Document:

Exhibit 10.11

 

Cognition
THERAPEUTICS, INC.

 

2021
EQUITY INCENTIVE PLAN

 

Section 1.           Purpose;
Definitions. The purposes of the Cognition Therapeutics, Inc. 2021 Equity Incentive
Plan (as amended from time to time, the “Plan”) are to: (a) enable Cognition Therapeutics, Inc. (the “Company”)
and its affiliated companies to recruit and retain highly qualified employees, directors and consultants; (b) provide those employees,
directors and consultants with an incentive for productivity; and (c) provide those employees, directors and consultants with an
opportunity to share in the growth and value of the Company.

 

For purposes of the Plan, the following terms will
have the meanings defined below, unless the context clearly requires a different meaning:

 

(a)            “Affiliate”
means, with respect to a Person, a Person that directly or indirectly controls, is controlled by, or is under common control with such
Person.

 

(b)            “Applicable
Law” means the legal requirements relating to the administration of and issuance of securities under stock incentive plans,
including, without limitation, the requirements of state corporations law, federal, state and foreign securities law, federal, state and
foreign tax law, and the requirements of any stock exchange or quotation system upon which the Shares may then be listed or quoted.

 

(c)            “Award”
means an award of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units or Cash or Other Stock Based Awards made
under this Plan.

 

(d)            “Award
Agreement” means, with respect to any particular Award, the written document that sets forth the terms of that particular Award.

 

(e)            “Board”
means the Board of Directors of the Company, as constituted from time to time.

 

(f)            “Cash
or Other Stock Based Award” means an award that is granted under Section 10.

 

(g)            “Cause”
means (i) the Participant’s refusal to comply with any lawful directive or policy of the Company which refusal is not cured
by the Participant within ten (10) days of such written notice from the Company; (ii) the Company’s determination that
the Participant has committed any act of dishonesty, embezzlement, unauthorized use or disclosure of confidential information or other
intellectual property or trade secrets, common law fraud or other fraud against the Company or any Subsidiary or Affiliate; (iii) a
material breach by the Participant of any written agreement with or any fiduciary duty owed to any Company or any Subsidiary or Affiliate;
(iv) the Participant’s conviction (or the entry of a plea of a nolo contendere or equivalent plea) of a felony or any misdemeanor
involving material dishonesty or moral turpitude; or (v) the Participant’s habitual or repeated misuse of, or habitual or repeated
performance of Participant’s duties under the influence of, alcohol, illegally obtained prescription controlled substances or non-prescription
controlled substances. Notwithstanding the foregoing, if a Participant and the Company (or any of its Affiliates) have entered into an
employment agreement, consulting agreement or other similar agreement that specifically defines “cause,” then with respect
to such Participant, “Cause” shall have the meaning defined in such other agreement.

 

     

     

    

 

(h)            “Change
in Control” shall mean the occurrence of any of the following events: (i) any “person” (as such term is used
in Sections 13(d) and 14(d) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total power to vote for
the election of directors of the Company; (ii) during any twelve month period, individuals who at the beginning of such period constitute
the Board and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect
a transaction described in Section 1(h)(i), Section 1(h)(iii), Section 1(h)(iv) or Section 1(h)(v) hereof)
whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a majority
of the directors then still in office who either were directors at the beginning of the period of whose election or nomination for election
was previously approved, cease for any reason to constitute a majority thereof; (iii) the merger or consolidation of the Company
with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially
own, immediately after the merger or consolidation, shares entitling such stockholders to 50% or more of all votes to which all stockholders
of the surviving corporation would be entitled in the election of directors (without consideration of the rights of any class of stock
to elect directors by a separate class vote); (iv) the sale or other disposition of all or substantially all of the assets of the
Company; (v) a liquidation or dissolution of the Company; or (vi) such other event deemed to constitute a “Change in Control”
by the Board.

 

Notwithstanding anything in the Plan or an Award
Agreement to the contrary, to the extent necessary to comply with Section 409A of the Code, no event that, but for the application
of this paragraph, would be a Change in Control as defined in the Plan or the Award Agreement, as applicable, shall be a Change in Control
unless such event is also a “change in control event” as defined in Section 409A of the Code.

 

(i)            “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.

 

(j)            “Committee”
means the committee designated by the Board to administer the Plan under Section 2. To the extent required under Applicable
Law, the Committee shall have at least two members and each member of the Committee shall be a Non-Employee Director.

 

(k)            “Director”
means a member of the Board.

 

(l)            “Disability”
means a condition rendering a Participant Disabled.

 

    -2- 

     

    

 

(m)            “Disabled”
will have the same meaning as set forth in Section 22(e)(3) of the Code.

 

(n)            “Effective
Time” has the meaning defined below in Section 18.

 

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

 

(p)            “Fair
Market Value” means, as of any date, the value of a Share determined as follows: (i) if the Shares are listed on any established
stock exchange or a national market system, including, without limitation, the Nasdaq Global Market, the Fair Market Value of a Share
will be the closing sales price for such stock as quoted on that system or exchange (or the system or exchange with the greatest volume
of trading in Shares) at the close of regular hours trading on the day of determination; (ii) if the Shares are regularly quoted
by recognized securities dealers but selling prices are not reported, the Fair Market Value of a Share will be the mean between the high
bid and low asked prices for Shares at the close of regular hours trading on the day of determination; or (iii) if Shares are not
traded as set forth above, the Fair Market Value will be determined in good faith by the Committee taking into consideration such factors
as the Committee considers appropriate, such determination by the Committee to be final, conclusive and binding. Notwithstanding the foregoing,
(1) with respect to any Award that is effective upon the execution of an underwriting agreement with respect to the Company’s
initial public offering of Shares, the Fair Market Value shall mean the initial public offering price of a Share as set forth in that
underwriting agreement or (2) in connection with a Change in Control, Fair Market Value shall be determined in good faith by the
Committee, such determination by the Committee to be final conclusive and binding.

 

(q)            “Incentive
Stock Option” means any Option intended to be an “Incentive Stock Option” within the meaning of Section 422
of the Code.

 

(r)            “Non-Employee
Director” will have the meaning set forth in Rule 16b-3(b)(3)(i) promulgated by the Securities and Exchange Commission
under the Exchange Act, or any successor definition adopted by the Securities and Exchange Commission.

 

(s)            “Non-Qualified
Stock Option” means any Option that is not an Incentive Stock Option.

 

(t)            “Option”
means any option to purchase Shares (including an option to purchase Restricted Stock, if the Committee so determines) granted pursuant
to Section 5 hereof.

 

(u)            “Parent”
means, in respect of the Company, a “parent corporation” as defined in Section 424(e) of the Code.

 

(v)            “Participant”
means an employee, consultant, Director, or other service provider of or to the Company or any of its respective Affiliates to whom an
Award is granted.

 

(w)            “Person”
means an individual, partnership, corporation, limited liability company, trust, joint venture, unincorporated association, or other entity
or association.

 

    -3- 

     

    

 

(x)            “Restricted
Stock” means Shares that are subject to restrictions pursuant to Section 8 hereof.

 

(y)            “Restricted
Stock Unit” means a right granted under and subject to restrictions pursuant to Section 9 hereof.

