Document:

Exhibit 10.1

 

Orbsat
Corp

Amended
and Restated 2020 Equity Incentive Plan

 

Section
1. Establishment and Purpose.

 

1.1
The purpose of the Plan is to attract and retain outstanding individuals as Employees, Directors and Consultants of the Company and its
Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Employees, Directors and Consultants, and to
provide such Employees, Directors and Consultants with additional incentive to expand and improve the profits and achieve the objectives
of the Company and its Subsidiaries, by providing such Employees, Directors and Consultants with the opportunity to acquire or increase
their proprietary interest in the Company through receipt of Awards.

 

Section
2. Definitions.

 

As
used in the Plan, the following terms shall have the meanings set forth below:

 

2.1
“Award” means any award or benefit granted under the Plan, which shall be a Stock Option, a Stock Award, a Stock Unit
Award or an SAR.

 

2.2
“Award Agreement” means, as applicable, a Stock Option Agreement, Stock Award Agreement, Stock Unit Award Agreement
or SAR Agreement evidencing an Award granted under the Plan.

 

2.3
“Board” means the Board of Directors of the Company.

 

2.4
“Change in Control” has the meaning set forth in Section 9.2 of the Plan.

 

2.5
“Code” means the Internal Revenue Code of 1986, as amended from time to time

 

2.6
“Committee” means the Compensation Committee of the Board or such other committee as may be designated by the Board
from time to time to administer the Plan, or, if no such committee has been designated at the time of any grants, it shall mean the Board.

 

2.7
“Company” means Orbsat Corp, a Nevada corporation.

 

2.8
“Consultant” means any person, including an advisor, who is engaged by the Company or a Subsidiary to render consulting
or advisory services and is compensated for such services. However, service solely as a Director, or payment of a fee for such service,
will not cause a Director to be considered a “Consultant” for purposes of the Plan.

 

2.9
“Director” means a director of the Company who is not an employee of the Company or a Subsidiary.

 

2.10
“Effective Date” means August 21, 2020.

 

2.11
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

2.12
“Fair Market Value” means as of any date, the closing price of a Share on the national securities exchange on which
the Shares are listed, or, if the Shares are not listed on a national securities exchange, the over-the-counter market on which the Shares
trades, or, if the Shares is not listed on a national securities exchange or an over-the-counter market, as determined by the Board as
of such date in accordance with the requirements of Code Section 422 or 409A, as applicable, or, if no trading occurred on such date,
as of the trading day immediately preceding such date.

 

    	 

     

    

 

2.13
“Incentive Stock Option” or “ISO” means a Stock Option granted under Section 5 of the Plan that
meets the requirements of Section 422(b) of the Code or any successor provision.

 

2.14
“Employee” means an employee of the Company or any Subsidiary selected to participate in the Plan in accordance with
Section 3. A Employee may also include a person who is granted an Award in connection with the hiring of the person prior to the date
the person becomes an employee of the Company or any Subsidiary, provided that such Award shall not vest prior to the commencement of
employment.

 

2.15
“Family Member” unless otherwise defined by applicable tax laws, shall mean any child, stepchild, grandchild, parent,
stepparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law
or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other than a tenant or employee
of the Participant), a trust in which such persons have more than fifty percent (50%) of the beneficial interest, a foundation in which
such persons (or the Participant) control the management of assets, and any other entity in which such persons (or the Participant) own
more than fifty percent (50%) of the voting interests.

 

2.16
“Founder” means the Company’s founder David Phipps.

 

2.17
“Non-Qualified Stock Option” or “NSO” means a Stock Option granted under Section 5 of the Plan
that is not an Incentive Stock Option.

 

2.18
“Participant” means an Employee, Director or Consultant selected to receive an Award or Option under the Plan.

 

2.19
“Plan” means this Amended and Restated 2020 Equity Incentive Plan.

 

2.20
“Shares” means shares of common stock of the Company.

 

2.21
“Stock Appreciation Right” or “SAR” means a grant of a right to receive Shares or cash under Section
8 of the Plan.

 

2.22
“Stock Award” means a grant of Shares under Section 6 of the Plan.

 

2.23
“Stock Option” means a Non-Qualified Stock Option granted under Section 5 of the Plan.

 

2.24
“Stock Unit Award” means a grant of a right to receive Shares or cash under Section 7 of the Plan.

 

2.25
“Subsidiary” means an entity of which the Company is the direct or indirect beneficial owner of not less than 50%
of all issued and outstanding equity interest of such entity.

 

2.26
“Termination of Service” means a termination of a Participant’s service with the Company or a Subsidiary, as
applicable, for any reason, including, without limitation, disability or death. In the event Termination of Service shall constitute
a payment event with respect to any Award subject to Code Section 409A, Termination of Service shall only be deemed to occur upon a “separation
from service” as such term is defined under Code Section 409A.

 

    	 

     

    

 

Section
3. Administration.

 

3.1
The Committee.

 

The
Plan shall be administered by the Committee, which shall be comprised of at least two members of the Board who satisfy the “non-employee
director” definition set forth in Rule 16b-3 under the Exchange Act, unless the Board otherwise determines.

 

3.2
Authority of the Committee.

 

(a)
The Committee, in its sole discretion, shall determine the Employees, Directors and Consultants to whom, and the time or times at which
Awards will be granted, the form and amount of each Award, the expiration date of each Award, the time or times within which the Awards
may be exercised, the cancellation of the Awards and the other limitations, restrictions, terms and conditions applicable to the grant
of the Awards. The terms and conditions of the Awards need not be the same with respect to each Participant or with respect to each Award.

 

(b)
To the extent permitted by applicable law, regulation, and rules of a stock exchange on which the Shares are listed or traded, the Committee
may delegate its authority to grant Awards to Employees and to determine the terms and conditions thereof to such officer of the Company
as it may determine in its discretion, on such terms and conditions as it may impose, except with respect to Awards to officers subject
to Section 16 of the Exchange Act.

 

(c)
The Committee may, subject to the provisions of the Plan, establish such rules and regulations as it deems necessary or advisable for
the proper administration of the Plan, and may make determinations and may take such other action in connection with or in relation to
the Plan as it deems necessary or advisable. Each determination or other action made or taken pursuant to the Plan, including interpretation
of the Plan and the specific terms and conditions of the Awards granted hereunder, shall be final and conclusive for all purposes and
upon all persons.

 

(d)
No member of the Board or the Committee shall be liable for any action taken or determination made hereunder in good faith. Service on
the Committee shall constitute service as a Director so that the members of the Committee shall be entitled to indemnification and reimbursement
as Directors of the Company pursuant to the Company’s Certificate of Incorporation and By-Laws.

 

3.3
Award Agreements.

 

(a)
Each Award shall be evidenced by a written Award Agreement specifying the terms and conditions of the Award. In the sole discretion of
the Committee, the Award Agreement may condition the grant of an Award upon the Participant’s entering into one or more of the
following agreements with the Company: (i) an agreement not to compete with the Company and its Subsidiaries which shall become effective
as of the date of the grant of the Award and remain in effect for a specified period of time following termination of the Participant’s
employment with the Company; (ii) an agreement to cancel any employment agreement, fringe benefit or compensation arrangement in effect
between the Company and the Participant; and (iii) an agreement to retain the confidentiality of certain information. Such agreements
may contain such other terms and conditions as the Committee shall determine. If the Participant shall fail to enter into any such agreement
at the request of the Committee, then the Award granted or to be granted to such Participant shall be forfeited and cancelled.

 

    	 

     

    

 

Section
4. Shares Subject to Plan.

 

4.1
Total Number of Shares.

 

(a)
The total number of Shares that may be issued under the Plan shall be 800,000. Such Shares may be either authorized but unissued shares
or treasury shares, and shall be adjusted in accordance with the provisions of Section 4.3 of the Plan.

 

(b)
The number of Shares delivered by a Participant or withheld by the Company on behalf of any such Participant as full or partial payment
of an Award, including the exercise price of a Stock Option or of any required withholding taxes, shall not again be available for issuance
pursuant to subsequent Awards, and shall count towards the aggregate number of Shares that may be issued under the Plan. Any Shares purchased
by the Company with proceeds from a Stock Option exercise shall not again be available for issuance pursuant to subsequent Awards, shall
count against the aggregate number of Shares that may be issued under the Plan and shall not increase the number of shares available
under the Plan.

