida, without regard to conflicts of law principles.  Each of the Shareholders submits to the
jurisdiction of any state or federal court sitting in the State of Florida, Miami-Dade County, in any action or proceeding to
interpret enforce or otherwise arising out of or relating to this Agreement and agrees that all claims in respect of the action
or proceeding may be heard and determined in any such court.  Each of the Shareholders waives any defense of inconvenient
forum to the maintenance of any action or proceeding so brought and waives any bond, surety, or other security that might be required
of any other Shareholder with respect thereto.  Any Shareholder may make service on any other Shareholder by sending
or delivering a copy of the process to the Shareholder to be served at the address and in the manner provided for the giving of
notices in Section 4.5.  Nothing in this Section 4.2, however, shall affect the right of any Shareholder
to serve legal process in any other manner permitted by law.  Each Shareholder agrees that a final judgment in any action
or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by law
or at equity. In any action brought to interpret to enforce this Agreement, the prevailing Shareholder or Shareholders shall be
entitled to recover all cost related thereto from the non-prevailing Shareholder or Shareholders, including attorneys’ fees
and costs at both the trial and appellate levels. 

 

    2 | P a g e 

     

    

 

4.3           Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile,
..PDF or any other electronic transmission and any counterpart so delivered shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes.

 

4.4           Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and
are not to be considered in construing or interpreting this Agreement.

 

4.5           Notices. All notices and other communications given or made pursuant to this Agreement shall be (a) in
writing; (b) sent by (i) personal delivery or (ii) a nationally recognized overnight courier to the addresses set forth under each
Shareholder’s signature on the signature pages hereto (or to such subsequent address as a Shareholder may notify the Management
Shareholders by written notice pursuant to this Section 4.5); and (c) shall be effective upon receipt.

 

4.6           Consent Required to Amend, Terminate or Waive. This Agreement may be amended or terminated and the observance
of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only
by a written instrument executed by (a) the Management Shareholders; and (b) Investing Shareholders holding of at least a majority
of the Shares then held by the Investing Shareholders. The Management Shareholders shall give prompt written notice of any amendment,
termination, or waiver hereunder to any Shareholder that did not consent in writing thereto. Any amendment, termination, or waiver
effected in accordance with this Section 4.6 shall be binding on each Shareholder and all of such Shareholder’s heirs,
legal representatives, and permitted assigns, whether or not any such Shareholder or such Shareholder’s heirs, legal representatives,
successors or assigns entered into or approved such amendment, termination or waiver.

 

4.7           Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Shareholder
under this Agreement, upon any breach or default of any other Shareholder under this Agreement, shall impair any such right, power
or remedy of such non-breaching or non-defaulting Shareholder nor shall it be construed to be a waiver of any such breach or default,
or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single
breach or default be deemed a waiver of any other breach or default previously or thereafter occurring. Any waiver, permit, consent
or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the
part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Shareholder,
shall be cumulative and not alternative.

 

4.8           Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity
or enforceability of any other provision.

 

    3 | P a g e 

     

    

 

4.9           Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the
Shareholders with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter
hereof existing among the Shareholders is expressly canceled.

 

4.10         Stock Splits, Stock Dividends and Similar Transactions.In the event of any issuance of Shares to any of the
Shareholders (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization
or similar transaction), such Shares shall become subject to this Agreement.

 

4.11         
Further Assurances. At any time or from time to time after the Effective Date, the Shareholders agree to
cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and
to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of
the transactions contemplated hereby and to otherwise carry out the intent of the Shareholders hereunder.

 

[Signature
Pages Follow]

 

    4 | P a g e 

     

    

 

IN
WITNESS WHEREOF, the Shareholders have executed this Voting Agreement as of the Effective Date

 

	 	MANAGEMENT SHAREHOLDERS:
	 	 
	 	/s/Alexander
    Salgado
	 	Alexander M. Salgado
	 	Number of Shares: 946,725
	 	 
	 	 
	 	Address
	 	 
	 	/s/ Erduis
    Sanabria
	 	Erduis Sanabria
	 	Number of Shares: 946,725
	 	 
	 	 
	 	Address

  

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

    1 | P a g e 

     

    

 

	 	INVESTING
SHAREHOLDERS:
	 	 
	 	RUMAR INVESTMENTS,
LLC
	 	 
	 	By: 	/s/ Maricela Nicolas
	 	Print Name:
Maricela Nicolas
	 	Title: Manager
	 	Number of Shares: 312,000
	 	 
	 	 
	 	Address
	 	 
	 	/s/ Etniel
Sanabria
	 	Etniel Sanabria
	 	Number of Shares: 393,900
	 	 
	 	 
	 	Address

  

[SIGNATURES
CONTINUE FOLLOWING PAGE]

 

    2 | P a g e 

     

    

 

 

	 	/s/ Henry
Yanez
	 	Henry Yanez
	 	Number of Shares: 68,250
	 	 
	 	 
	 	Address
	 	 
	 	/s/ Edi
Israelov
	 	 Edi
Israelov
	 	Number of Shares: 546,000
	 	 
	 	 
	 	Address
	 	 
	 	/s/ Faullin Marshall Paletsky
	 	Faullin Marshall Paletsky
	 	 
	 	/s/ Brenna Leigh
Steinberg
	 	Brenna Leigh Steinberg
	 	Number of Shares: 273,000
	 	 
	 	 
	 	Address
	 	 
	 	/s/ Joseph
Michael Urciuoli
	 	Joseph Michael Urciuoli
	 	Number of Shares: 25,350
	 	 
	 	 
	 	Address

  

[SIGNATURES
CONTINUE FOLLOWING PAGE]

 

    3 | P a g e 

     

    

 

	 	YCA HOLDINGS,
LLC
	 	 
	 	By: 	/s/ Yeylys Cabrera
	 	Print Name:
Yeylys Cabrera
	 	Title: CEO
	 	Number of Shares: 390,000
	 	 
	 	 
	 	Address
	 	 
	 	CAO INVESTMENT GROUP, LLC
	 	 
	 	By: 	/s/ Erik Cao
	 	 Print Name:
Erik Cao
	 	Title: Manager
	 	Number of Shares: 312,000
	 	 
	 	 
	 	Address
	 	 
	 	YM LIMITED
INVESTMENTS LLC
	 	 
	 	By:	/s/ Yenier Mirabales
	 	Print Name: Yenier Mirabales
	 	Title: Manager
	 	Number of Shares: 156,000
	 	 
	 	 
	 	Address
	 	 
	 	/s/ Jesus
Muley Pratts
	 	Jesus Muley Pratts
	 	Number of Shares: 7,800
	 	 
	 	 
	 	Address

 

    4 | P a g e 

     

    

 

 

	 	MENENDEZ INVESTMENT
LLC
	 	 
	 	By:	/s/ Rosa Menendez
	 	Print Name:
Rosa Menendez
	 	Title: Manager
	 	Number of Shares: 78,000
	 	 
	 	 
	 	Address

 

    5 | P a g e

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]