 

(z)            “Shares”
means shares of the Company’s common stock, par value $.001, subject to substitution or adjustment as provided in Section 3(e) hereof.

 

(aa)           “Stock
Appreciation Right” means a right granted under and subject to Section 6 hereof.

 

(bb)          “Subsidiary”
means, in respect of the Company, a subsidiary company as defined in Sections 424(f) and (g) of the Code.

 

Section 2.           Administration.
The Plan shall be administered by the Committee; provided that, notwithstanding anything to the contrary herein, in its sole discretion,
the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan except with respect
to matters which under Applicable Law are required to be determined in the sole discretion of the Committee. Any action of the Committee
in administering the Plan shall be final, conclusive and binding on all persons, including the Company, its Subsidiaries, Affiliates,
their respective employees, the Participants, persons claiming rights from or through Participants and stockholders of the Company.

 

The Committee will have full authority to grant Awards
under this Plan and determine the terms of such Awards. Such authority will include the right to:

 

(a)            select
the individuals to whom Awards are granted (consistent with the eligibility conditions set forth in Section 4);

 

(b)            determine
the type of Award to be granted;

 

(c)            determine
the number of Shares, if any, to be covered by each Award;

 

(d)            establish
the other terms and conditions of each Award;

 

(e)            approve
forms of agreements (including Award Agreements) for use under the Plan; and

 

(f)            modify
or amend each Award, subject to the Participant’s consent if such modification or amendment would materially impair such Participant’s
rights.

 

The Committee will have the authority to adopt, alter
and repeal such administrative rules, guidelines and practices governing the Plan as it, from time to time, deems advisable; to interpret
the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement); and to otherwise take any action that
may be necessary or desirable to facilitate the administration of the Plan. The Committee may correct any defect, supply any omission
or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent it deems necessary to carry out the
intent of the Plan.

 

    -4- 

     

    

 

To the extent permitted by Applicable Law, the Committee
may delegate to one or more officers of the Company the authority to grant Awards to Participants who are not subject to the requirements
of Section 16 of the Exchange Act and the rules and regulations thereunder. The Committee may revoke any such allocation or
delegation at any time for any reason with or without prior notice.

 

No Director will be liable for any good faith determination,
act or omission in connection with the Plan or any Award.

 

Section 3.           Shares
Subject to the Plan.

 

(a)            Shares
Subject to the Plan. Subject to adjustment as provided in this Section 3(a), Section 3(d), and in Section 3(e) of
the Plan, the maximum number of Shares that may be issued in respect of Awards under the Plan is the sum of: (i) ______1
Shares and (ii) an annual increase on January 1, 2022 and each anniversary of such date thereafter prior to the termination
of the Plan, equal to the lesser of (A)  5 % of the Shares issued and outstanding on the last day of the immediately preceding
fiscal year and (B) such smaller number of Shares as determined by the Board (collectively, the “Plan Limit”).
If any award granted under either the Cognition Therapeutics, Inc. 2017 Equity Incentive Plan, as amended, or the Cognition Therapeutics, Inc.
Amended and Restated 2007 Equity Incentive Plan (each a “Prior Plan”), expires, terminates, is canceled or is forfeited
for any reason after the Effective Time, the Shares subject to that award will be added to the Plan Limit and become available for issuance
hereunder, provided that the number of Shares added to the Plan Limit pursuant to this sentence and the second sentence of Section 3(d) below
(relating to Shares withheld in satisfaction of the exercise price or tax withholding obligations associated with Prior Plan awards)
will not exceed ______2. Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued Shares or
treasury shares. Any Shares issued by the Company through the assumption or substitution of outstanding grants in connection with the
acquisition of another entity shall not reduce the maximum number of Shares available for delivery under the Plan.

 

(b)            Incentive
Stock Option Limit. Subject to adjustment as provided in Section 3(e) of the Plan, the maximum aggregate number
of Shares that may be issued under the Plan in respect of Incentive Stock Options is ______3.

 

(c)            Effect
of the Expiration or Termination of Awards. If and to the extent that an Option or a Stock Appreciation Right expires, terminates
or is canceled or forfeited for any reason without having been exercised in full, the Shares associated with that Award will again become
available for grant under the Plan. Similarly, if and to the extent an Award of Restricted Stock or Restricted Stock Units is canceled
or forfeited for any reason, the Shares subject to that Award will again become available for grant under the Plan.

 

(d)            Shares
Withheld in Satisfaction of Taxes or Exercise Price. Shares withheld in settlement of a tax withholding obligation associated with
an Award, or in satisfaction of the exercise price payable upon exercise of an Option, will again become available for grant under the
Plan. Similarly, Shares withheld following the Effective Time in settlement of a tax withholding obligation associated with an award granted
under the Prior Plans, or in satisfaction of the exercise price payable upon exercise of an option granted under the Prior Plans, will
be added to the Plan Limit and become available for issuance hereunder.

 

 

1
Initial share reserve will be 12% of the total shares outstanding at the closing of the initial public offering.

2 Total
number of shares underlying 2007 Plan and 2017 Plan awards that may be recycled into the 2021 Plan will be the number of shares underlying
2007 Plan and 2017 Plan awards as of the effective date of the 2021 Plan.

3
Total number of shares issuable as Incentive Stock Options will be 3x the initial share reserve.

 

    -5- 

     

    

 

(e)            Other
Adjustment. In the event of any corporate event or transaction such as a merger, consolidation, reorganization, recapitalization,
stock split, reverse stock split, split up, spin-off, combination of shares, exchange of shares, stock dividend, dividend in kind, or
other like change in capital structure (other than ordinary cash dividends) to stockholders of the Company, or other similar corporate
event or transaction affecting the Shares, the Committee, to prevent dilution or enlargement of Participants’ rights under the Plan,
shall, in such manner as it deems equitable, substitute or adjust, in its sole discretion, the number and kind of shares that may be issued
under the Plan or under any outstanding Awards, the number and kind of shares subject to outstanding Awards, the exercise price, grant
price or purchase price applicable to outstanding Awards, and/or any other affected terms and conditions of this Plan or outstanding Awards.

 

(f)            Change
in Control. Notwithstanding anything to the contrary set forth in the Plan, upon or in anticipation of any Change in Control, the
Committee may, in its sole and absolute discretion and without the need for the consent of any Participant, take one or more of the following
actions contingent upon the occurrence of that Change in Control:

 

(i)            cause
any or all outstanding Awards to become vested and immediately exercisable (as applicable), in whole or in part;

 

(ii)            cause
any outstanding Option or Stock Appreciation Right to become fully vested and immediately exercisable for a reasonable period in advance
of the Change in Control and, to the extent not exercised prior to that Change in Control, cancel that Option or Stock Appreciation Right
upon closing of the Change in Control;

 

(iii)            cancel
any unvested Award or unvested portion thereof, with or without consideration;

 

(iv)            cancel
any Award in exchange for a substitute award;

 

(v)            redeem
any Restricted Stock or Restricted Stock Unit for cash and/or other substitute consideration with value equal to the Fair Market Value
of an unrestricted Share on the date of the Change in Control;

 

(vi)            cancel
any Option or Stock Appreciation Right in exchange for cash and/or other substitute consideration with a value equal to: (A) the
number of Shares subject to that Option or Stock Appreciation Right, multiplied by (B) the difference, if any, between the Fair
Market Value on the date of the Change in Control and the exercise price of that Option or the base price of the Stock Appreciation Right;
provided, that if the Fair Market Value on the date of the Change in Control does not exceed the exercise price of any such Option
or the base price of any such Stock Appreciation Right, the Committee may cancel that Option or Stock Appreciation Right without any
payment of consideration therefor; and/or

 

    -6- 

     

    

 

(vii)            take
such other action as the Committee determines to be appropriate under the circumstances.