 

(c)
If there is a lapse, forfeiture, expiration, termination or cancellation of any Award for any reason (including for reasons described
in Section 3.3), or if Shares are issued under such Award and thereafter are reacquired by the Company pursuant to rights reserved by
the Company upon issuance thereof, the Shares subject to such Award or reacquired by the Company shall again be available for issuance
pursuant to subsequent Awards, and shall not count towards the aggregate number of Shares that may be issued under the Plan.

 

4.2
Shares Under Awards.

 

Of
the Shares authorized for issuance under the Plan pursuant to Section 4.1:

 

(a)
The maximum number of Shares as to which an Employee (other than the CEO and President to whom no annual limit is applicable) may receive
Stock Options or SARs in any calendar year is 40,000, except that the maximum number of Shares as to which an Employee (other than the
CEO and President to whom no annual limit is applicable) may receive Stock Options or SARs in the calendar year in which such Employee
begins employment with the Company or its Subsidiaries is 10,000, or as specified in Employee’s employment agreement.

 

(b)
The maximum number of Shares that may be subject to Stock Options is full amount of Shares authorized under Section 4.1.

 

(c)
The maximum number of Shares that may be used for Stock Awards and/or Stock Unit Awards that may be granted to any Employee (other than
the Founder, CEO and President to whom no annual limit is applicable) in any calendar year is 40,000, or, in the event the Award is settled
in cash, an amount equal to the Fair Market Value of such number of Shares on the date on which the Award is settled.

 

(d)
The maximum number of Shares subject to Awards granted under the Plan or otherwise during any one calendar year to any Director for service
on the Board (other than the Founder, CEO and President, if serving on the Board, to whom no annual limit is applicable), taken together
with any cash fees paid by the Company to such Director during such calendar year for service on the Board, will not exceed $100,000
in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes).

 

    	 

     

    

 

(e)
The maximum number of Shares subject to Stock Options or SARs, granted under the Plan or otherwise during any one calendar year to any
Consultant for services, taken together with any cash fees paid by the Company to such Consultant during such calendar year for services,
will not exceed $100,000 in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for
financial reporting purposes).

 

The
numbers of Shares described herein shall be as adjusted in accordance with Section 4.3 of the Plan.

 

4.3
Adjustment.

 

In
the event of any reorganization, recapitalization, stock split, stock distribution, merger, consolidation, split-up, spin-off, combination,
subdivision, consolidation or exchange of shares, any change in the capital structure of the Company or any similar corporate transaction,
the Committee shall make such adjustments as it deems appropriate, in its sole discretion, to preserve the benefits or intended benefits
of the Plan and Awards granted under the Plan. Such adjustments may include: (a) adjustment in the number and kind of shares reserved
for issuance under the Plan; (b) adjustment in the number and kind of shares covered by outstanding Awards; (c) adjustment in the exercise
price of outstanding Stock Options or SARs or the price of Stock Awards or Stock Unit Awards under the Plan; (d) adjustments to any of
the shares limitations set forth in Section 4.1 or 4.2 of the Plan; and (e) any other changes that the Committee determines to be equitable
under the circumstances.

 

Section
5. Grants of Stock Options.

 

5.1
Grant.

 

Subject
to the terms of the Plan, the Committee may from time to time grant Stock Options to Participants. Stock Options granted under the Plan
shall be NSOs. The Committee may not grant ISOs under the Plan.

 

5.2
Stock Option Agreement.

 

The
grant of each Stock Option shall be evidenced by a written Stock Option Agreement specifying the type of Stock Option granted, the exercise
period, the exercise price, the terms for payment of the exercise price, the expiration date of the Stock Option, the number of Shares
to be subject to each Stock Option and such other terms and conditions established by the Committee, in its sole discretion, not inconsistent
with the Plan.

 

5.3
Exercise Price and Exercise Period.

 

With
respect to each Stock Option granted to a Participant:

 

(a)
The per Share exercise price of each Stock Option shall be the Fair Market Value of the Shares subject to the Stock Option on the date
on which the Stock Option is granted, but such exercise price shall not be less than its par value.

 

(b)
Each Stock Option shall become exercisable as provided in the Stock Option Agreement; provided that the Committee shall have the discretion
to accelerate the date as of which any Stock Option shall become exercisable.

 

(c)
No dividends or dividend equivalents shall be paid with respect to any Shares subject to a Stock Option prior to the exercise of the
Stock Option.

 

    	 

     

    

 

(d)
Each Stock Option shall expire, and all rights to purchase Shares thereunder shall expire, on the tenth anniversary of the date the Stock
Option was granted, unless an earlier expiration date is specified in the Award Agreement.

 

5.4
Reserved.

 

5.5
Exercise of Stock Options.

 

(a)
A Participant entitled to exercise a Stock Option may do so by delivering written notice to that effect specifying the number of Shares
with respect to which the Stock Option is being exercised and any other information the Committee may prescribe. All notices or requests
provided for herein shall be delivered to the Chief Financial Officer of the Company.

 

(b)
The Committee in its sole discretion may make available one or more of the following alternatives for the payment of the Stock Option
exercise price: (i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted an exercise notice together
with irrevocable instructions to deliver promptly to the Company the amount of sales proceeds from the sale of the Shares subject to
the Stock Option to pay the exercise price; (iii) by directing the Company to withhold such number of Shares otherwise issuable in connection
with the exercise of the Stock Option having an aggregate Fair Market Value equal to the exercise price; or (iv) by delivering previously
acquired Shares that are acceptable to the Committee and that have an aggregate Fair Market Value on the date of exercise equal to the
Stock Option exercise price, except as otherwise may be determined by the Committee in the exercise of its discretion.

 

The
Committee shall have the sole discretion to establish the terms and conditions applicable to any alternative made available for payment
of the Stock Option exercise price.

 

(c)
Except to the extent inconsistent with the terms of the applicable Award Agreement and/or the provisions of Section 9, the following
terms and conditions shall apply with respect to a Participant’s Termination of Service, as applicable:

 

(i)
The Participant’s rights, if any, to exercise any vested Stock Option and/or SAR shall terminate ninety (90) days after the date
of such Termination of Service, provided that if such termination is on account of the Participant’s death or disability (as defined
under Code Section 422(c)(6)), one (1) year after the date of such Termination of Service; and

 

(ii)
Upon such applicable date the Participant (or other legal representative) shall forfeit any rights or interests in or with respect to
any such Award. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide for a different time period in the
Award Agreement, or may extend the time period, following a Termination of Service, during which the Participant has the right to exercise
any vested NSO or SAR, which time period may not extend beyond the expiration date of the Award term.

 

Section
6. Stock Awards.

 

6.1
Grant.

 

The
Committee may, in its discretion, (a) grant Shares under the Plan to any Participant without consideration from such Participant or (b)
sell Shares under the Plan to any Participant for such amount of cash, Shares or other consideration as the Committee deems appropriate.

 

    	 

     

    

 

6.2
Stock Award Agreement.

 

Each
Shares granted or sold hereunder shall be subject to such restrictions, conditions and other terms as the Committee may determine at
the time of grant or sale, the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Award Agreement,
and the following specific rules:

 

(a)
The Award Agreement shall specify whether the Shares are granted or sold to the Participant and such other provisions, not inconsistent
with the terms and conditions of the Plan, as the Committee shall determine.

 

(b)
The restrictions to which the Shares awarded hereunder are subject shall lapse as provided in Stock Award Agreement; provided that the
Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award held by a Participant.

 

(c)
Except as provided in this subsection (c) and unless otherwise set forth in the related Stock Award Agreement, the Participant receiving
a grant of or purchasing Shares shall thereupon be a shareholder of the Company with respect to such Shares and shall have the rights
of a shareholder of the Company with respect to such Shares, including the right to vote such Shares and to receive dividends and other
distributions paid with respect to such Shares; provided that any dividends or other distributions payable with respect to the Stock
Award shall be accumulated and held by the Company and paid to the Participant only upon, and to the extent, the restrictions lapse in
accordance with the terms of the applicable Stock Award Agreement. Any such dividends or other distributions held by the Company attributable
to the portion of a Stock Award that is forfeited shall also be forfeited.

 

Section
7. Stock Unit Awards.

 

7.1
Grant.

 

The
Committee may, in its discretion, grant Stock Unit Awards to any Participant. Each Stock Unit subject to the Award shall entitle the
Participant to receive, on the date or the occurrence of an event (including the attainment of performance goals) as described in the
Stock Unit Award Agreement, a Share or cash equal to the Fair Market Value of a Share on the date of such event as provided in the Stock
Unit Award Agreement.

