Document:

EXHIBIT 10.15

 

IMAGEN BIOPHARMA, INC.

 

2016 NON-EMPLOYEE EQUITY INCENTIVE PLAN

 

Imagen Biopharma, Inc. sets forth herein
the terms and conditions of its 2016 Non-Employee Equity Incentive Plan. The Plan was initially adopted by the Board on March 23, 2016 and initially approved by the stockholders of the Company on May 8, 2016.

 

		1.	PURPOSE

 

The Plan is intended to enhance the Company’s
and its Affiliates’ ability to attract and retain highly qualified Non-Employee Directors and Consultants, and to motivate
such Non-Employee Directors and Consultants to serve the Company and its Affiliates and to expend maximum effort to improve the
business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary
interest in the operations and future success of the Company. To this end, the Plan provides for the grant of stock options, restricted
stock, restricted stock units, unrestricted stock, other share-based awards and cash awards. Any of these awards may, but need
not, be made as performance incentives to reward attainment of performance goals in accordance with the terms and conditions hereof.
Stock options granted under the Plan shall be non-qualified stock options.

 

		2.	DEFINITIONS

 

For purposes of interpreting the Plan and related documents
(including Award Agreements), the following definitions shall apply:

 

2.1.      “Affiliate”
means any company or other trade or business that “controls,” is “controlled by” or is “under common
control” with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including any Subsidiary.

 

2.2.      “Award”
means a grant of an Option, Restricted Stock, RSU, Other Share-based Award or cash award under the Plan.

 

2.3.      “Award
Agreement” means a written agreement between the Company and a Grantee, or notice from the Company or an Affiliate to
a Grantee that evidences and sets out the terms and conditions of an Award.

 

2.4.      “Board”
means the Board of Directors of the Company.

 

2.5.      “Business
Combination” shall have the meaning set forth in Section 14.3.2.

 

2.6.      “Cause”
shall have such meaning as determined by the Committee and set forth in the applicable Award Agreement. Unless otherwise expressly
provided in the applicable Award Agreement, the determination of Cause with respect to an Award shall be made by the Committee
in its sole discretion.

 

2.7.      “Change
in Control” shall have the meaning set forth in Section 14.3.2.

 

2.8.      “Code”
means the Internal Revenue Code of 1986.

 

2.9.      “Committee”
means the Compensation Committee of the Board or any committee or other person or persons designated by the Board to administer
the Plan. The Board will cause the Committee to satisfy the applicable requirements of any securities exchange on which the Common
Stock may then be listed. For purposes of Awards to Grantees who are subject to Section 16 of the

 

     

     

    

 

Exchange Act, Committee means all of the
members of the Committee who are “non-employee directors” within the meaning of Rule 16b-3 adopted under the Exchange
Act. All references in the Plan to the Board shall mean such Committee or the Board to the extent the Committee has been designated
by the Board to administer the Plan.

 

2.10.    “Company”
means Imagen Biopharma, Inc., a Delaware Corporation, or any successor corporation.

 

2.11.    “Common
Stock” means the common stock of the Company.

 

2.12.    “Consultant”
means a consultant or advisor that provides bona fide services to the Company or any Affiliate and who qualifies as a consultant
or advisor under Rule 701 of the Securities Act (during any period in which the Company is not a public company subject to the
reporting requirements of the Exchange Act) or Form S-8 (during any period in which the Company is a public company subject to
the reporting requirements of the Exchange Act).

 

2.13.    “Corporate
Transaction” means a reorganization, merger, statutory share exchange, consolidation, sale of all or substantially all
of the Company’s assets or the acquisition of assets or stock of another entity by the Company or other corporate transaction
involving the Company or any of its Subsidiaries.

 

2.14.    “Effective
Date” means March 23, 2016, the date the Plan was approved by the Board.

 

2.15.    “Exchange
Act” means the Securities Exchange Act of 1934.

 

2.16.    “Fair
Market Value” of a Share as of a particular date means (i) if the Common Stock is listed on a national securities exchange,
the closing or last price of the Common Stock on the composite tape or other comparable reporting system for the applicable date,
or if the applicable date is not a trading day, the trading day immediately preceding the applicable date, or (ii) if the Common
Stock is not then listed on a national securities exchange, the closing or last price of the Common Stock quoted by an established
quotation service for over-the-counter securities, or (iii) if the Common Stock is not then listed on a national securities exchange
or quoted by an established quotation service for over-the-counter securities, or the value of the Common Stock is not otherwise
determinable, such value as determined by the Board.

 

2.17.    “Family
Member” means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent, grandparent,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law or sister-in-law, including
adoptive relationships, of the applicable individual, any person sharing the applicable individual’s household (other than
a tenant or employee), a trust in which any one or more of these persons have more than 50% of the beneficial interest, a foundation
in which any one or more of these persons (or the applicable individual) control the management of assets, and any other entity
in which one or more of these persons (or the applicable individual) own more than 50% of the voting interests.

 

2.18.    “Grant
Date” means the latest to occur of (i) the date as of which the Board approves an Award, (ii) the date on which the recipient
of an Award first becomes eligible to receive an Award under Section 6 or (iii) such other date as may be specified by the
Board in the Award Agreement.

 

2.19.    “Grantee”
means a person who receives or holds an Award.

 

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2.20.    “Holder”
means, with respect to any Issued Shares, the person holding such Issued Shares, including the initial Grantee or any Permitted
Transferee.

 

2.21.    “Incumbent
Directors” shall have the meaning set forth in Section 14.3.2.

 

2.22.    “Initial
Public Offering” means the initial public offering of Shares pursuant to a registration statement (other than a Form
S-8 or successor form) filed with, and declared effective by, the SEC.

 

2.23.    “Issued
Shares” means, collectively, all outstanding Shares issued pursuant to Awards (including outstanding Restricted Stock
prior to or after vesting and Shares issued in connection with the exercise of an Option).

 

2.24.    “Non-Employee
Director” means a member of the Board or the board of directors of an Affiliate, in each case who is not an officer or
employee of the Company or any Affiliate.

 

2.25.    “Offered
Shares” shall have the meaning set forth in Section 16.4.1.

 

2.26.    “Offering”
shall have the meaning set forth in Section 16.5.

 

2.27.    “Option”
means an option to purchase one or more Shares pursuant to the Plan.

 

2.28.    “Option
Price” means the exercise price for each Share subject to an Option.

 

2.29.    “Other
Share-based Awards” means Awards consisting of Share units, or other Awards, valued in whole or in part by reference
to, or otherwise based on, Common Stock, other than Options, Restricted Stock and RSUs.

 

2.30.    “Performance
Award” means an Award made subject to the attainment of performance goals (as described in Section 11) over a
performance period established by the Committee.

 

2.31.    “Permitted
Transferee” means any of the following to whom a Holder may transfer Issued Shares hereunder (as set forth in Section
16.11.3): the Holder’s spouse, children (natural or adopted), stepchildren or a trust for their sole benefit
of which the Holder is the settlor; provided however, that any such trust does not require or permit distribution of any
Issued Shares during the term of the Plan unless subject to its terms. Upon the death of the Holder, the term Permitted Transferees
shall also include such deceased Holder’s estate, executors, administrators, personal representatives, heirs, legatees and
distributees, as the case may be.

 

2.32.    “Person”
means an individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act.

 

2.33.    “Plan”
means this Imagen Biopharma, Inc. 2016 Non-Employee Equity Incentive Plan.

 

2.34.    “Purchase
Price” means the purchase price for each Share pursuant to a grant of Restricted Stock.

 

2.35.    “Restricted
Period” shall have the meaning set forth in Section 9.1.

 

2.36.    “Restricted
Stock” means restricted Shares that are subject to specified terms and conditions, awarded to a Grantee pursuant to Section
9.

 

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2.37.    “Restricted
Stock Unit” or “RSU” means a bookkeeping entry representing the right to receive Shares or their cash
equivalent subject to the satisfaction of specified terms and conditions, awarded to a Grantee pursuant to Section 9.