 

In the discretion of the Committee, any cash or substitute
consideration payable upon cancellation of an Award may be subjected to (i) vesting terms substantially identical to those that applied
to the cancelled Award immediately prior to the Change in Control, or (ii) earn-out, escrow, holdback or similar arrangements, to
the extent such arrangements are applicable to any consideration paid to stockholders in connection with the Change in Control.

 

Notwithstanding any provision of this Section 3(f),
in the case of any Award subject to Section 409A of the Code, the Committee shall only be permitted to take actions under this Section 3(f) to
the extent that such actions would be consistent with the intended treatment of such Award under Section 409A of the Code.

 

(g)            Foreign
Holders. Notwithstanding any provision of the Plan to the contrary, in order to comply with
the laws in countries other than the United States in which the Company and its Subsidiaries operate or have employees, directors
and consultants, or in order to comply with the requirements of any foreign securities exchange
or other Applicable Law, the Committee, in its sole discretion, shall have the power and authority to: (i) modify the terms and conditions
of any Award granted to employees, directors and consultants outside the United States to
comply with Applicable Law (including, without limitation, applicable foreign laws or listing requirements of any foreign securities exchange);
(ii) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary
or advisable; provided, however, that no such subplans and/or modifications shall increase the share limitations
contained in Section 3; and (iii) take any action, before or after an Award is made, that it deems advisable to obtain
approval or comply with any necessary local governmental regulatory exemptions or approvals or listing requirements of any foreign securities
exchange.

 

(h)            Annual
Compensation Limitations for Non-Employee Directors. Beginning with the calendar year following the year in which the Effective Time
occurs, the aggregate amount of equity and cash compensation (collectively “Compensation”) payable to a Non-Employee
Director with respect to a calendar year, whether under the Plan or otherwise, for services as a Non-Employee Director, shall not exceed
$500,000; provided however, that such amount shall be $750,000 for the calendar year in which the applicable Non-Employee Director is
initially elected or appointed to the Board (collectively, the “Director Limit”). Equity incentive awards shall be
counted towards the Director Limit in the year in which they are granted, based on the grant date fair value of such awards for financial
reporting purposes (but excluding the impact of estimated forfeitures related to service-based vesting provisions). Cash fees shall be
counted towards the Director Limit in the year for which they are reported as compensation in the Company’s director compensation
disclosures pursuant to Item 402 of Regulation S-K under the US Securities Act of 1933, or a successor provision. The Director Limit
shall not apply to (i) Compensation earned by a Non-Employee Director solely in his or her capacity as chairman of the Board or
lead independent director; (ii) Compensation earned with respect to services a Non-Employee Director provides in a capacity other
than as a Non-Employee Director, such as an advisor or consultant to the Company; and (iii) Compensation awarded by the Board to
a Non-Employee Director in extraordinary circumstances, as determined by the Board in its discretion, in each case provided that the
Non-Employee Director receiving such additional Compensation does not participate in the decision to award such Compensation.

 

    -7- 

     

    

 

Section 4.           Eligibility.
Employees, Directors, consultants, and other individuals who provide services to the Company or its Affiliates are eligible to be granted
Awards under the Plan; provided, however, that only employees of the Company, any Parent or a Subsidiary are eligible to be granted
Incentive Stock Options.

 

Section 5.           Options.
Options granted under the Plan may be of two types: (i) Incentive Stock Options or (ii) Non-Qualified Stock Options. The Award
Agreement shall state whether such grant is an Incentive Stock Option or a Non-Qualified Stock Option.

 

The Award Agreement evidencing any Option will incorporate
the following terms and conditions and will contain such additional terms and conditions, not inconsistent with the terms of the Plan,
as the Committee deems appropriate in its sole and absolute discretion:

 

(a)            Option
Price. The exercise price per Share under an Option will be determined by the Committee and will not be less than 100% of the Fair
Market Value on the date of the grant. However, any Incentive Stock Option granted to any Participant who, at the time the Option is granted,
owns, either directly and/or within the meaning of the attribution rules contained in Section 424(d) of the Code, stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company, will have an exercise price per Share
of not less than 110% of Fair Market Value on the date of the grant.

 

(b)            Option
Term. The term of each Option will be fixed by the Committee, but no Option will be exercisable more than 10 years after the date
the Option is granted. However, any Incentive Stock Option granted to any Participant who, at the time such Option is granted, owns, either
directly and/or within the meaning of the attribution rules contained in Section 424(d) of the Code, stock possessing more
than 10% of the total combined voting power of all classes of stock of the Company, may not have a term of more than 5 years. No Option
may be exercised by any Person after expiration of the term of the Option.

 

(c)            Exercisability.
Options will vest and be exercisable at such time or times and subject to such terms and conditions as determined by the Committee. Such
terms and conditions may include the continued employment or service of the Participant, the attainment of specified individual or corporate
performance goals, or such other factors as the Committee may determine in its sole discretion (the “Vesting Conditions”).
The Committee may provide in the terms of an Award Agreement that the Participant may exercise the
unvested portion of an Option in whole or in part in exchange for shares of Restricted Stock subject to the same vesting terms as the
portion of the Option so exercised. Restricted Stock acquired upon the exercise of an unvested Option shall be subject to such additional
terms and conditions as determined by the Committee.

 

    -8- 

     

    

 

(d)            Method
of Exercise. Subject to the terms of the applicable Award Agreement, the exercisability provisions of Section 5(c) and
the termination provisions of Section 7, Options may be exercised in whole or in part from time to time during their term
by the delivery of written notice to the Company specifying the number of Shares to be purchased. Such notice will be accompanied by
payment in full of the purchase price and any taxes required to be withheld in connection with such exercise, either by certified or
bank check, or such other means as the Committee may accept. The Committee may, in its sole discretion, permit payment of the exercise
price of an Option in the form of previously acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised
or by means of a “net settlement,” whereby the Option exercise price will not be due in cash and where the number of Shares
issued upon such exercise will be equal to: (A) the product of (i) the number of Shares as to which the Option is then being
exercised, and (ii) the excess, if any, of (a) the then current Fair Market Value over (b) the Option exercise price,
divided by (B) the then current Fair Market Value.

 

An Option will not confer upon the Participant any
of the rights or privileges of a stockholder in the Company unless and until the Participant exercises the Option in accordance with the
paragraph above and is issued Shares pursuant to such exercise.

 

(e)            Incentive
Stock Option Limitations. In the case of an Incentive Stock Option, the aggregate Fair Market Value (determined as of the time of
grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar
year under the Plan and/or any other plan of the Company, its Parent or any Subsidiary will not exceed $100,000. For purposes of applying
the foregoing limitation, Incentive Stock Options will be taken into account in the order granted. To the extent any Option does
not meet such limitation, that Option will be treated for all purposes as a Non-Qualified Stock Option.