 

7.2
Stock Unit Agreement.

 

Each
Stock Unit Award shall be subject to such restrictions, conditions and other terms as the Committee may determine at the time of grant,
the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Unit Award Agreement and the following
specific rules:

 

(a)
The Stock Unit Agreement shall specify such provisions, not inconsistent with the terms and conditions of the Plan, as the Committee
shall determine.

 

(b)
The restrictions to which the Shares of Stock Units awarded hereunder are subject shall lapse as provided in Stock Unit Agreement; provided
that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award held
by a Participant.

 

    	 

     

    

 

(c)
Except as provided in this subsection (c) and unless otherwise set forth in the Stock Unit Agreement, the Participant receiving a Stock
Unit Award shall have no rights of a shareholder of the Company, including voting or dividends or other distributions rights, with respect
to any Stock Units prior to the date they are settled in Shares; provided that a Stock Unit Award Agreement may provide that until the
Stock Units are settled in Shares or cash, the Participant shall be entitled to receive on each dividend or distribution payment date
applicable to the Shares an amount equal to the dividends or other distributions that the Participant would have received had the Stock
Units held by the Participant as of the related record date been actual Shares. Such amounts shall be accumulated and held by the Company
and paid to the Participant only upon, and to the extent, the restrictions lapse in accordance with the terms of the applicable Stock
Unit Award Agreement. Such amounts held by the Company attributable to the portion of the Stock Unit Award that is forfeited shall also
be forfeited.

 

Section
8. SARs.

 

8.1
Grant.

 

The
Committee may grant SARs to Participants. Upon exercise, an SAR entitles the Participant to receive from the Company the number of Shares
having an aggregate Fair Market Value equal to the excess of the Fair Market Value of one Share as of the date on which the SAR is exercised
over the exercise price, multiplied by the number of Shares with respect to which the SAR is being exercised. The Committee, in its discretion,
shall be entitled to cause the Company to elect to settle any part or all of its obligations arising out of the exercise of an SAR by
the payment of cash in lieu of all or part of the Shares it would otherwise be obligated to deliver in an amount equal to the Fair Market
Value of such Shares on the date of exercise. Cash shall be delivered in lieu of any fractional Shares. The terms and conditions of any
such Award shall be determined at the time of grant.

 

8.2
SAR Agreement.

 

(a)
Each SAR shall be evidenced by a written SAR Agreement specifying the terms and conditions of the SAR as the Committee may determine,
including the SAR exercise price, expiration date of the SAR, the number of Shares to which the SAR pertains, the form of settlement
and such other terms and conditions established by the Committee, in its sole discretion, not inconsistent with the Plan.

 

(b)
The per Share exercise price of each SAR shall not be less than 100% of the Fair Market Value of a Share on the date the SAR is granted.

 

(c)
Each SAR shall expire and all rights thereunder shall cease on the date fixed by the Committee in the related SAR Agreement, which shall
not be later than the ten years after the date of grant; provided however, if a Participant is unable to exercise an SAR because trading
in the Shares is prohibited by law or the Company’s insider-trading policy, the SAR exercise date shall be extended to the date
that is 30 days after the expiration of the trading prohibition.

 

(d)
Each SAR shall become exercisable as provided in the related SAR Agreement; provided that notwithstanding any other Plan provision, the
Committee shall have the discretion to accelerate the date as of which any SAR shall become exercisable.

 

(e)
No dividends or dividend equivalents shall be paid with respect to any SAR prior to the exercise of the SAR.

 

    	 

     

    

 

(f)
A person entitled to exercise an SAR may do so by delivery of a written notice in accordance with procedures established by the Committee
specifying the number of Shares with respect to which the SAR is being exercised and any other information the Committee may prescribe.
As soon as reasonably practicable after the exercise of an SAR, the Company shall (i) issue the total number of full Shares to which
the Participant is entitled and cash in an amount equal to the Fair Market Value, as of the date of exercise, of any resulting fractional
Share, and (ii) if the Committee causes the Company to elect to settle all or part of its obligations arising out of the exercise of
the SAR in cash, deliver to the Participant an amount in cash equal to the Fair Market Value, as of the date of exercise, of the Shares
it would otherwise be obligated to deliver.

 

Section
9. Change in Control.

 

9.1
Effect of a Change in Control.

 

(a)
Notwithstanding any of the provisions of the Plan or any outstanding Award Agreement, upon a Change in Control of the Company (as defined
in Section 9.2), the Board is authorized and has sole discretion to provide that (i) all outstanding Awards shall become fully exercisable,
(ii) all restrictions applicable to all Awards shall terminate or lapse and (iii) performance goals applicable to any Awards shall be
deemed satisfied at the highest level, as applicable, in order that Participants may realize the benefits thereunder.

 

(b)
In addition to the Committee’s authority set forth in Section 3, upon such Change in Control of the Company, the Committee is authorized
and has sole discretion as to any Award, either at the time such Award is granted hereunder or any time thereafter, to take any one or
more of the following actions without Participant consent: (i) provide for the purchase of any vested or unvested outstanding Stock Option,
for an amount of cash equal to the difference between the exercise price and the then Fair Market Value of the Shares covered thereby;
(ii) make such adjustment to any such Award then outstanding as the Board deems appropriate to reflect such Change in Control; and (iii)
cause any such Award then outstanding to be assumed by or substituted for another form of Award issued by the surviving corporation after
such Change in Control.

 

9.2
Definition of Change in Control.

 

“Change
in Control” of the Company shall be deemed to have occurred if at any time during the term of an Award granted under the Plan any
of the following events occurs:

 

(a)
any Person (other than the Company, a trustee or other fiduciary holding securities under an employee benefit plan of the Company, or
a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership
of Shares) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 30% or more of the combined
voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors (“Person”
and “Beneficial Owner” being defined in Rule 13d-3 of the General Rules and Regulations of the Exchange Act);

 

(b)
the Company is party to a merger, consolidation, reorganization or other similar transaction with another corporation or other Person
unless, following such transaction, more than 50% of the combined voting power of the outstanding securities of the surviving, resulting
or acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors (or Persons performing
similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who
were the beneficial owners of the Company’s outstanding securities entitled to vote generally in the election of directors immediately
prior to such transaction, in substantially the same proportions as their ownership, immediately prior to such transaction, of the Company’s
outstanding securities entitled to vote generally in the election of directors;

 

    	 

     

    

 

(c)
the election to the Board, without the recommendation or approval of two-thirds of the incumbent Board, of the lesser of: (i) three Directors;
or(ii) Directors constituting a majority of the number of Directors of the Company then in office; provided, however, that Directors
whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of Directors of the Company will not be considered as incumbent members of the Board for purposes
of this Section; or

 

(d)
there is a complete liquidation or dissolution of the Company, or the Company sells all or substantially all of its business and/or assets
to another corporation or other Person unless, following such sale, more than 50% of the combined voting power of the outstanding securities
of the acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors (or Persons performing
similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who
were the beneficial owners of the Company’s outstanding securities entitled to vote generally in the election of directors immediately
prior to such sale, in substantially the same proportions as their ownership, immediately prior to such sale, of the Company’s
outstanding securities entitled to vote generally in the election of directors.

 

In
no event, however, shall a Change in Control be deemed to have occurred, with respect to a Participant, if that Participant is part of
a purchasing group which consummates the Change in Control transaction. A Participant shall be deemed “part of a purchasing group”
for purposes of the preceding sentence if the Participant is an equity participant or has agreed to become an equity participant in the
purchasing company or group (except for (a) passive ownership of less than 3% of the shares of the purchasing company; or (b) ownership
of equity participation in the purchasing company or group which is otherwise not deemed to be significant, as determined prior to the
Change in Control by a majority of the disinterested Directors).

 

Section
10. Payment of Taxes.

 

(a)
In connection with any Award, and as a condition to the issuance or delivery of any Shares to the Participant in connection therewith,
the Company shall require the Participant to pay the Company the minimum amount of federal, state, local or foreign taxes required to
be withheld, and in the Company’s sole discretion, the Company may permit the Participant to pay the Company up to the maximum
individual statutory rate of applicable withholding.

 

(b)
The Company in its sole discretion may make available one or more of the following alternatives for the payment of such taxes: (i) in
cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted notice together with irrevocable instructions
to deliver promptly to the Company the amount of sales proceeds from the sale of the Shares subject to the Award to pay the withholding
taxes; (iii) by directing the Company to withhold such number of Shares otherwise issuable in connection with the Award having an aggregate
Fair Market Value equal to the minimum amount of tax required to be withheld; (iv) by delivering previously acquired Shares of the Company
that are acceptable to the Board that have an aggregate Fair Market Value equal to the amount required to be withheld; or (v) by certifying
to ownership by attestation of such previously acquired Shares.