 

2.38.    “SEC”
means the United States Securities and Exchange Commission.

 

2.39.    “Section
409A” means Code Section 409A.

 

2.40.    “Securities
Act” means the Securities Act of 1933.

 

2.41.    “Separation
from Service” means the termination of a Service Provider’s Service, whether initiated by the Service Provider
or the Company or an Affiliate; provided that if any Award governed by Section 409A is to be distributed on a Separation
from Service, then the definition of Separation from Service for such purposes shall comply with the definition provided in Section
409A.

 

2.42.    “Service”
means service as a Service Provider to the Company or an Affiliate. Unless otherwise provided in the applicable Award Agreement,
a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues
to be a Service Provider to the Company or an Affiliate.

 

2.43.    “Service
Provider” means a Non-Employee Director or Consultant of the Company or an Affiliate.

 

2.44.    “Share”
means a share of Common Stock.

 

2.45.    “Subsidiary”
means any “subsidiary corporation” of the Company within the meaning of Code Section 424(f).

 

2.46.    “Substitute
Award” means any Award granted in assumption of or in substitution for an award of a company or business acquired by
the Company or an Affiliate or with which the Company or an Affiliate combines.

 

2.47.    “Termination
Date” means the date that is 10 years after the Effective Date, unless the Plan is earlier terminated by the Board under
Section 5.2.

 

2.48.    “Voting
Securities” shall have the meaning set forth in Section 14.3.2.

 

		3.	ADMINISTRATION OF THE PLAN

 

		3.1.	General

 

The Board shall have such powers and authorities
related to the administration of the Plan as are consistent with the Company’s certificate of incorporation and bylaws and
applicable law. The Board shall have the power and authority to delegate its responsibilities hereunder to the Committee, which
shall have full authority to act in accordance with its charter, and with respect to the power and authority of the Board to act
hereunder, all references to the Board shall be deemed to include a reference to the Committee, unless such power or authority
is specifically reserved by the Board. Except as specifically provided in Section 13 or as otherwise may be required by
applicable law, regulatory requirement or the certificate of incorporation or the bylaws of the Company, the Board shall have full
power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award or any
Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations
not inconsistent with the specific terms and conditions of the Plan that the Board deems to be necessary or appropriate to

 

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the administration of the Plan. The Committee
shall administer the Plan; provided that, the Board shall retain the right to exercise the authority of the Committee to
the extent consistent with applicable law and the applicable requirements of any securities exchange on which the Common Stock
may then be listed. All actions, determinations and decisions by the Board or the Committee under the Plan, any Award or any Award
Agreement shall be in the Board’s (or the Committee’s, as applicable) sole discretion and shall be final, binding and
conclusive. Without limitation, the Board shall have full and final power and authority, subject to the other terms and conditions
of the Plan, to:

 

		(i)	designate Grantees;

 

		(ii)	determine the type or types of Awards to be made to Grantees;

 

		(iii)	determine the number of Shares to be subject to an Award;

 

		(iv)	establish the terms and conditions of each Award (including the Option Price of any Option, the nature and duration of any
restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer or forfeiture of an Award
or the Shares subject thereto);

 

		(v)	prescribe the form of each Award Agreement; and

 

		(vi)	amend, modify or supplement the terms or conditions of any outstanding Award including the authority, in order to effectuate
the purposes of the Plan, to modify Awards to foreign nationals or individuals who serve outside the United States to recognize
differences in local law, tax policy or custom.

 

To the extent permitted by applicable law,
the Board may delegate its authority as identified herein to any individual or committee of individuals (who need not be directors),
including the authority to make Awards to Grantees who are not subject to Section 16 of the Exchange Act. To the extent that the
Board delegates its authority to make Awards as provided by this Section 3.1, all references in the Plan to the Board’s
authority to make Awards and determinations with respect thereto shall be deemed to include the Board’s delegate. Any such
delegate shall serve at the pleasure of, and may be removed at any time by, the Board.

 

		3.2.	Award Agreements; Clawbacks

 

The grant of any Award may be contingent
upon the Grantee executing the appropriate Award Agreement. The Company may retain the right in an Award Agreement to cause a forfeiture
of the gain realized by a Grantee on account of actions taken by the Grantee in violation or breach of or in conflict with any
service agreement, non-competition agreement, any agreement prohibiting solicitation of employees or clients of the Company or
any Affiliate thereof or any confidentiality obligation with respect to the Company or any Affiliate thereof, or otherwise in competition
with the Company or any Affiliate thereof, to the extent specified in such Award Agreement applicable to the Grantee. Furthermore,
the Company may annul an Award if the Grantee is terminated for Cause.

 

All Awards and any amounts or benefits
received under the Plan shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance
with the terms or conditions of any applicable Company clawback policy or any applicable law, as may be in effect from time to
time. By accepting an Award, a Grantee shall be deemed to have acknowledged and consented to the Company’s application, implementation
and enforcement of any applicable Company clawback policy that may apply to the Grantee, whether adopted prior to or following
the Award’s Grant Date, and any provision of applicable law relating to cancellation, recoupment, rescission or payback of
compensation, and to have agreed that the Company may take such

 

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actions as may be necessary to effectuate
any such policy or applicable law, without further consideration or action.

 

		3.3.	Deferral Arrangement

 

The Board may permit or require the deferral
of any Award payment into a deferred compensation arrangement, subject to such rules and procedures as it may establish and in
accordance with Section 409A, which may include provisions for the payment or crediting of interest or dividend equivalents, including
converting such credits into deferred Share units.

 

		3.4.	No Liability

 

No member of the Board or of the Committee
shall be liable for any action or determination made in good faith with respect to the Plan, any Award or Award Agreement.

 

		3.5.	Book Entry

 

Notwithstanding any other provision of
the Plan to the contrary, the Company may elect to satisfy any requirement under the Plan for the delivery of stock certificates
through the use of book entry.

 

		4.	STOCK SUBJECT TO THE PLAN

 

		4.1.	Authorized Number of Shares

 

Subject to adjustment under Section
14, the aggregate number of Shares authorized to be issued under the Plan is 500,000. Shares issued under the Plan may consist
in whole or in part of authorized but unissued Shares, treasury Shares or Shares purchased on the open market or otherwise, all
as determined by the Board from time to time.

 

		4.2.	Share Counting

 

		4.2.1.	General

 

Each Share granted in connection with an
Award shall be counted as one Share against the limit in Section 4.1, subject to the provisions of this Section
4.2.

 

		4.2.2.	Cash-Settled Awards

 

Any Award settled in cash shall not be
counted as issued Shares for any purpose under the Plan.

 

		4.2.3.	Expired or Terminated Awards

 

If any Award expires, or is terminated, surrendered or forfeited,
in whole or in part, the unissued Shares covered by such Award shall again be available for the grant of Awards.

 

		4.2.4.	Payment of Option Price or Tax Withholding in Shares

 

If Shares issuable upon exercise, vesting
or settlement of an Award, or Shares owned by a Grantee (which are not subject to any pledge or other security interest) are surrendered
or tendered to the Company in payment of the Option Price or Purchase Price of an Award or any taxes required to be withheld in
respect of an Award, in each case, in accordance with the terms and conditions of

 

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the Plan and any applicable Award Agreement,
such surrendered or tendered Shares shall again be available for the grant of Awards.

 

		4.2.5.	Substitute Awards

 

Substitute Awards shall not be counted
against the number of Shares reserved under the Plan.

 

		4.2.6.	Limits on Awards to Non-Employee Directors

 

The maximum value of Awards granted during
any calendar year to any Non-Employee Director, taken together with any cash fees paid to such Non-Employee Director during the
calendar year and the value of awards granted to the Non-Employee Director under any other equity compensation plan of the Company
or an Affiliate during the calendar year, shall not exceed $250,000 (calculating the value of any Awards or other equity compensation
plan awards based on the grant date fair value for financial reporting purposes); provided, however, that Awards
granted to a Non-Employee Director upon his or her initial election to the Board or the board of directors of an Affiliate shall
not be counted towards the limit under this Section 4.2.6.