 

(f)            Termination
of Service. Unless otherwise specified in the applicable Award Agreement or as otherwise provided by the Committee at or after the
time of grant, Options will be subject to the terms of Section 7 with respect to exercise upon or following termination of
employment or other service.

 

Section 6.           Stock
Appreciation Right. Subject to the other terms of the Plan, the Committee may grant Stock
Appreciation Rights to eligible individuals. Each Stock Appreciation Right shall represent the right to receive, upon exercise, an amount
equal to the number of Shares subject to the Award that is being exercised multiplied by the excess of (i) the Fair Market Value
on the date the Award is exercised, over (ii) the base price specified in the applicable Award Agreement. Distributions may be made
in cash, Shares, or a combination of both, at the discretion of the Committee. The Award Agreement evidencing each Stock Appreciation
Right shall indicate the base price, the term and the Vesting Conditions for such Award. A Stock Appreciation Right base price may never
be less than the Fair Market Value of the underlying common stock of the Company on the date of grant of such Stock Appreciation Right.
The term of each Stock Appreciation Right will be fixed by the Committee, but no Stock Appreciation Right will be exercisable more than
10 years after the date the Stock Appreciation Right is granted. Subject to the terms and conditions of the applicable Award Agreement,
Stock Appreciation Rights may be exercised in whole or in part from time to time during their term by the delivery of written notice
to the Company specifying the portion of the Award to be exercised. Unless otherwise specified in the applicable Award Agreement or as
otherwise provided by the Committee at or after the time of grant, Stock Appreciation Rights will be subject to the terms of Section 7
with respect to exercise upon or following termination of employment or other service.

 

    -9- 

     

    

 

Section 7.           Termination
of Service. Unless otherwise specified with respect to a particular Option or Stock Appreciation
Right in the applicable Award Agreement or otherwise determined by the Committee, any portion of an Option or Stock Appreciation Right
that is not exercisable upon termination of service will expire immediately and automatically upon such termination and any portion of
an Option or Stock Appreciation Right that is exercisable upon termination of service will expire on the date it ceases to be exercisable
in accordance with this Section 7.

 

(a)            Termination
by Reason of Death. If a Participant’s service with the Company or any Affiliate terminates by reason of death, any Option or
Stock Appreciation Right held by such Participant may thereafter be exercised, to the extent it was exercisable at the time of his or
her death or on such accelerated basis as the Committee may determine at or after grant, by the legal representative of the estate or
by the legatee of the Participant, for a period expiring (i) at such time as may be specified by the Committee at or after grant,
or (ii) if not specified by the Committee, then 12 months from the date of death, or (iii) if sooner than the applicable period
specified under (i) or (ii) above, upon the expiration of the stated term of such Option or Stock Appreciation Right.

 

(b)            Termination
by Reason of Disability. If a Participant’s service with the Company or any Affiliate terminates by reason of Disability, any
Option or Stock Appreciation Right held by such Participant may thereafter be exercised by the Participant or his or her personal representative,
to the extent it was exercisable at the time of termination, or on such accelerated basis as the Committee may determine at or after grant,
for a period expiring (i) at such time as may be specified by the Committee at or after grant, or (ii) if not specified by the
Committee, then 12 months from the date of termination of service, or (iii) if sooner than the applicable period specified under
(i) or (ii) above, upon the expiration of the stated term of such Option or Stock Appreciation Right.

 

(c)            Cause.
If a Participant’s service with the Company or any Affiliate is terminated for Cause or if a Participant resigns at a time that
there was a Cause basis for such Participant’s termination: (i) any Option or Stock Appreciation Right, or portion thereof,
not already exercised will be immediately and automatically forfeited as of the date of such termination, and (ii) any Shares for
which the Company has not yet delivered share certificates will be immediately and automatically forfeited and the Company will refund
to the Participant the Option exercise price paid for such Shares, if any.

 

(d)            Other
Termination. If a Participant’s service with the Company or any Affiliate terminates for any reason other than death, Disability
or Cause, any Option or Stock Appreciation Right held by such Participant may thereafter be exercised by the Participant, to the extent
it was exercisable at the time of such termination, or on such accelerated basis as the Committee may determine at or after grant, for
a period expiring (i) at such time as may be specified by the Committee at or after grant, or (ii) if not specified by the
Committee, then 90 days from the date of termination of service, or (iii) if sooner than the applicable period specified under (i) or
(ii) above, upon the expiration of the stated term of such Option or Stock Appreciation Right.

 

    -10- 

     

    

 

Section 8.           Restricted
Stock.

 

(a)            Issuance.
Restricted Stock may be issued either alone or in conjunction with other Awards. The Committee will determine the time or times within
which Restricted Stock may be subject to forfeiture, and all other conditions of such Awards. The purchase price for Restricted Stock
may, but need not, be zero.

 

(b)            Certificates.
Upon the Award of Restricted Stock, the Committee may direct that a certificate or certificates representing the number of Shares subject
to such Award be issued to the Participant or placed in a restricted stock account (including an electronic account) with the transfer
agent and in either case designating the Participant as the registered owner. The certificate(s), if any, representing such shares shall
be physically or electronically legended, as applicable, as to sale, transfer, assignment, pledge or other encumbrances during the Restriction
Period. If physical certificates are issued, they will be held in escrow by the Company or its designee during the Restriction Period.
As a condition to any Award of Restricted Stock, the Participant may be required to deliver to the Company a share power, endorsed in
blank, relating to the Shares covered by such Award.

 

(c)            Restrictions
and Conditions. The Award Agreement evidencing the grant of any Restricted Stock will incorporate the following terms and conditions
and such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee deems appropriate in its sole
and absolute discretion:

 

(i)            During
a period commencing with the date of an Award of Restricted Stock and ending at such time or times as specified by the Committee (the
 “Restriction Period”), the Participant will not be permitted to sell, transfer, pledge, assign or otherwise encumber
Restricted Stock awarded under the Plan. The Committee may condition the lapse of restrictions on Restricted Stock upon one or more Vesting
Conditions.

 

(ii)            While
any Share of Restricted Stock remains subject to restriction, the Participant will have, with respect to the Restricted Stock, the right
to vote the Shares. If any cash distributions or dividends are payable with respect to the Restricted Stock, the Committee, in its sole
discretion, may require the cash distributions or dividends to be subjected to the same Restriction Period as is applicable to the Restricted
Stock with respect to which such amounts are paid, or, if the Committee so determines, reinvested in additional Restricted Stock to the
extent Shares are available under Section 3 of the Plan. A Participant shall not be entitled to interest with respect to any
dividends or distributions subjected to the Restriction Period. Any distributions or dividends paid in the form of securities with respect
to Restricted Stock will be subject to the same terms and conditions as the Restricted Stock with respect to which they were paid, including,
without limitation, the same Restriction Period.

 

    -11- 

     

    

 

(iii)            Subject
to the provisions of the applicable Award Agreement or as otherwise determined by the Committee, if a Participant’s service with
the Company and its Affiliates terminates prior to the expiration of the applicable Restriction Period, the Participant’s Restricted
Stock that then remains subject to forfeiture will then be forfeited automatically.