 

The
Committee shall have the sole discretion to establish the terms and conditions applicable to any alternative made available for payment
of the required withholding taxes.

 

    	 

     

    

 

Section
11. Section 409A.

 

Notwithstanding
any other provision of the Plan, the Committee shall have no authority to issue an Award under the Plan with terms and/or conditions
which would cause such Award to constitute non-qualified “deferred compensation” under Section 409A of the Code unless such
Award shall be structured to be exempt from or comply with all requirements of Code Section 409A. The Plan and all Award Agreements are
intended to comply with the requirements of Section 409A of the Code (or to be exempt therefrom) and shall be so interpreted and construed
and no amount shall be paid or distributed from the Plan unless and until such payment complies with all requirements of Code Section
409A. It is the intent of the Company that the provisions of this Agreement and all other plans and programs sponsored by the Company
be interpreted to comply in all respects with Code Section 409A, however, the Company shall have no liability to the Participant, or
any successor or beneficiary thereof, in the event taxes, penalties or excise taxes may ultimately be determined to be applicable to
any payment or award under the Plan.

 

Section
12. Postponement.

 

The
Committee may postpone any grant or settlement of an Award or exercise of a Stock Option or SAR for such time as the Committee in its
sole discretion may deem necessary in order to permit the Company:

 

(a)
to effect, amend or maintain any necessary registration of the Plan or the Shares issuable pursuant to an Award, including upon the exercise
of a Stock Option or SAR, under the Securities Act of 1933, as amended, or the securities laws of any applicable jurisdiction;

 

(b)
to permit any action to be taken in order to (i) list such Shares on a stock exchange if Shares are then listed on such exchange or (ii)
comply with restrictions or regulations incident to the maintenance of a public market for its Shares, including any rules or regulations
of any stock exchange on which the Shares are listed; or

 

(c)
to determine that such Shares and the Plan are exempt from such registration or that no action of the kind referred to in (b) (ii) above
needs to be taken; and the Company shall not be obligated by virtue of any terms and conditions of any Award or any provision of the
Plan to sell or issue Shares in violation of the Securities Act of 1933 or the law of any government having jurisdiction thereof.

 

Any
such postponement shall not extend the term of an Award and shall comply with all requirements of Code Section 409A, and neither the
Company nor its Directors or officers shall have any obligation or liability to a Participant, the Participant’s successor or any
other person with respect to any Shares as to which the Award shall lapse because of such postponement.

 

Section
13. Nontransferability.

 

Awards
granted under the Plan, and any rights and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in
any manner, or be subject to execution, attachment or similar process, by operation of law or otherwise, except (i) by will or by the
laws of descent and distribution, or (ii) where permitted under applicable tax rules, by gift to any Family Member of the Participant,
subject to compliance with applicable laws. An Award may be exercisable during the lifetime of the Participant only by such Participant
or by the Participant’s guardian or legal representative unless it has been transferred by gift to a Family Member of the Participant,
in which case it shall be exercisable solely by such transferee. Notwithstanding any such transfer, the Participant shall continue to
be subject to the withholding requirements provided for under Section 10.

 

    	 

     

    

 

Section
14. Delivery of Shares.

 

Shares
issued pursuant to a Stock Award, the exercise of a Stock or SAR or the settlement of a Stock Unit Award shall be represented by share
certificates or on a non-certificated basis, with the ownership of such Shares by the Participant evidenced solely by book entry in the
records of the Company’s transfer agent; provided, however, that upon the written request of the Participant, the Company shall
issue, in the name of the Participant, share certificates representing such Shares. Notwithstanding the foregoing, Shares granted pursuant
to a Stock Award shall be held by the Secretary of the Company until such time as the Shares are forfeited or settled.

 

Section
15. Termination or Amendment of Plan and Award Agreements.

 

15.1
Termination or Amendment of Plan.

 

(a)
Except as described in Section 15.3 below, the Board may terminate, suspend, or amend the Plan, in whole or in part, from time to time,
without the approval of the shareholders of the Company, unless such approval is required by applicable law, regulation or rule of any
stock exchange on which the Shares are listed. No amendment or termination of the Plan shall adversely affect the right of any Participant
under any outstanding Award in any material way without the written consent of the Participant, unless such amendment or termination
is required by applicable law, regulation or rule of any stock exchange on which the Shares are listed. Subject to the foregoing, the
Committee may correct any defect or supply an omission or reconcile any inconsistency in the Plan or in any Award granted hereunder in
the manner and to the extent it shall deem desirable, in its sole discretion, to effectuate the Plan.

 

(b)
The Board shall have the authority to amend the Plan to the extent necessary or appropriate to comply with applicable law, regulation
or accounting rules in order to permit Participants who are located outside of the United States to participate in the Plan.

 

15.2
Amendment of Award Agreements.

 

The
Committee shall have the authority to amend any Award Agreement at any time; provided however, that no such amendment shall adversely
affect the right of any Participant under any outstanding Award Agreement in any material way without the written consent of the Participant,
unless such amendment is required by applicable law, regulation or rule of any stock exchange on which the Shares are listed.

 

15.3
No Repricing of Stock Options.

 

Notwithstanding
the foregoing, and except as described in Section 4.3, there shall be no amendment to the Plan or any outstanding Stock Option Agreement
or SAR Agreement that results in the repricing of Stock Options or SARs without shareholders’ approval. For this purpose, repricing
includes (i) a reduction in the exercise price of the Stock Option or SARs or (ii) the cancellation of a Stock Option in exchange for
cash, Stock Options or SARs with an exercise price less than the exercise price of the cancelled Options or SARs, other Awards or any
other consideration provided by the Company, but does not include any adjustment described in Section 4.3.

 

Section
16. No Contract of Employment.

 

Neither
the adoption of the Plan nor the grant of any Award under the Plan shall be deemed to obligate the Company or any Subsidiary to continue
the employment of any Participant for any particular period, nor shall the granting of an Award constitute a request or consent to postpone
the retirement date of any Participant.

 

    	 

     

    

 

Section
17. Applicable Law.

 

All
questions pertaining to the validity, construction and administration of the Plan and all Awards granted under the Plan shall be determined
in conformity with the laws of the state of Nevada, without regard to the conflict of law provisions of any state.

 

Section
18. Effective Date and Term of Plan.

 

18.1
Effective Date.

 

The
Plan shall be effective as of the Effective Date. The Plan is intended to supersede and replace any and all prior equity plans sponsored
by the Company with respect to any authorized shares not made subject to any award under such plans prior to the effective date of this
Plan. Any outstanding awards under prior plans shall continue to be subject to and governed by the terms of such plans.

 

18.2
Term of Plan.

 

Notwithstanding
anything to the contrary contained herein, no Awards shall be granted on or after the tenth anniversary of the adoption of this Plan.

 

*
* * * *Exhibit 10.2

 

ORBSAT
CORP

2021 INCENTIVE AWARD PLAN 

 

ARTICLE
I.

Purpose

 

The
Plan’s purpose is to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make)
important contributions to the Company by providing these individuals with equity ownership opportunities. Capitalized terms used in
the Plan are defined in Article XI. 

 

ARTICLE
II.

 

Eligibility

 

Service
Providers are eligible to be granted Awards under the Plan, subject to the limitations described herein.

 

ARTICLE
III.

Administration and Delegation

 

3.1
Administration. The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers
receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator
also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements and
to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects
and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award as it deems necessary or appropriate to administer
the Plan and any Awards. The Administrator’s determinations under the Plan are in its sole discretion and will be final and binding
on all persons having or claiming any interest in the Plan or any Award. The Administrator may institute and determine the terms and
conditions of an Exchange Program. 

 

3.2
Appointment of Committees. To the extent Applicable Laws permit, the Board may delegate any or all of its powers under the Plan
to one or more Committees or officers of the Company or any of its Subsidiaries. The Board may abolish any Committee or re-vest in itself
any previously delegated authority at any time. 

 

ARTICLE
IV.

Stock Available for Awards

 

4.1
Number of Shares. Subject to adjustment under Article VIII and the terms of this Article IV, Awards may be made under the Plan
covering up to the Overall Share Limit. Shares issued under the Plan may consist of authorized but unissued Shares, Shares purchased
on the open market or treasury Shares.