 

		5.	EFFECTIVE DATE, DURATION AND AMENDMENTS

 

		5.1.	Term

 

The Plan shall be effective as of
the Effective Date. The Plan shall terminate automatically on the 10-year anniversary of the Effective Date and may be
terminated on any earlier date as provided in Section 5.2.

 

		5.2.	Amendment and Termination of the Plan

 

The Board may, at any time and from time
to time, amend, suspend or terminate the Plan as to any Awards that have not been made. An amendment shall be contingent on approval
of the Company’s stockholders to the extent stated by the Board, required by applicable law or required by applicable securities
exchange listing requirements. No Awards shall be made after the Termination Date. The applicable terms and conditions of the Plan,
and any terms and conditions applicable to Awards granted prior to the Termination Date shall survive the termination of the Plan
and continue to apply to such Awards. No amendment, suspension or termination of the Plan shall, without the consent of the Grantee,
materially impair rights or obligations under any Award theretofore awarded.

 

		6.	AWARD ELIGIBILITY AND LIMITATIONS

 

		6.1.	Service Providers

 

Subject to this Section 6.1,
Awards may be made to any Service Provider as the Board may determine and designate from time to time.

 

		6.2.	Successive Awards

 

An eligible person may receive more than
one Award, subject to such restrictions as are provided herein.

 

		6.3.	Stand-Alone, Additional, Tandem, and Substitute Awards

 

Awards may be granted either alone or in
addition to, in tandem with or in substitution or

 

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exchange for, any other Award or any award
granted under another plan of the Company, any Affiliate or any business entity to be acquired by the Company or an Affiliate,
or any other right of a Grantee to receive payment from the Company or any Affiliate. Such additional, tandem or substitute or
exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another award, the Board shall
have the right to require the surrender of such other award in consideration for the grant of the new Award. Subject to the requirements
of applicable law, the Board may make Awards in substitution or exchange for any other award under another plan of the Company,
any Affiliate or any business entity to be acquired by the Company or an Affiliate. In addition, Awards may be granted in lieu
of cash compensation, including in lieu of cash amounts payable under other plans of the Company or any Affiliate, in which the
value of Shares subject to the Award is equivalent in value to the cash compensation (for example, RSUs or Restricted Stock).

 

		7.	AWARD AGREEMENT

 

The grant of any Award may be contingent
upon the Grantee executing an appropriate Award Agreement, in such form or forms as the Board shall from time to time determine.
Without limiting the foregoing, an Award Agreement may be provided in the form of a notice that provides that acceptance of the
Award constitutes acceptance of all terms and conditions of the Plan and the notice. Award Agreements granted from time to time
or at the same time need not contain similar provisions but shall be consistent with the terms and conditions of the Plan.

 

		8.	TERMS AND CONDITIONS OF OPTIONS

 

		8.1.	Option Price

 

The Option Price of each Option shall be
fixed by the Board and stated in the related Award Agreement. The Option Price of each Option (except those that constitute Substitute
Awards) shall be at least the Fair Market Value on the Grant Date. In no case shall the Option Price of any Option be less than
the par value of a Share.

 

		8.2.	Vesting

 

Subject to Section 8.3, each
Option shall become exercisable at such times and under such conditions (including performance requirements) as stated in the Award
Agreement.

 

		8.3.	Term

 

Each Option shall terminate, and all rights
to purchase Shares thereunder shall cease, upon the expiration of 10 years from the Grant Date, or under such circumstances and
on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the related Award Agreement.

 

		8.4.	Limitations on Exercise of Option

 

Notwithstanding any other provision of
the Plan, in no event may any Option be exercised, in whole or in part, (i) prior to the date the Plan is approved by the stockholders
of the Company as provided herein or (ii) after the occurrence of an event that results in termination of the Option.

 

		8.5.	Method of Exercise

 

An Option that is exercisable may be exercised
by the Grantee’s delivery of a notice of exercise to the Company, setting forth the number of Shares with respect to which
the Option is to be exercised, accompanied by full payment for the Shares. To be effective, notice of exercise must

 

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be made in accordance with procedures established
by the Company from time to time.

 

		8.6.	Rights of Holders of Options

 

Unless otherwise provided in the applicable
Award Agreement, an individual holding or exercising an Option shall have none of the rights of a stockholder (for example, the
right to receive cash or dividend payments or distributions attributable to the subject Shares or to direct the voting of the subject
Shares) until the Shares covered thereby are fully paid and issued to him. Except as provided in Section 14 or the related
Award Agreement, no adjustment shall be made for dividends, distributions or other rights for which the record date is prior to
the date of such issuance.

 

		8.7.	Delivery of Stock Certificates

 

Subject to Section 3.5, promptly
after the exercise of an Option by a Grantee and the payment in full of the Option Price, such Grantee shall be entitled to the
issuance of a stock certificate or certificates evidencing his or her ownership of the Shares subject to the Option.

 

		9.	TERMS AND CONDITIONS OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS

 

		9.1.	Restrictions

 

At the time of grant, the Board may establish
a period of time (a “Restricted Period”) and any additional restrictions including the satisfaction of corporate
or individual performance objectives applicable to an Award of Restricted Stock or RSUs. Each Award of Restricted Stock or RSUs
may be subject to a different Restricted Period and additional restrictions. Neither Restricted Stock nor RSUs may be sold, transferred,
assigned, pledged or otherwise encumbered or disposed of during the Restricted Period or prior to the satisfaction of any other
applicable restrictions.

 

		9.2.	Restricted Stock Certificates

 

The Company shall issue Shares, in the
name of each Grantee to whom Restricted Stock has been granted, stock certificates or other evidence of ownership representing
the total number of Shares of Restricted Stock granted to the Grantee, as soon as reasonably practicable after the Grant Date.
The Board may provide in an Award Agreement that either (i) the Secretary of the Company shall hold such certificates for the Grantee’s
benefit until such time as the Restricted Stock is forfeited to the Company or the restrictions lapse, or (ii) such certificates
shall be delivered to the Grantee; provided, however, that such certificates shall bear a legend or legends that
comply with the applicable securities laws and regulations and make appropriate reference to the restrictions imposed under the
Plan and the Award Agreement.

 

		9.3.	Rights of Holders of Restricted Stock

 

Unless the otherwise provided in the applicable
Award Agreement and subject to Section 16.11.3, holders of Restricted Stock shall have rights as stockholders
of the Company, including voting and dividend rights.

 

		9.4.	Rights of Holders of RSUs

 

		9.4.1.	Settlement of RSUs

 

RSUs may be settled in cash or Shares,
as determined by the Board and set forth in the Award Agreement. The Award Agreement shall also set forth whether the RSUs shall
be settled (i) within the time period specified for “short term deferrals” under Section 409A or (ii) otherwise within

 

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the requirements of Section 409A, in which
case the Award Agreement shall specify upon which events such RSUs shall be settled.

 

		9.4.2.	Voting and Dividend Rights

 

Unless otherwise provided in the applicable
Award Agreement and subject to Section 16.11.3, holders of RSUs shall not have rights as stockholders of the
Company, including voting or dividend or dividend equivalents rights.

 

		9.4.3.	Creditor’s Rights

 

A holder of RSUs shall have no rights other
than those of a general creditor of the Company. RSUs represent an unfunded and unsecured obligation of the Company, subject to
the terms and conditions of the applicable Award Agreement.