 

Section 9.           Restricted
Stock Units. Subject to the other terms of the Plan, the Committee may grant Restricted Stock
Units to eligible individuals and may impose one or more Vesting Conditions on such units. Each Restricted Stock Unit will represent a
right to receive from the Company, upon fulfillment of any applicable conditions, an amount equal to the Fair Market Value (at the time
of the distribution). Distributions may be made in cash, Shares, or a combination of both, at the discretion of the Committee. The Award
Agreement evidencing a Restricted Stock Unit shall set forth the Vesting Conditions and time and form of payment with respect to such
Award. The Participant shall not have any stockholder rights with respect to the Shares subject to a Restricted Stock Unit Award until
that Award vests and the Shares are actually issued thereunder; provided, however, that an Award Agreement may provide for
the inclusion of dividend equivalent payments or unit credits with respect to the Award in the discretion of the Committee. Subject to
the provisions of the applicable Award Agreement or as otherwise determined by the Committee, if a Participant’s service with the
Company terminates prior to the Restricted Stock Unit Award vesting in full, any portion of the Participant’s Restricted Stock Units
that then remain subject to forfeiture will then be forfeited automatically.

 

Section 10.         Cash
or Other Stock Based Awards. Subject to the other terms of the Plan, the Committee may grant
Cash or Other Stock Based Awards (including Awards to receive unrestricted Shares or immediate cash payments) to eligible individuals.
The Award Agreement evidencing a Cash or Other Stock Based Award shall set forth the terms and conditions of such Cash or Other Stock
Based Award, including, as applicable, the term, any exercise or purchase price, performance goals, Vesting Conditions and other terms
and conditions. Payment in respect of a Cash or Other Stock Based Award may be made in cash, Shares, or a combination of cash and Shares,
as determined by the Committee.

 

Section 11.          Amendments
and Termination. Subject to any stockholder approval
that may be required under Applicable Law, the Plan may be amended or terminated at any time or from time to time by the Board.

 

Section 12.         Prohibition
on Repricing Programs. Neither the Committee nor the Board shall (i) implement any cancellation/re-grant
program pursuant to which outstanding Options or Stock Appreciation Rights under the Plan are cancelled and new Options or Stock Appreciation
Rights are granted in replacement with a lower exercise or base price per share, (ii) cancel outstanding Options or Stock Appreciation
Rights under the Plan with exercise prices or base prices per share in excess of the then current Fair Market Value for consideration
payable in equity securities of the Company or cash or (iii) otherwise directly reduce the exercise price or base price in effect
for outstanding Options or Stock Appreciation Rights under the Plan, without in each such instance obtaining stockholder approval.

 

    -12- 

     

    

 

Section 13.         Conditions
Upon Grant of Awards and Issuance of Shares.

 

(a)            The
implementation of the Plan, the grant of any Award and the issuance of Shares in connection with the issuance, exercise or vesting of
any Award made under the Plan shall be subject to the Company’s procurement of all approvals and permits required by regulatory
authorities having jurisdiction over the Plan, the Awards made under the Plan and the Shares issuable pursuant to those Awards.

 

(b)            No
Shares or other assets shall be issued or delivered under the Plan unless and until there shall have been compliance with all applicable
requirements of Applicable Law.

 

Section 14.         Limits
on Transferability; Beneficiaries. No Award or other right or interest of a Participant under
the Plan shall be pledged, encumbered, or hypothecated to, or in favor of, or subject to any lien, obligation, or liability of such Participant
to, any party, other than the Company, any Subsidiary or Affiliate, or assigned or transferred by such Participant other than by will
or the laws of descent and distribution, and such Awards and rights shall be exercisable during the lifetime of the Participant only by
the Participant or his or her guardian or legal representative. Notwithstanding the foregoing, the Committee may, in its discretion, provide
that Awards or other rights or interests of a Participant granted pursuant to the Plan (other than an Incentive Stock Option) be transferable,
without consideration, to immediate family members (i.e., children, grandchildren or spouse), to trusts for the benefit of such immediate
family members and to partnerships in which such family members are the only partners. The Committee may attach to such transferability
feature such terms and conditions as it deems advisable. In addition, a Participant may, in the manner established by the Committee, designate
a beneficiary (which may be a person or a trust) to exercise the rights of the Participant, and to receive any distribution, with respect
to any Award upon the death of the Participant. A beneficiary, guardian, legal representative or other person claiming any rights under
the Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award Agreement applicable to
such Participant, except as otherwise determined by the Committee, and to any additional restrictions deemed necessary or appropriate
by the Committee.

 

Section 15.         Withholding
of Taxes. No later than the date as of which an amount first becomes includible in the gross
income of the Participant for federal income tax purposes with respect to any Award under the Plan, the Participant will pay to the Company,
or make arrangements satisfactory to the Company regarding the payment of, any federal, state or local taxes of any kind required by law
to be withheld with respect to such amount. To the extent authorized by the Committee, the required tax withholding may be satisfied by
the withholding of Shares subject to the Award based on the Fair Market Value on the date of withholding, but in any case not in excess
of the amount determined based on the maximum statutory tax rate in the applicable jurisdiction. The obligations of the Company under
the Plan will be conditioned on such payment or arrangements and the Company will have the right to deduct any such taxes from any payment
of any kind otherwise due to the Participant.

 

Section 16.         Liability
of Company.

 

(a)            Inability
to Obtain Authority. If the Company cannot, by the exercise of commercially reasonable efforts, obtain authority from any regulatory
body having jurisdiction for the sale of any Shares under this Plan, and such authority is deemed by the Company’s counsel to be
necessary to the lawful issuance of those Shares, the Company will be relieved of any liability for failing to issue or sell those Shares.

 

    -13- 

     

    

 

(b)            Rights
of Participants and Beneficiaries. The Company will pay all amounts payable under this Plan only to the applicable Participant, or
beneficiaries entitled thereto pursuant to this Plan. The Company will not be liable for the debts, contracts, or engagements of any Participant
or his or her beneficiaries, and rights to cash payments under this Plan may not be taken in execution by attachment or garnishment, or
by any other legal or equitable proceeding while in the hands of the Company.

 

Section 17.         General
Provisions.

 

(a)            The
Committee may require each Participant to represent to and agree with the Company in writing that the Participant is acquiring securities
of the Company for investment purposes and without a view to distribution thereof and as to such other matters as the Committee believes
are appropriate.

 

(b)            The
Awards shall be subject to the Company’s stock ownership policies, as in effect from time to time.

 

(c)            All
certificates for Shares or other securities delivered under the Plan will be subject to such share-transfer orders and other restrictions
as the Board may deem advisable under the rules, regulations and other requirements of the Securities Act of 1933, as amended, the Exchange
Act, any stock exchange upon which the Shares are then listed, and any other Applicable Law, and the Board may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions.

 

(d)            Nothing
contained in the Plan will prevent the Company from adopting other or additional compensation arrangements, subject to stockholder approval
if such approval is required.

 

(e)            Neither
the adoption of the Plan nor the execution of any document in connection with the Plan will: (i) confer upon any employee or other
service provider of the Company or an Affiliate any right to continued employment or engagement with the Company or such Affiliate, or
(ii) interfere in any way with the right of the Company or such Affiliate to terminate the employment or engagement of any of its
employees or other service providers at any time.