 

4.2
Share Recycling. If all or any part of an Award expires, lapses or is terminated, exchanged for cash, surrendered to an Exchange
Program, repurchased, canceled without having been fully exercised or forfeited, in any case, in a manner that results in the Company
acquiring Shares at a price not greater than the price (as adjusted to reflect any Equity Restructuring) paid by the Participant for
such Shares or not issuing any Shares covered by the Award, the unused Shares covered by the Award will, as applicable, become or again
be available for Award grants under the Plan. Further, Shares delivered (either by actual delivery or attestation) to the Company by
a Participant to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any applicable tax withholding obligation
(including Shares retained by the Company from the Award being exercised or purchased and/or creating the tax obligation) will, as applicable,
become or again be available for Award grants under the Plan. The payment of Dividend Equivalents in cash in conjunction with any outstanding
Awards shall not count against the Overall Share Limit. 

 

    	 

     

    

 

4.3
Substitute Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s acquisition
of an entity’s property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based
awards granted before such merger or consolidation by such entity or its affiliate in accordance with Applicable Laws. Substitute Awards
may be granted on such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards
will not count against the Overall Share Limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards
under the Plan as provided above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the
maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan. Additionally, in the
event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available
under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available
for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other
adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders
of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce
the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards
under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants
could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals
who were not Employees or Directors prior to such acquisition or combination.

 

4.4
Non-Employee Director Compensation. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish
compensation for non-employee Directors from time to time, subject to the limitations in the Plan. The Administrator will from time to
time determine the terms, conditions and amounts of all such non-employee Director compensation in its discretion and pursuant to the
exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from
time to time.

 

ARTICLE
V.

Stock Options and Stock Appreciation Rights

 

5.1
General. The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations in the
Plan, including any limitations in the Plan that apply to Incentive Stock Options. The Administrator will determine the number of Shares
covered by each Option and Stock Appreciation Right, the exercise price of each Option and Stock Appreciation Right and the conditions
and limitations applicable to the exercise of each Option and Stock Appreciation Right. A Stock Appreciation Right will entitle the Participant
(or other person entitled to exercise the Stock Appreciation Right) to receive from the Company upon exercise of the exercisable portion
of the Stock Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share on the
date of exercise over the exercise price per Share of the Stock Appreciation Right by the number of Shares with respect to which the
Stock Appreciation Right is exercised, subject to any limitations of the Plan or that the Administrator may impose and payable in cash,
Shares valued at such Fair Market Value or a combination of the two as the Administrator may determine or provide in the Award Agreement.

 

5.2
Exercise Price. The Administrator will establish each Option’s and Stock Appreciation Right’s exercise price and specify
the exercise price in the Award Agreement. Unless otherwise determined by the Administrator, the exercise price will not be less than
100% of the Fair Market Value on the grant date of the Option or Stock Appreciation Right. 

 

5.3
Duration. Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement, provided
that, unless otherwise determined by the Administrator in accordance with Applicable Laws, the term of an Option or Stock Appreciation
Right will not exceed ten years. Notwithstanding the foregoing, if the Participant, prior to the end of the term of an Option or Stock
Appreciation Right, violates the non-competition, non-solicitation, confidentiality or other similar restrictive covenant provisions
of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company or
any of its Subsidiaries, the right of the Participant and the Participant’s transferees to exercise any Option or Stock Appreciation
Right issued to the Participant shall terminate immediately upon such violation unless the Company otherwise determines.

 

5.4
Exercise. Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in
a form the Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation
Right, together with, as applicable, payment in full (i) as specified in Section 5.5 for the number of Shares for which the Award is
exercised and (ii) as specified in Section 9.5 for any applicable taxes. Unless the Administrator otherwise determines, an Option or
Stock Appreciation Right may not be exercised for a fraction of a Share.

 

    	 

     

    

 

5.5
Payment Upon Exercise. Subject to Section 10.8, any Company insider trading policy (including blackout periods) and Applicable
Laws, the exercise price of an Option must be paid by: 

 

(a)
cash, wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may limit
the use of one of the foregoing payment forms if one or more of the payment forms below is permitted;

 

(b)
if there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (A) delivery (including telephonically
to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver
promptly to the Company sufficient funds to pay the exercise price, or (B) the Participant’s delivery to the Company of a copy
of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check
sufficient to pay the exercise price; provided that such amount is paid to the Company at such time as may be required by the Administrator;

 

(c)
to the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant
valued at their Fair Market Value;

 

(d)
to the extent permitted by the Administrator, surrendering Shares then issuable upon the Option’s exercise valued at their Fair
Market Value on the exercise date;

 

(e)
to the extent permitted by the Administrator, delivery of any other property that the Administrator determines is good and valuable consideration;
or

 

(f)
to the extent permitted by the Company, any combination of the above payment forms approved by the Administrator.

 

ARTICLE
VI.

Restricted Stock; Restricted Stock Units

 

6.1
General. The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider, subject
to the Company’s right to repurchase all or part of such shares at their issue price or other stated or formula price from the
Participant (or to require forfeiture of such shares) if conditions the Administrator specifies in the Award Agreement are not satisfied
before the end of the applicable restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator
may grant to Service Providers Restricted Stock Units, which may be subject to vesting and forfeiture conditions during the applicable
restriction period or periods, as set forth in an Award Agreement. The Administrator will determine and set forth in the Award Agreement
the terms and conditions for each Restricted Stock and Restricted Stock Unit Award, subject to the conditions and limitations contained
in the Plan.

 

6.2
Restricted Stock.

 

(a)
Dividends. Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to
such Shares, unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise,
if any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of Common Stock of property
other than an ordinary cash dividend, the Shares or other property will be subject to the same restrictions on transferability and forfeitability
as the shares of Restricted Stock with respect to which they were paid.

 

(b)
Stock Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any stock
certificates issued in respect of shares of Restricted Stock, together with a stock power endorsed in blank.

 

    	 

     

    

 

(c)
Section 83(b) Election. If a Participant makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted
Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which such Participant would otherwise
be taxable under Section 83(a) of the Code, such Participant shall be required to deliver a copy of such election to the Company promptly
after filing such election with the Internal Revenue Service along with proof of the timely filing thereof.

 

6.3
Restricted Stock Units.

 

(a)
Settlement. The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practicable
after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a
manner intended to comply with Section 409A.

 

(b)
Stockholder Rights. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock
Unit unless and until the Shares are delivered in settlement of the Restricted Stock Unit.

 

(c)
Dividend Equivalents. If the Administrator provides, a grant of Restricted Stock Units may provide a Participant with the right
to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in
cash or Shares and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect
to which the Dividend Equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement.

 

ARTICLE
VII.

Other Stock or Cash Based Awards

 

7.1
Other Stock or Cash Based Awards may be granted to Participants, including Awards entitling Participants to receive Shares to be delivered
in the future and including annual or other periodic or long-term cash bonus awards (whether based on specified Performance Criteria
or otherwise), in each case subject to any conditions and limitations in the Plan. Such Other Stock or Cash Based Awards will also be
available as a payment form in the settlement of other Awards, as standalone payments and as payment in lieu of compensation to which
a Participant is otherwise entitled. Other Stock or Cash Based Awards may be paid in Shares, cash or other property, as the Administrator
determines. Subject to the provisions of the Plan, the Administrator will determine the terms and conditions of each Other Stock or Cash
Based Award, including any purchase price, performance goal (which may be based on the Performance Criteria), transfer restrictions,
and vesting conditions, which will be set forth in the applicable Award Agreement. 

 

ARTICLE
VIII.

Adjustments for Changes in Common Stock

and Certain Other Events

 

8.1
Equity Restructuring. In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Article
VII, the Administrator will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which
may include adjusting the number and type of securities subject to each outstanding Award and/or the Award’s exercise price or
grant price (if applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments provided
under this Section 8.1 will be nondiscretionary and final and binding on the affected Participant and the Company; provided that the
Administrator will determine whether an adjustment is equitable.