 

		9.5.	Purchase of Restricted Stock

 

The Grantee shall be required, to the extent
required by applicable law, to purchase the Restricted Stock from the Company at a Purchase Price equal to the greater of (i) the
aggregate par value of the Shares represented by such Restricted Stock or (ii) the Purchase Price, if any, specified in the related
Award Agreement. If specified in the Award Agreement, the Purchase Price may be deemed paid by Services already rendered. The Purchase
Price shall be payable in a form described in Section 10 or, if so determined by the Board, in consideration for past Services
rendered.

 

		9.6.	Delivery of Shares

 

Upon the expiration or termination of any
Restricted Period and the satisfaction of any other conditions prescribed by the Board, the restrictions applicable to Shares of
Restricted Stock or RSUs settled in Shares shall lapse, and, unless otherwise provided in the applicable Award Agreement, a stock
certificate for such Shares shall be delivered, free of all such restrictions, to the Grantee or the Grantee’s beneficiary
or estate, as the case may be.

 

		10.	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK

 

		10.1.	General Rule

 

Payment of the Option Price for the Shares
purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock shall be made in cash or in cash equivalents
acceptable to the Company, except as provided in this Section 10.

 

		10.2.	Surrender of Shares

 

To the extent the Award Agreement so provides,
payment of the Option Price for Shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock
may be made all or in part through the tender to the Company of Shares, which Shares shall be valued, for purposes of determining
the extent to which the Option Price or Purchase Price for Restricted Stock has been paid thereby, at their Fair Market Value on
the date of exercise or surrender.

 

		10.3.	Cashless Exercise

 

With respect to an Option only (and not
with respect to Restricted Stock), to the extent permitted by law and to the extent the Award Agreement so provides, payment of
the Option Price

 

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may be made all or in part by delivery (on
a form acceptable to the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell
Shares and to deliver all or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes
described in Section 16.3.

 

		10.4.	Other Forms of Payment

 

To the extent the Award Agreement so provides,
payment of the Option Price or the Purchase Price for Restricted Stock may be made in any other form that is consistent with applicable
laws, regulations and rules, including the Company’s withholding of Shares otherwise due to the exercising Grantee.

 

		11.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS

 

		11.1.	Performance Conditions

 

The right of a Grantee to exercise or receive
a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by
the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing
any performance conditions.

 

		11.2.	Settlement of Performance Awards; Other Terms

 

Settlement of Performance Awards may be
in cash, Shares, other Awards or other property, as determined by the Committee. The Committee may reduce the amount of a settlement
otherwise to be made in connection with Performance Awards.

 

		12.	OTHER SHARE-BASED AWARDS

 

		12.1.	Grant of Other Share-based Awards

 

Other Share-based Awards may be granted
either alone or in addition to or in conjunction with other Awards. Subject to the provisions of the Plan, the Board shall have
the authority to determine the persons to whom and the time or times at which such Awards will be made, the number of Shares to
be granted pursuant to such Awards, and all other terms and conditions of such Awards. Unless the Board determines otherwise, any
such Award shall be confirmed by an Award Agreement, which shall contain such provisions as the Board determines to be necessary
or appropriate to carry out the intent of the Plan with respect to such Award.

 

		12.2.	Terms of Other Share-based Awards

 

Any Common Stock subject to Awards made
under this Section 12 may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date on which
the Shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses.

 

		13.	REQUIREMENTS OF LAW

 

		13.1.	General

 

The Company shall not be required to sell
or issue any Shares under any Award if the sale or issuance of such Shares would constitute a violation by the Grantee, any other
individual exercising an Option or the Company of any provision of any law or regulation of any governmental

 

    11 

     

    

 

authority, including any federal or state
securities laws or regulations. If at any time the Board determines that the listing, registration or qualification of any Shares
subject to an Award upon any securities exchange or under any governmental regulatory body is necessary or desirable as a condition
of, or in connection with, the issuance or purchase of Shares hereunder, no Shares may be issued or sold to the Grantee or any
other individual exercising an Option pursuant to such Award unless such listing, registration, qualification, consent or approval
shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in
no way affect the date of termination of the Award. Specifically, in connection with the Securities Act, upon the exercise of any
Option or the delivery of any Shares underlying an Award, unless a registration statement under such Act is in effect with respect
to the Shares covered by such Award, the Company shall not be required to sell or issue such Shares unless the Board has received
evidence satisfactory to it that the Grantee or any other individual exercising an Option may acquire such Shares pursuant to an
exemption from registration under the Securities Act. The Company may, but shall in no event be obligated to, register any securities
covered hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause
the exercise of an Option or the issuance of Shares pursuant to the Plan to comply with any law or regulation of any governmental
authority. As to any jurisdiction that expressly imposes the requirement that an Option shall not be exercisable until the Shares
covered by such Option are registered or are exempt from registration, the exercise of such Option (under circumstances in which
the laws of such jurisdiction apply) shall be deemed conditioned upon the effectiveness of such registration or the availability
of such an exemption.

 

		13.2.	Section 25102(o) of the California Corporations Code.

 

The Plan is intended to comply with Section
25102(o) of the California Corporations Code. In that regard, to the extent required by Section 25102(o), (i) the terms of any
Options, to the extent vested and exercisable upon a Grantee’s Separation from Service, shall include any minimum exercise
periods following Separation from Service specified by Section 25102(o), and (ii) any repurchase right of the Company with respect
to Issued Shares shall include a minimum 90-day notice requirement. Any provision of the Plan that is inconsistent with Section
25102(o) shall, without further act or amendment by the Company, be reformed to comply with the requirements of Section 25102(o).

 

		13.3.	Rule 16b-3

 

During any time when the Company has a
class of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards and the exercise
of Options granted hereunder will qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any
provision of the Plan or action by the Board or Committee does not comply with the requirements of Rule 16b-3, it shall be deemed
inoperative to the extent permitted by law and deemed advisable by the Board, and shall not affect the validity of the Plan. In
the event that Rule 16b-3 is revised or replaced, the Board may modify the Plan in any respect necessary to satisfy the requirements
of, or to take advantage of any features of, the revised exemption or its replacement.

 

		14.	EFFECT OF CHANGES IN CAPITALIZATION

 

		14.1.	Changes in Common Stock

 

If (i) the number of outstanding Shares
is increased or decreased or the Shares are changed into or exchanged for a different number or kind of shares or other securities
of the Company on account of any recapitalization, reclassification, stock split, reverse split, combination of Shares, exchange
of Shares, stock dividend or other distribution payable in capital stock, or other increase or decrease in such Shares effected
without receipt of consideration by the Company occurring after

 

    12 

     

    

 

the Effective Date or (ii) there occurs any
spin-off, split-up, extraordinary cash dividend or other distribution of assets by the Company, the number and kinds of shares
for Awards granted (including the per-Grantee maximums set forth in Section 4) shall be equitably adjusted by the Company;
provided that any such adjustment shall comply with Section 409A. In addition, in the event of any such increase or decease
in the number of outstanding Shares or other transaction described in clause (ii) above, the number and kind of Shares for which
Awards are outstanding and the Option Price per Share of outstanding Options shall be equitably adjusted; provided that
any such adjustment shall comply with Section 409A.