 

(f)            The
Awards (whether vested or unvested) shall be subject to rescission, cancellation or recoupment, in whole or in part, under any current
or future “clawback” or similar policy of the Company that is applicable to the Participant. Notwithstanding any other provisions
in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will
be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange
listing requirement.

 

    -14- 

     

    

 

Section 18.         Effectiveness
of Plan. The Plan will become effective upon the execution of an underwriting agreement
with respect to the Company’s initial public offering of common stock (the “Effective Time”).

 

Section 19.         Term
of Plan. Unless the Plan shall theretofore have been terminated in accordance with Section 11,
the Plan shall terminate on the 10-year anniversary of the Effective Time, and no Awards under the Plan shall thereafter be granted.

 

Section 20.          Invalid
Provisions. In the event that any provision of this Plan is found to be invalid or otherwise
unenforceable under any Applicable Law, such invalidity or unenforceability will not be construed as rendering any other provisions contained
herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent as though the
invalid or unenforceable provision was not contained herein.

 

Section 21.         Governing
Law. The Plan and all Awards granted hereunder will be governed by and construed in accordance
with the laws and judicial decisions of the State of Delaware, without regard to the application of the principles of conflicts of laws.

 

Section 22.         Notices.
Any notice to be given to the Company pursuant to the provisions of this Plan must be given in writing and addressed, if to the Company,
to its principal executive office to the attention of its Chief Financial Officer (or such other Person as the Company may designate in
writing from time to time), and, if to a Participant, to the address contained in the Company’s personnel files, or at such other
address as that Participant may hereafter designate in writing to the Company. Any such notice will be deemed duly given: if delivered
personally or via recognized overnight delivery service, on the date and at the time so delivered; if sent via telecopier or email, on
the date and at the time telecopied or emailed with confirmation of delivery; or, if mailed, five (5) days after the date of mailing
by registered or certified mail.

 

    -15-Exhibit 10.12

 

Cognition
THERAPEUTICS, INC.

 

2021
EMPLOYEE STOCK PURCHASE PLAN

 

1.             Purpose.
The purpose of the Cognition Therapeutics, Inc. 2021 Employee Stock Purchase Plan is to provide employees of the Company and its
Participating Subsidiaries with an opportunity to acquire a proprietary interest in the Company through the purchase of shares of Common
Stock. The Company intends that the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code,
and the Plan shall be interpreted in a manner that is consistent with that intent.

 

2.             Definitions.

 

“Board” means the Board of Directors
of the Company, as constituted from time to time.

 

“Code” means the U.S. Internal
Revenue Code of 1986, as amended. Any reference to a section of the Code shall be deemed to include any regulations promulgated thereunder.

 

“Committee” means the Compensation
Committee of the Board.

 

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

 

“Company” means Cognition Therapeutics, Inc.,
a Delaware corporation, including any successor thereto.

 

“Compensation” means base salary
and base wages, including compensation for overtime, paid to an Eligible Employee by the Company or a Participating Subsidiary as compensation
for services to the Company or Participating Subsidiary, before deduction for any contributions from salary or wages made by the Eligible
Employee to any tax-qualified or nonqualified deferred compensation plan, cafeteria plan or similar arrangement.

 

“Corporate Transaction” means
a merger, consolidation, acquisition of property or stock, separation, reorganization or other corporate event described in Section 424
of the Code.

 

“Designated Broker” means the
financial services firm or other agent designated by the Company to maintain ESPP Share Accounts on behalf of Participants who have purchased
shares of Common Stock under the Plan.

 

“Effective Date” means the Public
Trading Date, provided that the Board has adopted the Plan prior to such date and subject to the Plan obtaining shareholder approval in
accordance with Section 19.10.

 

“Employee” means any person
who renders services to the Company or a Participating Subsidiary as an employee pursuant to an employment relationship with such employer.
For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on military leave,
sick leave or other leave of absence approved by the Company or a Participating Subsidiary that meets the requirements of Treasury Regulation
Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months, or such other period of time specified in Treasury
Regulation Section 1.421-1(h)(2), and the individual’s right to re-employment is not guaranteed by statute or contract, the
employment relationship shall be deemed to have terminated on the first day immediately following such three-month period, or such other
period specified in Treasury Regulation Section 1.421-1(h)(2).

 

     

     

    

 

“Eligible Employee” means an
Employee who is customarily employed for at least twenty (20) hours per week and for more than five (5) months in any calendar year.
Notwithstanding the foregoing, the Committee may exclude from participation in the Plan or from any Offering, Employees who are (x) “highly
compensated employees” of the Company or a Participating Subsidiary (within the meaning of Section 414(q) of the Code)
or a sub-set of such highly compensated employees, or (y) citizens or residents of a foreign jurisdiction where the grant of an option
under the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction or the grant of an option under the Plan
to such Employee in compliance with the laws of such foreign jurisdiction would cause the Plan to violate the requirements of Section 423
of the Code, as determined by the Committee in its sole discretion.

 

“Enrollment Form” means an agreement
pursuant to which an Eligible Employee may elect to enroll in the Plan, authorize a new level of payroll deductions, or stop payroll deductions
and withdraw from an Offering Period.

 

“ESPP Share Account” means an
account into which Common Stock purchased with accumulated payroll deductions at the end of an Offering Period are held on behalf of a
Participant.

 

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

 

“Fair Market Value” means, as
of any date, (i) if the shares are listed on any established stock exchange or a national market system, including, without limitation,
the New York Stock Exchange or the NASDAQ Stock Market, the closing price of a share of Common Stock (or if no sales were reported, the
closing price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported
in The Wall Street Journal, or (ii) in the absence of an established market for the shares, an amount determined in good faith by
the Committee, with such determination conclusive and binding on all persons.

 

“Offering” means the grant of
rights to an Eligible Employee to purchase shares of Common Stock during an Offering Period in accordance with the Plan.

 

“Offering Date” means the first
Trading Day of each Offering Period, as designated by the Committee.

 

“Offering Period” means a period
of six (6) months beginning on January 1st and July 1st of each year; provided that, pursuant
to Section 5, the Committee may change the duration of future Offering Periods (subject to a maximum Offering Period of twenty-seven
(27) months) and/or the start and end dates of future Offering Periods.

 

     -2-

     

    

 

“Participant” means an Eligible
Employee who is actively participating in the Plan.

 

“Participating Subsidiaries”
means the Subsidiaries that the Committee has designated as eligible to participate in the Plan, and such other Subsidiaries that may
be designated by the Committee from time to time in its sole discretion.

 

“Plan” means this Cognition
Therapeutics, Inc. 2021 Employee Stock Purchase Plan, as set forth herein, and as amended from time to time.

 

“Public Trading Date” shall
mean the first date upon which the Common Stock is listed (or approved for listing) upon notice of issuance on any securities exchange
or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system.

 

“Purchase Date” means the last
Trading Day of each Offering Period.

 

“Purchase Price” means an amount
equal to the lesser of (i) eight-five percent (85%) of the Fair Market Value of a share of Common Stock on the Offering Date and
(ii) eight-five percent (85%) of the Fair Market Value of a share of Common Stock on the Purchase Date; provided that, the
Purchase Price per share of Common Stock will in no event be less than the par value of the Common Stock.