 

    	 

     

    

 

8.2
Corporate Transactions. In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities,
or other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation, dissolution,
or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Common
Stock or other securities of the Company, Change in Control, issuance of warrants or other rights to purchase Common Stock or other securities
of the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction or event affecting the Company
or its financial statements or any change in any Applicable Laws or accounting principles, the Administrator, on such terms and conditions
as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event (except
that action to give effect to a change in Applicable Law or accounting principles may be made within a reasonable period of time after
such change) and either automatically or upon the Participant’s request, is hereby authorized to take any one or more of the following
actions whenever the Administrator determines that such action is appropriate in order to (x) prevent dilution or enlargement of the
benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any Award granted or issued
under the Plan, (y) to facilitate such transaction or event or (z) give effect to such changes in Applicable Laws or accounting principles:

 

(a)
To provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal to the
amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s
rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained upon the exercise
or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is equal to or less
than zero, then the Award may be terminated without payment;

 

(b)
To provide that such Award shall vest and, to the extent applicable, be exercisable as to all shares covered thereby, notwithstanding
anything to the contrary in the Plan or the provisions of such Award;

 

(c)
To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments
as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator;

 

(d)
To make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Awards
and/or with respect to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article
IV hereof on the maximum number and kind of shares which may be issued) and/or in the terms and conditions of (including the grant or
exercise price), and the criteria included in, outstanding Awards;

 

(e)
To replace such Award with other rights or property selected by the Administrator; and/or

 

(f)
To provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

 

8.3
Administrative Stand Still. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger,
consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary
transaction or change affecting the Shares or the share price of Common Stock, including any Equity Restructuring or any securities offering
or other similar transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award for up
to sixty days before or after such transaction.

 

8.4
General. Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have
any rights due to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares
of any class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided
with respect to an Equity Restructuring under Section 8.1 above or the Administrator’s action under the Plan, no issuance by the
Company of Shares of any class, or securities convertible into Shares of any class, will affect, and no adjustment will be made regarding,
the number of Shares subject to an Award or the Award’s grant or exercise price. The existence of the Plan, any Award Agreements
and the Awards granted hereunder will not affect or restrict in any way the Company’s right or power to make or authorize (i) any
adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger,
consolidation dissolution or liquidation of the Company or sale of Company assets or (iii) any sale or issuance of securities, including
securities with rights superior to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may
treat Participants and Awards (or portions thereof) differently under this Article VIII.

 

    	 

     

    

 

ARTICLE
IX.

General Provisions Applicable to Awards

 

9.1
Transferability. Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other than
Incentive Stock Options, Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation
of law, except by will or the laws of descent and distribution, or, subject to the Administrator’s consent, pursuant to a domestic
relations order, and, during the life of the Participant, will be exercisable only by the Participant. References to a Participant, to
the extent relevant in the context, will include references to a Participant’s authorized transferee that the Administrator specifically
approves.

 

9.2
Documentation. Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator determines.
Each Award may contain terms and conditions in addition to those set forth in the Plan. 

 

9.3
Discretion. Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award.
The terms of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions
thereof) uniformly. 

 

9.4
Termination of Service; Change in Status. The Administrator will determine, in its sole discretion, the effect of all matters
and questions relating to any Termination of Service, including, without limitation, whether a Termination of Service has occurred, whether
a Termination of Service resulted from a discharge for Cause and all questions of whether a particular leave of absence constitutes a
Termination of Service or any other change or purported change in a Participant’s Service Provider status affects an Award and
the extent to which, and the period during which, the Participant, the Participant’s legal representative, conservator, guardian
or Designated Beneficiary may exercise rights under the Award, if applicable.

 

9.5
Withholding. Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of, any taxes
required by law to be withheld in connection with such Participant’s Awards by the date of the event creating the tax liability.
The Company may deduct an amount sufficient to satisfy such tax obligations based on the applicable statutory withholding rates (or such
other rate as may be determined by the Company after considering any accounting consequences or costs) from any payment of any kind otherwise
due to a Participant. Subject to Section 10.8 and any Company insider trading policy (including blackout periods), Participants may satisfy
such tax obligations (i) in cash, by wire transfer of immediately available funds, by check made payable to the order of the Company,
provided that the Company may limit the use of one of the foregoing payment forms if one or more of the payment forms below is permitted,
(ii) to the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares retained from the Award
creating the tax obligation, valued at their Fair Market Value, (iii) if there is a public market for Shares at the time the tax obligations
are satisfied, unless the Company otherwise determines, (A) delivery (including telephonically to the extent permitted by the Company)
of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds
to satisfy the tax obligations, or (B) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions
to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding; provided
that such amount is paid to the Company at such time as may be required by the Administrator, or (iv) to the extent permitted by the
Company, any combination of the foregoing payment forms approved by the Administrator. If any tax withholding obligation will be satisfied
under clause (ii) of the immediately preceding sentence by the Company’s retention of Shares from the Award creating the tax obligation
and there is a public market for Shares at the time the tax obligation is satisfied, the Company may elect to instruct any brokerage
firm determined acceptable to the Company for such purpose to sell on the applicable Participant’s behalf some or all of the Shares
retained and to remit the proceeds of the sale to the Company or its designee, and each Participant’s acceptance of an Award under
the Plan will constitute the Participant’s authorization to the Company and instruction and authorization to such brokerage firm
to complete the transactions described in this sentence. 

 

9.6
Amendment of Award; Repricing. The Administrator may amend, modify or terminate any outstanding Award, including by substituting
another Award of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to
a Non-Qualified Stock Option. The Participant’s consent to such action will be required unless (i) the action, taking into account
any related action, does not materially and adversely affect the Participant’s rights under the Award, or (ii) the change is permitted
under Article VIII or pursuant to Section 10.6. 

 

    	 

     

    

 

9.7
Conditions on Delivery of Stock. The Company will not be obligated to deliver any Shares under the Plan or remove restrictions
from Shares previously delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction,
(ii) as determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including
any applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered
to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy any Applicable Laws.
The Company’s inability to obtain authority from any regulatory body having jurisdiction, which the Administrator determines is
necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue or sell such
Shares as to which such requisite authority has not been obtained.

 

9.8
Acceleration. The Administrator may at any time provide that any Award will become immediately vested and fully or partially exercisable,
free of some or all restrictions or conditions, or otherwise fully or partially realizable. 

 

9.9
Additional Terms of Incentive Stock Options. The Administrator may grant Incentive Stock Options only to employees of the Company,
any of its present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code, respectively, and any
other entities the employees of which are eligible to receive Incentive Stock Options under the Code. If an Incentive Stock Option is
granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of the Fair Market Value on the Option’s
grant date, and the term of the Option will not exceed five years. All Incentive Stock Options will be subject to and construed consistently
with Section 422 of the Code. By accepting an Incentive Stock Option, the Participant agrees if requested by the Company to give prompt
notice to the Company of dispositions or other transfers (other than in connection with a Change in Control) of Shares acquired under
the Option made within (i) two-years from the grant date of the Option or (ii) one-year after the transfer of such Shares to the Participant,
specifying the date of the disposition or other transfer and the amount the Participant realized, in cash, other property, assumption
of indebtedness or other consideration, in such disposition or other transfer. Neither the Company nor the Administrator will be liable
to a Participant, or any other party, if an Incentive Stock Option fails or ceases to qualify as an “incentive stock option”
under Section 422 of the Code. Any Incentive Stock Option or portion thereof that fails to qualify as an “incentive stock option”
under Section 422 of the Code for any reason, including becoming exercisable with respect to Shares having a fair market value exceeding
the $100,000 limitation under Treasury Regulation Section 1.422-4, will be a Non-Qualified Stock Option.

 

ARTICLE
X.

Miscellaneous

 

10.1
No Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of an Award
will not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company
expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability
or claim under the Plan or any Award, except as expressly provided in an Award Agreement.

 

10.2
No Rights as Stockholder; Certificates. Subject to the Award Agreement, no Participant or Designated Beneficiary will have any
rights as a stockholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares.
Notwithstanding any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require, the Company
will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such
Shares may be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may
place legends on stock certificates issued under the Plan that the Administrator deems necessary or appropriate to comply with Applicable
Laws.

 

10.3
Effective Date and Term of Plan. The Plan will become effective on the Effective Date and, unless earlier terminated by the Board,
will remain in effect until the earlier of (i) the earliest date as of which all Awards granted under the Plan have been satisfied in
full or terminated and no Shares approved for issuance under the Plan remain available to be granted under new Awards or (ii) the tenth
anniversary of the Effective Date, but Awards previously granted may extend beyond that date in accordance with the Plan. If the Plan
is not approved by the Company’s stockholders, the Plan will not become effective and no Awards will be granted under the Plan.

 

    	 

     

    

 

10.4
Amendment of Plan. The Administrator may amend, suspend or terminate the Plan at any time; provided that no amendment, other than
an increase to the Overall Share Limit, may materially and adversely affect any Award outstanding at the time of such amendment without
the affected Participant’s consent. No Awards may be granted under the Plan during any suspension period or after Plan termination.
Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement,
as in effect before such suspension or termination. The Board will obtain stockholder approval of any Plan amendment to the extent necessary
to comply with Applicable Laws.