 

		14.2.	Effect of Certain Transactions

 

Unless otherwise provided in the applicable
Award Agreement and subject to the provisions of Section 14.3, in the event of a Corporate Transaction, the Plan
and the Awards shall continue in effect in accordance with their respective terms and conditions, except that following a Corporate
Transaction either (i) each outstanding Award shall be treated as provided for in the agreement entered into in connection with
the Corporate Transaction or (ii) if not so provided in such agreement, each Grantee shall be entitled to receive in respect of
each Share subject to any outstanding Awards, upon exercise or payment or transfer in respect of any Award, the same number and
kind of stock, securities, cash, property or other consideration that each holder of a Share was entitled to receive in the Corporate
Transaction in respect of a Share; provided, however, that, unless otherwise determined by the Board, such stock,
securities, cash, property or other consideration shall remain subject to all of the conditions, restrictions and performance criteria
that were applicable to the Awards prior to such Corporate Transaction. Without limiting the generality of the foregoing, the treatment
of outstanding Options pursuant to this Section 14.2 in connection with a Corporate Transaction in which the consideration
paid or distributed to the Company’s stockholders is not entirely shares of common stock of the acquiring or resulting corporation
may include the cancellation of outstanding Options upon consummation of the Corporate Transaction as long as, at the election
of the Board, (i) the holders of affected Options have been given a period of at least 15 days prior to the date of the consummation
of the Corporate Transaction to exercise the Options (to the extent otherwise exercisable) or (ii) the holders of the affected
Options are paid (in cash or cash equivalents) in respect of each Share covered by the Option being canceled an amount equal to
the excess, if any, of the per Share price paid or distributed to stockholders in the Corporate Transaction (the value of any non-cash
consideration to be determined by the Board) over the Option Price. For avoidance of doubt, (1) the cancellation of Options pursuant
to clause (ii) of the preceding sentence may be effected notwithstanding anything to the contrary contained in the Plan or any
Award Agreement and (2) if the amount determined pursuant to clause (ii) of the preceding sentence is zero or less, the affected
Option may be cancelled without any payment therefore. The treatment of any Award as provided in this Section 14.2 shall
be conclusively presumed to be appropriate for purposes of Section 14.1.

 

		14.3.	Change in Control

 

		14.3.1.	Consequences of a Change in Control

 

For Awards granted to Non-Employee Directors,
unless otherwise provided in the applicable Award Agreement, upon a Change in Control all such outstanding Awards that may be exercised
shall become fully exercisable, all restrictions with respect to such outstanding Awards shall lapse and become vested and non-forfeitable,
and any specified performance goals with respect to outstanding Awards shall be deemed to be satisfied at target.

 

For Awards granted to any other Service
Providers, unless otherwise provided in the applicable Award Agreement, either of the following provisions shall apply, depending
on whether, and the extent to which, such Awards are assumed, converted or replaced by the resulting entity in a

 

    13 

     

    

 

Change in Control:

 

		(i)	To the extent such Awards are not assumed, converted or replaced by the resulting entity in the Change in Control, then upon
the Change in Control such outstanding Awards that may be exercised shall become fully exercisable, all restrictions with respect
to such outstanding Awards, other than for Performance Awards, shall lapse and become vested and non-forfeitable, and for any outstanding
Performance Awards the target payout opportunities attainable under such Awards shall be deemed to have been fully earned as of
the Change in Control based upon the greater of (A) an assumed achievement of all relevant performance goals at the “target”
level or (B) the actual level of achievement of all relevant performance goals against target as of the Company’s fiscal
quarter end preceding the Change in Control and the Award shall become vested pro rata based on the portion of the applicable performance
period completed through the date of the Change in Control.

 

		(ii)	To the extent such Awards are assumed, converted or replaced by the resulting entity in the Change in Control, if, within two
years after the date of the Change in Control, the Service Provider has a Separation from Service either (1) by the Company other
than for Cause or (2) by the Service Provider for “good reason” (as defined in the applicable Award Agreement), then
such outstanding Awards that may be exercised shall become fully exercisable, all restrictions with respect to such outstanding
Awards, other than for Performance Awards, shall lapse and become vested and non-forfeitable, and for any outstanding Performance
Awards the target payout opportunities attainable under such Awards shall be deemed to have been fully earned as of the Separation
from Service based upon the greater of (A) an assumed achievement of all relevant performance goals at the “target”
level or (B) the actual level of achievement of all relevant performance goals against target as of the Company’s fiscal
quarter end preceding the Change in Control and the Award shall become vested pro rata based on the portion of the applicable performance
period completed through the date of the Separation from Service.

 

		14.3.2.	Change in Control Defined

 

Unless otherwise provided in the applicable
Award Agreement, a “Change in Control” means the consummation of any of the following events:

 

		(i)	The acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act), other than the Company or any subsidiary, affiliate (within the meaning of Rule 144 promulgated
under the Securities Act) or employee benefit plan of the Company, of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of more than 50% of the combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the “Voting Securities”); or

 

		(ii)	A reorganization, merger, consolidation or recapitalization of the Company (a “Business Combination”), other
than a Business Combination in which more than 50% of the combined voting power of the outstanding voting securities of the surviving
or resulting entity immediately following the Business Combination is held by the Persons who, immediately prior to the Business
Combination, were the holders of the Voting Securities; or

 

		(iii)	A complete liquidation or dissolution of the Company, or a sale of all or substantially

 

    14 

     

    

 

all of the assets of the Company;
or

 

		(iv)	During any period of 24 consecutive months, the Incumbent Directors cease to constitute a majority of the Board; “Incumbent
Directors” means individuals who were members of the Board at the beginning of such period or individuals whose election
or nomination for election to the Board by the Stockholders was approved by a vote of at least a majority of the then Incumbent
Directors (but excluding any individual whose initial election or nomination is in connection with an actual or threatened proxy
contest relating to the election of directors).

 

Notwithstanding the foregoing, if it is
determined that an Award is subject to the requirements of Section 409A and payable upon a Change in Control, the Company will
not be deemed to have undergone a Change in Control for purposes of the Plan unless the Company is deemed to have undergone a “change
in control event” pursuant to the definition of such term in Section 409A.

 

		14.4.	Adjustments

 

Adjustments under this Section 14 related
to Shares or securities of the Company shall be made by the Board. No fractional Shares or other securities shall be issued pursuant
to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward
to the nearest whole Share.

 

		15.	NO LIMITATIONS ON COMPANY

 

The making of Awards shall not affect or
limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital
or business structure or to merge, consolidate, dissolve or liquidate, or to sell or transfer all or any part of its business or
assets.

 

		16.	TERMS APPLICABLE GENERALLY TO AWARDS

 

		16.1.	Disclaimer of Rights

 

No provision in the Plan or in any Award
Agreement shall be construed to confer upon any individual the right to remain in the service of the Company or any Affiliate,
or to interfere in any way with any contractual or other right or authority of the Company or any Affiliate either to increase
or decrease the compensation or other payments to any individual at any time, or to terminate any service or other relationship
between any individual and the Company or any Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary,
unless otherwise provided in the applicable Award Agreement, no Award shall be affected by any change of duties or position of
the Grantee, so long as such Grantee continues to be a Service Provider. The obligation of the Company to pay any benefits pursuant
to the Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the manner and under
the conditions prescribed herein. The Plan shall in no way be interpreted to require the Company to transfer any amounts to a third
party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms and conditions
of the Plan.

 

		16.2.	Nonexclusivity of the Plan

 

Neither the adoption of the Plan nor the
submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations upon the
right and authority of the Board or its delegate to adopt such other compensation arrangements as the Board or its delegate determines
desirable.

 

    15 

     

    

 

		16.3.	Withholding Taxes

 

The Company or an Affiliate, as the case
may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state or local taxes of
any kind required by law to be withheld (i) with respect to the vesting of or other lapse of restrictions applicable to an Award,
(ii) upon the issuance of any Shares upon the exercise of an Option or (iii) otherwise due in connection with an Award. At the
time of such vesting, lapse or exercise, the Grantee shall pay to the Company or the Affiliate, as the case may be, any amount
that the Company or the Affiliate may reasonably determine to be necessary to satisfy such withholding obligation. Subject to the
prior approval of the Board, the Grantee may elect to satisfy such obligations, or the Company may require such obligations to
be satisfied, in whole or in part, (i) by causing the Company or the Affiliate to withhold the minimum required number of Shares
otherwise issuable to the Grantee as may be necessary to satisfy such withholding obligation or (ii) by delivering to the Company
or the Affiliate Shares already owned by the Grantee. The Shares so delivered or withheld shall have an aggregate Fair Market Value
equal to such withholding obligations. The Fair Market Value used to satisfy such withholding obligation shall be determined by
the Company or the Affiliate as of the date that the amount of tax to be withheld is to be determined. A Grantee who has made an
election pursuant to this Section 16.3 may satisfy his or her withholding obligation only with Shares that are not
subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements.