 

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

 

“Subsidiary” means any corporation,
domestic or foreign, other than the Company, in an unbroken chain of corporations beginning with the Company if, at the time of the determination,
each of the corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in the chain; provided, however, that a limited liability
company or partnership may be treated as a Subsidiary to the extent that either (i) such entity is treated as a disregarded entity
under Treasury Regulation Section 301.7701-3(a) by reason of the Company or any other Subsidiary that is a corporation being
the sole owner of such entity, or (b) such entity elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a) and
such entity would otherwise qualify as a Subsidiary. In all cases, the determination of whether an entity is a Subsidiary shall be made
in accordance with Section 424(f) of the Code.

 

“Trading Day” means any day
on which the national stock exchange upon which the Common Stock is listed is open for trading or, if the Common Stock is not listed on
an established stock exchange or national market system, a business day, as determined by the Committee in good faith.

 

3.            Administration.
The Committee shall administer the Plan and shall have the authority to construe and interpret the Plan, prescribe, amend and rescind
rules relating to the Plan’s administration and take any other actions necessary or desirable for the administration of the
Plan, and to ensure compliance with Section 423 of the Code and other applicable law. The Committee’s decisions shall be final
and binding on all persons. All expenses of administering the Plan shall be borne by the Company.

 

     -3-

     

    

 

4.             Eligibility.

 

4.1.            Unless
otherwise determined by the Committee in a manner consistent with Section 423 of the Code, any individual who is an Eligible Employee
as of the first day of the enrollment period designated by the Committee for a particular Offering Period shall be eligible to participate
in such Offering Period, subject to requirements under Section 423 of the Code.

 

4.2.            Notwithstanding
any provision of the Plan to the contrary, (i) no Eligible Employee shall be granted an option under the Plan if immediately after
the grant of the option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant
to Section 424(d) of the Code) would own capital stock of the Company or hold outstanding options to purchase stock possessing
5% or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary, and (ii) in accordance
with Section 423(b)(8) of the Code, no Eligible Employee shall be granted an option under the Plan to the extent such option
would permit his or her rights to purchase stock under the Plan and all other employee stock purchase plans of the Company and any Subsidiary
to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined at the time the option is granted) for each
calendar year in which the option is outstanding.

 

5.             Offering
Periods. The Plan shall be implemented by a series of Offering Periods, commencing at such time as determined by the Committee. The
Committee shall have the authority to change the duration, frequency, start and end dates of Offering Periods.

 

6.             Participation.

 

6.1.            Enrollment
and Payroll Deductions. An Eligible Employee may elect to participate in the Plan by completing an Enrollment Form and submitting
it to the Company, in accordance with the enrollment procedures established by the Committee. Participation in the Plan is entirely voluntary.
By submitting an Enrollment Form, an Eligible Employee authorizes payroll deductions from his or her pay check in an amount equal to (i) a
whole percentage of his or her Compensation (no less than 1% and no greater than 15 %
(or such other maximum percentage as the Committee may establish from time to time before an Offering
Period begins)) or (ii) a fixed dollar amount, in each case, on each pay day occurring during an Offering Period. Payroll deductions
shall commence on the first payroll date following the Offering Date and end on the last payroll date on or before the Purchase Date.
The Company shall maintain records of all payroll deductions but shall have no obligation to pay interest on payroll deductions or to
hold such amounts in a trust or in any segregated account. Unless expressly permitted by the Committee, a Participant may not make any
separate contributions or payments to the Plan.

 

6.2.            Election
Changes. During an Offering Period, a Participant may decrease or increase his or her rate of payroll deductions applicable to such
Offering Period only once. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate of payroll
deductions at least fifteen (15) days before the Purchase Date. Any such change of payroll deductions during an Offering Period shall
be effective with the first full payroll period that commences at least five (5) business days after the Company’s receipt
of the Participant’s new Enrollment Form. A Participant may decrease or increase his or her rate of payroll deductions for future
Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen (15) days before
the start of the next Offering Period.

 

     -4-

     

    

 

6.3.            Automatic
Re-Enrollment. The deduction rate selected by a Participant in an Enrollment Form shall remain in effect for subsequent Offering
Periods, unless the Participant (i) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance
with Section 6.2, (ii) withdraws from the Plan in accordance with Section 10, or (iii) terminates employment
or otherwise becomes ineligible to participate in the Plan.

 

7.             Grant
of Option. On each Offering Date, each Participant in the applicable Offering Period shall be granted an option to purchase, on the
Purchase Date, a number of shares of Common Stock determined by dividing the Participant’s accumulated payroll deductions during
the Offering Period by the applicable Purchase Price (rounded down to the nearest whole share of Common Stock); provided that in
no event shall any Participant purchase more than 5,000 shares of Common Stock during an Offering Period (subject to adjustment in accordance
with Section 18 and the limitations set forth in Section 13).

 

8.             Exercise
of Option/Purchase of Shares. A Participant’s option to purchase shares of Common Stock will be exercised automatically on the
Purchase Date of each Offering Period. The Participant’s accumulated payroll deductions will be used to purchase the maximum number
of whole shares of Common Stock that can be purchased with the amounts in the Participant’s notional account. No fractional shares
may be purchased.

 

9.             Transfer
of Shares. As soon as reasonably practicable after each Purchase Date, the Company will arrange for the delivery to each Participant
of the shares of Common Stock purchased upon exercise of his or her option. The Committee may permit or require that the shares of Common
Stock be deposited directly into an ESPP Share Account established in the name of the Participant with a Designated Broker and may require
that the shares of Common Stock be retained with such Designated Broker for a specified period of time. Participants will not have any
voting, dividend or other rights of a shareholder with respect to the shares of Common Stock subject to any option granted hereunder until
such shares have been delivered pursuant to this Section 9.

 

10.           Withdrawal.

 

10.1.            Withdrawal
Procedure. A Participant may withdraw from an Offering by submitting a revised Enrollment Form to the Committee indicating his
or her election to withdraw at least fifteen (15) days before the Purchase Date. The accumulated payroll deductions held on behalf of
a Participant in his or her notional account (that have not been used to purchase shares of Common Stock) shall be paid to the Participant
promptly following receipt of the Participant’s Enrollment Form indicating his or her election to withdraw and the Participant’s
option shall be automatically terminated. If a Participant withdraws from an Offering Period, no payroll deductions will be made during
any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6.1.

 

     -5-

     

    

 

10.2.            Effect
on Succeeding Offering Periods. A Participant’s election to withdraw from an Offering Period will not have any effect upon his
or her eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering Period from which
the Participant withdraws.

 

11.           Termination
of Employment; Change in Employment Status. Upon termination of a Participant’s employment for any reason, including death,
disability or retirement, or a change in the Participant’s employment status following which the Participant is no longer an Eligible
Employee, the Participant will be deemed to have withdrawn from the Plan and the payroll deductions in the Participant’s notional
account that have not been used to purchase shares of Common Stock shall be returned to the Participant, or in the case of the Participant’s
death, to the person(s) entitled to such amounts under Section 17, and the Participant’s option shall be automatically
terminated.

 

12.           Interest.
No interest shall accrue on or be payable with respect to the payroll deductions of a Participant in the Plan.