 

10.5
Provisions for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals or
employed outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations
or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.

 

10.6
Section 409A. 

 

(a)
General. The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that no adverse
tax consequences, interest, or penalties under Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement to the
contrary, the Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies and procedures, or
take any other actions (including amendments, policies, procedures and retroactive actions) as are necessary or appropriate to preserve
the intended tax treatment of Awards, including any such actions intended to (A) exempt this Plan or any Award from Section 409A, or
(B) comply with Section 409A, including regulations, guidance, compliance programs and other interpretative authority that may be issued
after an Award’s grant date. The Company makes no representations or warranties as to an Award’s tax treatment under Section
409A or otherwise. The Company will have no obligation under this Section 10.6 or otherwise to avoid the taxes, penalties or interest
under Section 409A with respect to any Award and will have no liability to any Participant or any other person if any Award, compensation
or other benefits under the Plan are determined to constitute noncompliant “nonqualified deferred compensation” subject to
taxes, penalties or interest under Section 409A.

 

(b)
Separation from Service. If an Award constitutes “nonqualified deferred compensation” under Section 409A, any payment
or settlement of such Award upon a termination of a Participant’s Service Provider relationship will, to the extent necessary to
avoid taxes under Section 409A, be made only upon the Participant’s “separation from service” (within the meaning of
Section 409A), whether such “separation from service” occurs upon or after the Termination of Service of a Participant. For
purposes of this Plan or any Award Agreement relating to any such payments or benefits, references to a “termination,” “termination
of employment,” Termination of Service or like terms means a “separation from service.”

 

(c)
Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of
“nonqualified deferred compensation” required to be made under an Award to a “specified employee” (as defined
under Section 409A and as the Administrator determines) due to his or her “separation from service” will, to the extent necessary
to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such “separation
from service” (or, if earlier, until the specified employee’s death) and will instead be paid (as set forth in the Award
Agreement) on the day immediately following such six-month period or as soon as administratively practicable thereafter (without interest).
Any payments of “nonqualified deferred compensation” under such Award payable more than six months following the Participant’s
“separation from service” will be paid at the time or times the payments are otherwise scheduled to be made.

 

    	 

     

    

 

10.7
Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other
employee or agent of the Company or any Subsidiary will be liable to any Participant, former Participant, spouse, beneficiary, or any
other person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will not
be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator,
director, officer, other employee or agent of the Company or any Subsidiary. The Company will indemnify and hold harmless each director,
officer, other employee and agent of the Company or any Subsidiary that has been or will be granted or delegated any duty or power relating
to the Plan’s administration or interpretation, against any cost or expense (including attorneys’ fees) or liability (including
any sum paid in settlement of a claim with the Administrator’s approval) arising from any act or omission concerning this Plan
unless arising from such person’s own fraud or bad faith.

 

10.8
Lock-Up Period. The Company may, at the request of any underwriter representative or otherwise, in connection with registering
the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise
transferring any Shares or other Company securities during a period of up to one hundred eighty days following the effective date of
a Company registration statement filed under the Securities Act, or such longer period as determined by the underwriter.

 

10.9
Data Privacy. As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection,
use and transfer, in electronic or other form, of personal data as described in this section by and among the Company and its Subsidiaries
and affiliates exclusively for implementing, administering and managing the Participant’s participation in the Plan. The Company
and its Subsidiaries and affiliates may hold certain personal information about a Participant, including the Participant’s name,
address and telephone number; birthdate; social security, insurance number or other identification number; salary; nationality; job title(s);
any Shares held in the Company or its Subsidiaries and affiliates; and Award details, to implement, manage and administer the Plan and
Awards (the “Data”). The Company and its Subsidiaries and affiliates may transfer the Data amongst themselves
as necessary to implement, administer and manage a Participant’s participation in the Plan, and the Company and its Subsidiaries
and affiliates may transfer the Data to third parties assisting the Company with Plan implementation, administration and management.
These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different
data privacy laws and protections than the recipients’ country. By accepting an Award, each Participant authorizes such recipients
to receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant’s
participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant
may elect to deposit any Shares. The Data related to a Participant will be held only as long as necessary to implement, administer, and
manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding
such Participant, request additional information about the storage and processing of the Data regarding such Participant, recommend any
necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section 10.9 in writing, without
cost, by contacting the local human resources representative. The Company may cancel Participant’s ability to participate in the
Plan and, in the Administrator’s discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws
the consents in this Section 10.9. For more information on the consequences of refusing or withdrawing consent, Participants may contact
their local human resources representative.

 

10.10
Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality
or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid
provisions had been excluded, and the illegal or invalid action will be null and void.

 

10.11
Governing Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a
Participant and the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified
in such Award Agreement or other written document that a specific provision of the Plan will not apply.

 

10.12
Governing Law. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of Delaware,
disregarding any state’s choice-of-law principles requiring the application of a jurisdiction’s laws other than the State
of Delaware.

 

10.13
Claw-back Provisions. All Awards (including any proceeds, gains or other economic benefit the Participant actually or constructively
receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company
claw-back policy, including any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform
and Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such claw-back policy or the Award Agreement.

 

    	 

     

    

 

10.14
Titles and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the Plan’s
text, rather than such titles or headings, will control.

 

10.15
Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with Applicable
Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable
Laws. To the extent Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to conform to Applicable
Laws.

 

10.16
Relationship to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any pension,
retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as expressly
provided in writing in such other plan or an agreement thereunder.

 

10.17
Broker-Assisted Sales. In the event of a broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant
under or with respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9.5: (a) any Shares to
be sold through the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter as practicable;
(b) such Shares may be sold as part of a block trade with other Participants in the Plan in which all participants receive an average
price; (c) the applicable Participant will be responsible for all broker’s fees and other costs of sale, and by accepting an Award,
each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such
sale; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will pay
such excess in cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its designees are under no obligation
to arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient to satisfy the Participant’s
applicable obligation, the Participant may be required to pay immediately upon demand to the Company or its designee an amount in cash
sufficient to satisfy any remaining portion of the Participant’s obligation.

 

ARTICLE
XI.

Definitions

 

As
used in the Plan, the following words and phrases will have the following meanings:

 

11.1
“Administrator” means the Board or a Committee to the extent that the Board’s powers or authority under
the Plan have been delegated to such Committee.

 

11.2
“Applicable Laws” means the requirements relating to the administration of equity incentive plans under U.S.
federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where
Awards are granted.

 

11.3
“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units or Other Stock or Cash Based Awards.

 

11.4
“Award Agreement” means a written agreement evidencing an Award, which may be electronic, that contains such
terms and conditions as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.

 

11.5
“Board” means the Board of Directors of the Company.

 

    	 

     

    

 

11.6
“Cause” means (i) if a Participant is a party to a written employment, severance or consulting agreement with
the Company or any of its Subsidiaries or an Award Agreement in which the term “cause” is defined (a “Relevant
Agreement”), “Cause” as defined in the Relevant Agreement, and (ii) if no Relevant Agreement exists, (A) willful
failure to substantially perform Participant’s duties (other than any such failure resulting from Participant’s incapacity
due to physical or mental illness), after written notice of such performance has been given to Participant; (B) use of illegal drugs
by Participant; (C) commission of a felony, a crime of moral turpitude or a misdemeanor involving fraud or dishonesty (for avoidance
of doubt, a single driving while intoxicated (or other similar charge) shall not be considered a felony or crime of moral turpitude);
(D) the perpetration of any act of fraud or material dishonesty against or affecting the Company, any of its affiliates, or any customer,
agent or employee thereof; (E) material breach of fiduciary duty or material breach of Participant’s obligations under a written
agreement between the Company and Participant, including without limitation, such a breach of this Agreement; (F) repeated insolent or
abusive conduct in the workplace, including but not limited to, harassment of others of a racial or sexual nature after notice of such
behavior; (G) taking any action which is intended to harm or disparage the Company, holdings, their affiliates, or their reputations,
or which would reasonably be expected to lead to unwanted or unfavorable publicity to the Company or its affiliates; or (H) engaging
in any act of material self-dealing without prior notice to and consent by the Board.

 

11.7
“Change in Control” means and includes each of the following:

 

(a)
A transaction or series of transactions (other than an offering of Common Stock to the general public through a registration statement
filed with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i)
and (ii) of subsection (c) below) whereby any “person” or related “group” of “persons” (as such terms
are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, an employee benefit plan
maintained by the Company or any of its Subsidiaries or a “person” that, prior to such transaction, directly or indirectly
controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50 % of the total combined voting
power of the Company’s securities outstanding immediately after such acquisition; or

 

(b)
During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any
new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction
described in subsections (a) or (c) whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the two-year period
or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

 

(c)
The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all
of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of
another entity, in each case other than a transaction:

 

(i)
which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either
by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets
or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”))
directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities
immediately after the transaction, and

 

(ii)
after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor
Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially owning
50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to
the consummation of the transaction.