 

		16.4.	Right of First Refusal; Right to Repurchase.

 

		16.4.1.	Right of First Refusal.

 

Unless otherwise provided in the applicable
Award Agreement, stockholders’ agreement or other agreement to which a Holder is a party, at any time prior to registration
by the Company of its Common Stock under Section 12 of the Exchange Act, in the event that the Holder desires at any time to sell
or otherwise transfer all or any part of such Holder’s Issued Shares (to the extent vested), the Holder first shall give
written notice to the Company of the Holder’s intention to make such transfer. Such notice shall state the number of Issued
Shares that the Holder proposes to sell (the “Offered Shares”), the price and the terms at which the proposed
sale is to be made and the name and address of the proposed transferee. At any time within 30 days after the receipt of such notice
by the Company, the Company or its assigns may elect to purchase all or any portion of the Offered Shares at the price and on the
terms offered by the proposed transferee and specified in the notice. The Company or its assigns shall exercise this right by mailing
or delivering written notice to the Holder within the foregoing 30-day period. If the Company or its assigns elect to exercise
its purchase rights under this Section 16.4.1, the closing for such purchase shall, in any event, take place
within 45 days after the receipt by the Company of the initial notice from the Holder. In the event that the Company or its assigns
do not elect to exercise such purchase right, or in the event that the Company or its assigns do not pay the full purchase price
within such 45-day period, the Holder may, within 60 days thereafter, sell the Offered Shares to the proposed transferee at the
same price and on the same terms as specified in the Holder’s notice. Any Issued Shares purchased by such proposed transferee
shall remain subject to the Plan.

 

		16.4.2.	Right of Repurchase.

 

Unless otherwise provided in the applicable
Award Agreement, stockholders’ agreement or other agreement to which a Grantee is a party, at any time prior to registration
by the Company of its Common Stock under Section 12 of the Exchange Act, in the case of any Grantee whose Separation from Service
is for Cause, or where the Grantee has, as determined by the Board, taken any action prior to or following the Grantee’s
Separation of Service that would have constituted grounds for Cause, the Company shall have the right, exercisable at any time
and from time to time thereafter, to

 

    16 

     

    

 

repurchase from the Grantee (or any successor
in interest by purchase, gift or other mode of transfer) any Shares issued to the Grantee under the Plan for the purchase price
paid by the Grantee for such Shares (or the Fair Market Value of the Shares at the time of repurchase, if lower).

 

		16.5.	Market Standoff Requirement.

 

Unless otherwise provided in the applicable
Award Agreement, stockholders’ agreement or other agreement to which a Grantee is a party, in connection with any underwritten
public offering of its Common Stock (“Offering”) and upon request of the Company or the underwriters managing
the Offering, Grantees shall not be permitted to sell, make any short sale of, loan, grant any option for the purchase of or otherwise
directly or indirectly dispose of any Common Stock delivered under the Plan (other than those Shares included in the Offering)
without the prior written consent of the Company or such underwriters, as the case may be, for such period of time from the effective
date of the registration statement with respect to such Offering as may be requested by the Company or such managing underwriters
and to execute an agreement reflecting the foregoing as may be requested by the underwriters in connection with such Offering.

 

		16.6.	Other Provisions

 

Each Award Agreement may contain such other
terms and conditions not inconsistent with the Plan as may be determined by the Board. In the event of any conflict between the
terms and conditions of a service agreement and the Plan, the terms and conditions of the service agreement shall govern.

 

		16.7.	Severability

 

If any provision of the Plan or any Award
Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions
hereof and thereof shall be severable and enforceable in accordance with their terms and conditions, and all provisions shall remain
enforceable in any other jurisdiction.

 

		16.8.	Governing Law

 

The Plan shall be governed by and construed
in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law, and applicable
Federal law.

 

		16.9.	Section 409A

 

The Plan is intended to comply with Section
409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered
to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period”
as defined in Section 409A shall not be treated as deferred compensation unless applicable laws require otherwise. Notwithstanding
anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Section 409A,
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six-month
period immediately following the Grantee’s Separation from Service shall instead be paid on the first payroll date after
the six-month anniversary of the Grantee’s Separation from Service (or the Grantee’s death, if earlier). Notwithstanding
the foregoing, neither the Company nor the Board shall have any obligation to take any action to prevent the assessment of any
excise tax or penalty on any Grantee under Section 409A and neither the Company nor the Board shall have any liability to any Grantee
for such tax or penalty.

 

    17 

     

    

 

		16.10.	Separation from Service

 

The Board shall determine the effect of
a Separation from Service upon Awards, and such effect shall be set forth in the applicable Award Agreement. Without limiting the
foregoing, the Board may provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the Grantee,
the actions that will be taken upon the occurrence of a Separation from Service, including accelerated vesting or termination,
depending upon the circumstances surrounding the Separation from Service.

 

		16.11.	Transferability of Awards

 

		16.11.1. 	Transfers in General

 

Except as provided in Section 16.11.2,
no Award shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and
distribution, and, during the lifetime of the Grantee, only the Grantee personally (or the Grantee’s personal representative)
may exercise rights under the Plan.

 

		16.11.2. 	Family Transfers

 

If authorized in the applicable Award Agreement,
a Grantee may transfer, not for value, all or part of an Award to any Family Member. For the purpose of this Section 16.11.2,
a “not for value” transfer is a transfer that is (i) a gift, (ii) a transfer under a domestic relations order in settlement
of marital property rights or (iii) a transfer to an entity in which more than 50% of the voting interests are owned by Family
Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 16.11.2,
any such Award shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer.
Subsequent transfers of transferred Awards are prohibited except to Family Members of the original Grantee in accordance with this
Section 16.11.2 or by will or the laws of descent and distribution.

 

		16.11.3. 	Issued Shares

 

No Issued Shares shall be sold, assigned,
transferred, pledged, hypothecated, given away or in any other manner disposed of or encumbered, whether voluntarily or by operation
of law, unless (i) such transfer is in compliance with the terms of the applicable Award, all applicable securities laws, and the
terms and conditions of the Plan (including Sections 16.4 and 16.5 and this Section 16.11.3),
(ii) such transfer does not cause the Company to become subject to the reporting requirements of the Exchange Act and (iii) the
transferee consents in writing to be bound by the provisions of the Plan (including Sections 16.4 and 16.5
and this Section 16.11.3). In connection with any proposed transfer, the Board may require the transferor
to provide at the transferor’s own expense an opinion of counsel to the transferor, satisfactory to the Board, that such
transfer is in compliance with all foreign, federal and state securities laws. Any attempted disposition of Issued Shares not in
accordance with the terms and conditions of this Section 16.11.3 shall be null and void, and the Company shall
not reflect on its records any change in record ownership of any Issued Shares as a result of any such disposition, shall otherwise
refuse to recognize any such disposition and shall not in any way give effect to any such disposition of Issued Shares. Subject
to the foregoing general provisions, and unless otherwise provided in the agreement with respect to a particular Award, Issued
Shares may be transferred pursuant to the following specific terms and conditions:

 

The Holder may sell, assign, transfer or
give away any or all of the Issued Shares to Permitted Transferees; provided, however, that following such sale,
assignment or other transfer, such Issued Shares shall continue to be subject to the terms of the Plan (including Sections 16.4
and 16.5 and this Section 16.11.3) and such Permitted Transferee(s) shall, as a condition
to any such transfer, deliver a written acknowledgment to that effect to the Company.

 

    18 

     

    

 

Upon the death of the Holder, any Issued
Shares then held by the Holder at the time of such death and any Issued Shares acquired thereafter by the Holder’s legal
representative shall be subject to the provisions of the Plan, and the Holder’s estate, executors, administrators, personal
representatives, heirs, legatees and distributees shall be obligated to convey such Issued Shares to the Company or its assigns
under the terms contemplated hereby.