 

13.           Shares
Reserved for Plan.

 

13.1.            Number
of Shares. A total of _____1 shares of Common Stock have been authorized and reserved for issuance under the Plan. In
addition to the foregoing, subject to prior approval by the Board in each instance, on or about January 1, 2022 and on each anniversary
of such date thereafter prior to the termination of the Plan, the number of shares of Common Stock authorized and reserved for issuance
under the Plan shall be increased by a number of shares of Common Stock equal to the lesser of (i) 1,000,000 shares of Common Stock,
(ii) 1% of the shares of Common Stock outstanding on the final day of the immediately preceding calendar year, and (iii) such
smaller number of shares of Common Stock as determined by the Board. Such shares of Common Stock may be newly issued shares, treasury
shares or shares acquired on the open market.

 

13.2.            Over-Subscribed
Offerings. The number of shares of Common Stock which a Participant may purchase in an Offering under the Plan may be reduced if the
Offering is over-subscribed. No option granted under the Plan shall permit a Participant to purchase shares of Common Stock which, if
added together with the total number of shares of Common Stock purchased by all other Participants in such Offering, would exceed the
total number of shares of Common Stock remaining available under the Plan. If the Committee determines that, on a particular Purchase
Date, the number of shares of Common Stock with respect to which options are to be exercised exceeds the number of shares of Common Stock
then available under the Plan, the Company shall make a pro rata allocation of the shares of Common Stock remaining available for purchase
in as uniform a manner as practicable and as the Committee determines to be equitable.

 

 

1 Total number of shares subject to the Plan will be 1%
of the total shares outstanding at the closing of the initial public offering.

 

     -6-

     

    

 

14.           Transferability.
No payroll deductions credited to a Participant or any rights with respect to the exercise of an option or any rights to receive Common
Stock hereunder may be assigned, transferred, pledged or otherwise disposed of in any way by the Participant, other than by will, the
laws of descent and distribution, or as provided in Section 17. Any attempt to assign, transfer, pledge or otherwise dispose
of such rights or amounts shall be without effect.

 

15.            Application
of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose
to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions or contributions.

 

16.            Statements.
Upon request by a Participant, he or she will be provided with a statement which shall set forth the contributions made by the Participant
to the Plan, the Purchase Price of any shares of Common Stock purchased with accumulated funds, the number of shares of Common Stock purchased,
and any payroll deduction amounts remaining in the Participant’s notional account.

 

17.            Designation
of Beneficiary. A Participant may file a written designation of beneficiary who is to receive any cash withheld through payroll deductions
and credited to the Participant’s notional account in the event of the Participant’s death prior to the Purchase Date of an
Offering Period.

 

18.            Adjustments;
Dissolution or Liquidation; Corporate Transactions.

 

18.1.            Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Common Stock, or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, or exchange of Common Stock or other securities
of the Company, or other change in the Company’s structure affecting the Common Stock occurs, then in order to prevent dilution
or enlargement of the benefits or potential benefits intended to be made available under the Plan, the Committee will, in such manner
as it deems equitable, adjust the number of shares and class of Common Stock that may be delivered under the Plan, the Purchase Price
per share and the number of shares of Common Stock covered by each outstanding option under the Plan, and the numerical limits of Section 7
and Section 13.

 

18.2.            Dissolution
or Liquidation. Unless otherwise determined by the Committee, in the event of a proposed dissolution or liquidation of the Company,
any Offering Period then in progress will be shortened by setting a new Purchase Date that occurs before the date of the Company’s
proposed dissolution or liquidation. Before the new Purchase Date, the Committee will provide each Participant with written notice, which
may be electronic, of the new Purchase Date and that the Participant’s option will be exercised automatically on such date, unless
before such time, the Participant has withdrawn from the Offering in accordance with Section 10.

 

18.3.            Corporate
Transaction. In the event of a Corporate Transaction, each outstanding option will be assumed or an equivalent option substituted
by the successor corporation or a parent or Subsidiary of such successor corporation. If the successor corporation refuses to assume or
substitute the option, the Offering Period with respect to which the option relates will be shortened by setting a new Purchase Date that
occurs before the date of the Corporate Transaction. Prior to the new Purchase Date, the Committee will provide each Participant with
written notice, which may be electronic, of the new Purchase Date and that the Participant’s option will be exercised automatically
on such date, unless before such time, the Participant has withdrawn from the Offering in accordance with Section 10.

 

     -7-

     

    

 

19.            General
Provisions.

 

19.1.            Equal
Rights and Privileges. Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of the Code,
all Eligible Employees who are granted options under the Plan shall have the same rights and privileges.

 

19.2.            No
Right to Continued Service. Neither the Plan nor any compensation paid hereunder will confer on any Participant the right to continue
as an Employee or in any other capacity.

 

19.3.            Rights
as Shareholder. A Participant will become a shareholder with respect to the shares of Common Stock that are purchased pursuant to
options granted under the Plan when the shares are transferred to the Participant’s ESPP Share Account.

 

19.4.            Successors.
The Plan shall be binding on the Company and its successors.

 

19.5.            Compliance
with Law. The obligations of the Company with respect to payments under the Plan are subject to compliance with all applicable laws
and regulations. Common Stock shall not be issued with respect to an option granted under the Plan unless the issuance and exercise of
such option, and the issuance and delivery of the shares of Common Stock pursuant thereto, shall comply with all applicable provisions
of law, including, without limitation, the Securities Act, the Exchange Act, and the requirements of any stock exchange upon which the
shares may then be listed.

 

19.6.            Notice
of Disqualifying Dispositions. Each Participant shall give the Company prompt written notice of any disposition or other transfer
of shares of Common Stock acquired pursuant to the exercise of an option acquired under the Plan, if such disposition or transfer is made
within two years after the Offering Date or within one year after the Purchase Date.

 

19.7.            Term
of Plan. The Plan shall become effective on the Effective Date and, unless terminated earlier pursuant to Section 19.8,
shall have a term of ten (10) years.

 

19.8.            Amendment
or Termination. The Committee may, in its sole discretion, amend, suspend or terminate the Plan at any time and for any reason. If
the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once shares of Common
Stock have been purchased on the next Purchase Date (which may, in the discretion of the Committee, be accelerated) and all amounts that
have not been used to purchase shares of Common Stock will then be returned to Participants.

 

     -8-

     

    

 

19.9.            Applicable
Law. The laws of the State of Delaware shall govern all questions concerning the construction, validity and interpretation of the
Plan, without regard to such state’s conflict of law rules.

 

19.10.          Shareholder
Approval. The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months before or after the date
the Plan is adopted by the Board.

 

19.11.          Section 423
of the Code. The Plan is intended to qualify as an employee stock purchase plan under Section 423 of the Code and will be interpreted
accordingly; provided that the Company does not guarantee any particular tax treatment with respect to an option granted under
this Plan.

 

19.12.          Withholding.
To the extent required by applicable federal, state or local law, a Participant must make arrangements satisfactory to the Company for
the payment of any withholding or similar tax obligations that arise in connection with the Plan. At any time, the Company may, but shall
not be obligated to, withhold from the Participant’s compensation the amount necessary for the Company to meet applicable withholding
obligations.

 

19.13.          Severability.
If any provision of the Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not
affect any other provision hereof, and the Plan shall be construed as if such invalid or unenforceable provision were omitted.

 

19.14.          Headings.
The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the provisions of the Plan.

 

     -9-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]