 

		16.12.	Dividends and Dividend Equivalent Rights

 

If specified in the Award Agreement, the
recipient of an Award may be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents with respect
to the Common Stock or other securities covered by an Award. The terms and conditions of a dividend equivalent right may be set
forth in the Award Agreement. Dividend equivalents credited to a Grantee may be paid currently or may be deemed to be reinvested
in additional Shares or other securities of the Company at a price per unit equal to the Fair Market Value on the date that such
dividend was paid to stockholders, as determined by the Board. Notwithstanding the foregoing, in no event will dividends or dividend
equivalents on any Award that is subject to the achievement of performance criteria be payable before the Award has become earned
and payable.

 

		16.13.	Plan Construction

 

In the Plan, unless otherwise stated, the
following uses apply: (i) references to a statute or law refer to the statute or law and any amendments and any successor statutes
or laws, and to all valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued
or rendered thereunder, as amended, or their successors, as in effect at the relevant time; (ii) in computing periods from a specified
date to a later specified date, the words “from” and “commencing on” (and the like) mean “from and
including,” and the words “to,” “until” and “ending on” (and the like) mean “to
and including”; (iii) indications of time of day shall be based upon the time applicable to the location of the principal
headquarters of the Company; (iv) the words “include,” “includes” and “including” (and the
like) mean “include, without limitation,” “includes, without limitation” and “including, without
limitation” (and the like), respectively; (v) all references to articles and sections are to articles and sections in the
Plan; (vi) all words used shall be construed to be of such gender or number as the circumstances and context require; (vii) the
captions and headings of articles and sections have been inserted solely for convenience of reference and shall not be considered
a part of the Plan, nor shall any of them affect the meaning or interpretation of the Plan or any of its provisions; (viii) any
reference to an agreement, plan, policy, form, document or set of documents, and the rights and obligations of the parties under
any such agreement, plan, policy, form, document or set of documents, shall mean such agreement, plan, policy, form, document or
set of documents as amended from time to time, and any and all modifications, extensions, renewals, substitutions or replacements
thereof; and (ix) all accounting terms not specifically defined shall be construed in accordance with generally accepted accounting
principles.

 

The Plan was adopted by the Board on
March 23, 2016 and was approved by the stockholders of the Company on May 19,
 2016.

 

    19EXHIBIT 10.16

NOTICE OF GRANT OF OPTION

 

IMAGEN BIOPHARMA, INC.

2015 NON-EMPLOYEE EQUITY INCENTIVE PLAN

 

FOR GOOD AND VALUABLE CONSIDERATION, Imagen
Biopharma, Inc. (the “Company”) hereby grants, pursuant to the provisions of the Imagen Biopharma, Inc. 2015
Non-Employee Equity Incentive Plan (the “Plan”), to the Grantee designated in this Notice of Grant of Option
(the “Notice of Grant”) an Option to purchase the number of Shares set forth in the Notice of Grant (the “Option”),
subject to certain terms and conditions as outlined below in the Notice of Grant and the additional terms and conditions set forth
in the attached Terms and Conditions of Option (together with the Notice of Grant, the “Award Agreement”).

 

	Grantee:	___________________
	Type of Option:	Non-qualified stock option
	Grant Date:	___________________
	Number of Shares Purchasable:	___________________
	Option Price per Share:	$____________, which is the Fair Market Value as of the Grant Date
	Expiration Date:	_______________, which is _________ years from the Grant Date
	Exercisability Schedule:	___________________
	Exercise after Separation from Service:	
        Separation from Service for any reason other than death, Disability
        or Cause: any non-exercisable portion of the Option expires immediately and any exercisable portion of the Option remains exercisable
        for [___________________ following Separation from Service for any reason other than death, Disability or Cause;

         

        Separation from Service due to death or Disability: any
        non-exercisable portion of the Option expires immediately and any exercisable portion of the Option remains exercisable for ___________________
        following Separation from Service due to death or Disability; and

         

        Separation from Service for Cause: the entire Option,
        including any exercisable and non-exercisable portion, expires immediately upon Separation from Service for Cause.

         

        In no event may THE
        Option be exercised after the Expiration Date as provided above.

 

    	 	Notice of Grant - Page 1	 

     

    

 

By signing below, the Grantee agrees that the Option is granted
under and governed by the terms and conditions of the Plan and the Award Agreement, as of the Grant Date.

 

	GRANTEE	 	IMAGEN BIOPHARMA, INC.
	 	 	 	 	 
	Sign Name:	 	 	Sign Name:	 
	 	 	 	 	 
	Print Name:	 	 	Print Name:	 
	 	 	 	 	 
	 	 	 	Title:	 

 

    	 	Notice of Grant - Page 2	 

     

    

 

TERMS
AND CONDITIONS OF OPTION

 

1.          Grant
of Option. The Option granted to the Grantee and described in the Notice of Grant is subject to the terms and conditions of
the Plan. The terms and conditions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth
herein, the Award Agreement shall be construed in accordance with the terms and conditions of the Plan. Any capitalized term not
otherwise defined in the Award Agreement shall have the definition set forth in the Plan.

 

The Committee has approved the grant to the
Grantee of the Option, conditioned upon the Grantee’s acceptance of the terms and conditions of the Award Agreement within
60 days after the Award Agreement is presented to the Grantee for review.

 

The Option shall be treated as a non-qualified
stock option.

 

2.          Exercise
of Option.

 

(a)          Right
to Exercise. The Option shall be exercisable, in whole or in part, during its term in accordance with the Exercisability Schedule
set forth in the Notice of Grant and with the applicable provisions of the Plan and the Award Agreement. No Shares shall be issued
pursuant to the exercise of the Option unless the issuance and exercise comply with applicable laws. Assuming such compliance,
for income tax purposes the Shares shall be considered transferred to the Grantee on the date on which the Option is exercised
with respect to such Shares. Until such time as the Option has been duly exercised and Shares have been delivered, the Grantee
shall not be entitled to exercise any voting rights with respect to such Shares, shall not be entitled to receive dividends or
other distributions with respect thereto and shall not have any other rights of a stockholder with respect thereto.

 

(b)          Method
of Exercise. The Grantee may exercise the Option by delivering an exercise notice in a form approved by the Company (the “Exercise
Notice”), which shall state the election to exercise the Option, the number of Shares with respect to which the Option
is being exercised, and such other representations and agreements as may be required by the Company. The Exercise Notice shall
be accompanied by payment of the aggregate Option Price as to all Shares exercised. The Option shall be deemed to be exercised
upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Option Price (as well as any applicable
withholding or other taxes).

 

(c)          Acceleration
of Exercisability under Certain Circumstances. [Choose (or create a different alternative;
e.g., vesting in the event of disability or death): The exercisability of the Option shall not be accelerated under any circumstances,
except as otherwise provided in the Plan. / The exercisability of the Option shall not be accelerated under any circumstances,
except as otherwise provided in the Plan; provided, however, that the Option shall become fully exercisable immediately
prior to, and contingent upon, a Change in Control.]

 

3.          Method
of Payment. If the Grantee elects to exercise the Option by submitting an Exercise Notice in accordance with Section 2(b)
above, the aggregate Option Price (as well as any applicable withholding or other taxes) shall be paid by cash or check; provided,
however, that the Committee may, but is not required to, consent to payment in any of the following forms, or a combination
of them:

 

(a)          cash
or check;

 

(b)          a
“net exercise” under which the Company reduces the number of Shares issued upon exercise by the largest whole number
of Shares with a Fair Market Value that does not exceed the aggregate Option Price and any applicable withholding, or such other
consideration received by the Company under a cashless exercise program approved by the Company in connection with the Plan;

 

(c)          surrender
of other Shares owned by the Grantee that have a Fair Market Value on the date of surrender equal to the aggregate Option Price
of the exercised Shares and any applicable withholding; or

 

    	 	Terms and Conditions - Page 1	 

     

    

 

(d)          any
other consideration that the Committee deems appropriate and in compliance with applicable law.

 

4.          Restrictions
on Exercise. The Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company,
or if the issuance of the Shares upon exercise or the method of payment of consideration for those Shares would constitute a violation
of any applicable law, regulation or Company policy.

 

5.          Transferability.

 

(a)          The
Option may not be transferred 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.

 

(b)          Without
limitation of Section 9 below, any Issued Shares in connection with the Option shall be subject to the Company’s right of
first refusal under Section 17.4.1 of the Plan, the Company’s right of repurchase under Section 17.4.2 of the Plan, the market
standoff requirement under Section 17.5 of the Plan, and the transfer restrictions under Section 17.11.3 of the Plan.

 

6.          Term
of Option. The Option may be exercised only within the term set forth in the Notice of Grant, and may be exercised during such
term only in accordance with the Plan and the terms of the Award Agreement.

 

7.          Withholding.

 

(a)          The
Committee shall determine the amount of any withholding or other tax required by law to be withheld or paid by the Company with
respect to any income recognized by the Grantee with respect to the Option.

 

(b)          The
Grantee shall be required to meet any applicable tax withholding obligation in accordance with the provisions of Section 17.3
of the Plan.

 

(c)          [Subject
to any rules prescribed by the Committee, the Grantee shall have the right to elect to meet any withholding requirement (i) by
having withheld from the Option at the appropriate time that number of whole Shares whose Fair Market Value is equal to the amount
of any taxes required to be withheld with respect to the Option, (ii) by direct payment to the Company in cash of the amount of
any taxes required to be withheld with respect to the Option or (iii) by a combination of Shares and cash.]

 

8.          Adjustment.
Upon any event described in Section 15 of the Plan occurring after the Grant Date, the adjustment provisions as provided for
under Section 15 of the Plan shall apply to the Option.

 

9.          Bound
by Plan and Committee Decisions. By accepting the Option, the Grantee acknowledges that the Grantee has received a copy of
the Plan, has had an opportunity to review the Plan, and agrees to be bound by all of the terms and conditions of the Plan. In
the event of any conflict between the provisions of the Award Agreement and the Plan, the provisions of the Plan shall control.
The authority to manage and control the operation and administration of the Award Agreement and the Plan shall be vested in the
Committee, and the Committee shall have all powers with respect to the Award Agreement as it has with respect to the Plan. Any
interpretation of the Award Agreement or the Plan by the Committee and any decision made by the Committee with respect to the Award
Agreement or the Plan shall be final and binding on all persons.

 

10.         Grantee
Representations. The Grantee hereby represents to the Company that the Grantee has read and fully understands the provisions
of the Award Agreement and the Plan and that the Grantee’s decision to participate in the Plan is completely voluntary. Further,
the Grantee acknowledges that the Grantee is relying solely on his or her own advisors with respect to the tax consequences of
the Option.

 

    	 	Terms and Conditions - Page 2	 

     

    

 

11.         Regulatory
Limitations on Exercises. Notwithstanding the other provisions of the Award Agreement, the Committee may impose such conditions,
restrictions and limitations (including suspending the exercise of the Option and the tolling of any applicable exercise period
during such suspension) on the issuance of Common Stock with respect to the Option unless and until the Committee determines that
such issuance complies with (a) any applicable registration requirements under the Securities Act or the Committee has determined
that an exemption therefrom is available, (b) any applicable listing requirement of any stock exchange on which the Common Stock
is listed, (c) any applicable Company policy or administrative rules and (d) any other applicable provision of state, federal or
foreign law, including foreign securities laws where applicable.

 

12.         Miscellaneous.

 

(a)          Notices.
Any notice that either party hereto may be required or permitted to give to the other shall be in writing and may be delivered
personally, by intraoffice mail, by fax, by electronic mail or other electronic means, or via a postal service, postage prepaid,
to such electronic mail or postal address and directed to such person as the Company may notify the Grantee from time to time;
and to the Grantee at the Grantee’s electronic mail or postal address as shown on the records of the Company from time to
time, or at such other electronic mail or postal address as the Grantee, by notice to the Company, may designate in writing from
time to time.

 

(b)          Waiver.
The waiver by any party hereto of a breach of any provision of the Award Agreement shall not operate or be construed as a waiver
of any other or subsequent breach.

 

(c)          Entire
Agreement. The Award Agreement and the Plan constitute the entire agreement between the parties with respect to the Option.
Any prior agreements, commitments or negotiations concerning the Option are superseded.

 

(d)          Binding
Effect; Successors. The obligations and rights of the Company under the Award Agreement shall be binding upon and inure to
the benefit of the Company and any successor corporation or organization resulting from the merger, consolidation, sale, or other
reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets
and business of the Company. The obligations and rights of the Grantee under the Award Agreement shall be binding upon and inure
to the benefit of the Grantee and the beneficiaries, executors, administrators, heirs and successors of the Grantee.

 

(e)          Governing
Law; Consent to Jurisdiction; Consent to Venue. The Award Agreement shall be construed and interpreted in accordance with the
internal laws of the State of Delaware without regard to principles of conflicts of law thereof, or principles of conflicts of
laws of any other jurisdiction that could cause the application of the laws of any jurisdiction other than the State of Delaware.
For purposes of resolving any dispute that arises directly or indirectly from the relationship of the parties evidenced by the
Option or the Award Agreement, the parties hereto hereby submit to and consent to the exclusive jurisdiction of the State of [Massachusetts]
and agree that any related litigation shall be conducted solely in the courts of [Suffolk
County, Massachusetts] or the federal courts for the [United States for the District
of Massachusetts], where the Award Agreement is made and/or to be performed, and no other courts.

 

(f)          Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of the Award Agreement.

 

(g)          Amendment.
The Award Agreement may be amended at any time by the Committee, provided that no amendment may, without the consent of
the Grantee, materially impair the Grantee’s rights with respect to the Option.

 

(h)          Severability.
The invalidity or unenforceability of any provision of the Award Agreement shall not affect the validity or enforceability of any
other provision of the Award Agreement, and each other provision of the Award Agreement shall be severable and enforceable to the
extent permitted by law.

 

    	 	Terms and Conditions - Page 3	 

     

    

 

(i)          No
Rights to Service. Nothing contained in the Award Agreement shall be construed as giving the Grantee any right to be retained,
in any position with the Company or its Affiliates, or shall interfere with or restrict in any way the rights of the Company or
its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge the Grantee at any time for any reason whatsoever
or for no reason, subject to the Company’s articles of incorporation, bylaws and other similar governing documents and applicable
law.

 

(j)          Section
409A. It is intended that the Award Agreement and the Option will be exempt from (or in the alternative will comply with) Code
Section 409A, and the Award Agreement shall be administered accordingly and interpreted and construed on a basis consistent with
such intent. This Section 12(j) shall not be construed as a guarantee of any particular tax effect for the Grantee’s
benefits under the Award Agreement and the Company does not guarantee that any such benefits will satisfy the provisions of Code
Section 409A or any other provision of the Code.

 

(j)          Further
Assurances. The Grantee agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform
all additional documents, instruments and agreements that may be reasonably required by the Company or the Committee, as the case
may be, to implement the provisions and purposes of the Award Agreement and the Plan.

 

(k)          Confidentiality.
The Grantee agrees that the terms and conditions of the Option award reflected in the Award Agreement are strictly confidential
and, with the exception of the Grantee’s counsel, tax advisor, immediate family, or as required by applicable law, have not
and shall not be disclosed, discussed or revealed to any other persons, entities or organizations, whether within or outside Company,
without prior written approval of Company. The Grantee shall take all reasonable steps necessary to ensure that confidentiality
is maintained by any of the individuals or entities referenced above to whom disclosure is authorized.

 

    	 	Terms and Conditions - Page 4

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