 

Notwithstanding
the foregoing, if a Change in Control constitutes a payment event with respect to any Award (or portion of any Award) that provides for
the deferral of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional taxes under
Section 409A, the transaction or event described in subsection (a), (b) or (c) with respect to such Award (or portion thereof) shall
only constitute a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a “change
in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5).

 

    	 

     

    

 

The
Administrator shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change
in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters
relating thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change
in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

 

11.8
“Code” means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

11.9
“Committee” means one or more committees or subcommittees of the Board, which may include one or more Company
directors or executive officers, to the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3,
it is intended that each member of the Committee will be, at the time the Committee takes any action with respect to an Award that is
subject to Rule 16b-3, a “non-employee director” within the meaning of Rule 16b-3; however, a Committee member’s failure
to qualify as a “non-employee director” within the meaning of Rule 16b-3 will not invalidate any Award granted by the Committee
that is otherwise validly granted under the Plan.

 

11.10
“Common Stock” means the common stock, par value $0.0001 per share, of the Company.

 

11.11
“Company” means ORBSAT CORP., a Nevada corporation, or any successor.

 

11.12
“Consultant” means any person, including any adviser, engaged by the Company or its parent or Subsidiary to
render services to such entity if the consultant or adviser: (i) renders bona fide services to the Company; (ii) renders services not
in connection with the offer or sale of securities in a capital-raising transaction and does not directly or indirectly promote or maintain
a market for the Company’s securities; and (iii) is a natural person.

 

11.13
“Designated Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner the
Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated.
Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

 

11.14
“Director” means a Board member.

 

11.15
“Disability” means a permanent and total disability under Section 22(e)(3) of the Code, as amended.

 

11.16
“Dividend Equivalents” means a right granted to a Participant under the Plan to receive the equivalent value
(in cash or Shares) of dividends paid on Shares.

 

11.17
“Effective Date” means the date on which Board adopted the Plan, subject to approval of the Plan by the Company’s
stockholders.

 

11.18
“Employee” means any employee of the Company or its Subsidiaries.

 

11.19
“Equity Restructuring” means a nonreciprocal transaction between the Company and its stockholders, such as
a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash dividend, that affects the number or kind
of Shares (or other Company securities) or the share price of Common Stock (or other Company securities) and causes a change in the per
share value of the Common Stock underlying outstanding Awards.

 

11.20
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

11.21
“Exchange Program” shall mean a program under which (i) outstanding Awards are surrendered or cancelled in
exchange for Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type,
and/or cash, (ii) Holders would have the opportunity to transfer any outstanding Awards to a financial institution or other person or
entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator
will determine the terms and conditions of any Exchange Program in its sole discretion.

 

    	 

     

    

 

11.22
“Fair Market Value” means, as of any date, the value of Common Stock determined as follows: (i) if the Common
Stock is listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock as quoted
on such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as
reported in The Wall Street Journal or another source the Administrator deems reliable; (ii) if the Common Stock is not traded on a stock
exchange but is quoted on a national market or other quotation system, the closing sales price on such date, or if no sales occurred
on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another
source the Administrator deems reliable; or (iii) in any case the Administrator may determine the Fair Market Value in its discretion.

 

11.23
“Greater Than 10% Stockholder” means an individual then owning (within the meaning of Section 424(d) of the
Code) more than 10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporation,
as defined in Section 424(e) and (f) of the Code, respectively.

 

11.24
“Incentive Stock Option” means an Option intended to qualify as an “incentive stock option” as
defined in Section 422 of the Code.

 

11.25
“Non-Qualified Stock Option” means an Option not intended or not qualifying as an Incentive Stock Option.

 

11.26
“Option” means an option to purchase Shares.

 

11.27
“Other Stock or Cash Based Awards” means cash awards, awards of Shares, and other awards valued wholly or partially
by referring to, or are otherwise based on, Shares or other property.

 

11.28
“Overall Share Limit” means the sum of (i) 768,819 Shares; and (ii) an annual increase on the first day of
each calendar year beginning January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (A) an amount such that
the resulting sum (the new “Overall Share Limit”) is equal to 12% of the aggregate number of shares of Common Stock outstanding
on the final day of the immediately preceding calendar year and (B) such smaller number of Shares as is determined by the Board.

 

11.29
“Participant” means a Service Provider who has been granted an Award.

 

11.30
“Performance Criteria” mean the criteria (and adjustments) that the Administrator may select for an Award to
establish performance goals for a performance period, which may include the following: net earnings or losses (either before or after
one or more of interest, taxes, depreciation, amortization, and non-cash equity-based compensation expense); gross or net sales or revenue
or sales or revenue growth; net income (either before or after taxes) or adjusted net income; profits (including but not limited to gross
profits, net profits, profit growth, net operation profit or economic profit), profit return ratios or operating margin; budget or operating
earnings (either before or after taxes or before or after allocation of corporate overhead and bonus); cash flow (including operating
cash flow and free cash flow or cash flow return on capital); return on assets; return on capital or invested capital; cost of capital;
return on stockholders’ equity; total stockholder return; return on sales; costs, reductions in costs and cost control measures;
expenses; working capital; earnings or loss per share; adjusted earnings or loss per share; price per share or dividends per share (or
appreciation in or maintenance of such price or dividends); regulatory achievements or compliance; implementation, completion or attainment
of objectives relating to research, development, regulatory, commercial, or strategic milestones or developments; market share; economic
value or economic value added models; division, group or corporate financial goals; customer satisfaction/growth; customer service;
employee satisfaction; recruitment and maintenance of personnel; human resources management; supervision of
litigation and other legal matters; strategic partnerships and transactions; financial ratios (including those
measuring liquidity, activity, profitability or leverage); debt levels or reductions; sales-related goals;
financing and other capital raising transactions; cash on hand; acquisition activity; investment
sourcing activity; marketing initiatives; and other measures of performance selected by the Board or Committee whether or not listed
herein, any of which may be measured in absolute terms or as compared to any incremental increase or decrease. Such performance goals
also may be based solely by reference to the Company’s performance or the performance of a Subsidiary, division, business segment
or business unit of the Company or a Subsidiary, or based upon performance relative to performance of other companies or upon comparisons
of any of the indicators of performance relative to performance of other companies. The Committee may provide for exclusion of the impact
of an event or occurrence which the Committee determines should appropriately be excluded, including (a) restructurings, discontinued
operations, extraordinary items, and other unusual, infrequently occurring or non-recurring charges or events, (b) asset write-downs,
(c) litigation or claim judgments or settlements, (d) acquisitions or divestitures, (e) reorganization or change in the corporate structure
or capital structure of the Company, (f) an event either not directly related to the operations of the Company, Subsidiary, division,
business segment or business unit or not within the reasonable control of management, (g) foreign exchange gains and losses, (h) a change
in the fiscal year of the Company, (i) the refinancing or repurchase of bank loans or debt securities, (j) unbudgeted capital expenditures,
(k) the issuance or repurchase of equity securities and other changes in the number of outstanding shares, (l) conversion of some or
all of convertible securities to Common Stock, (m) any business interruption event (n) the cumulative effects of tax or accounting changes
in accordance with U.S. generally accepted accounting principles, or (o) the effect of changes in other laws or regulatory rules affecting
reported results.

 

    	 

     

    

 

11.31
“Plan” means this 2021 Incentive Award Plan.

 

11.32
“Restricted Stock” means Shares awarded to a Participant under Article VI subject to certain vesting conditions
and other restrictions.

 

11.33
“Restricted Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one
Share or an amount in cash or other consideration determined by the Administrator to be of equal value as of such settlement date, subject
to certain vesting conditions and other restrictions.

 

11.34
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act.

 

11.35
“Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs and other
interpretative authority thereunder.

 

11.36
“Securities Act” means the Securities Act of 1933, as amended.

 

11.37
“Service Provider” means an Employee, Consultant or Director.

 

11.38
“Shares” means shares of Common Stock.

 

11.39
“Stock Appreciation Right” means a stock appreciation right granted under Article V.

 

11.40
“Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of
entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the
time of the determination, securities or interests representing at least 50% of the total combined voting power of all classes of securities
or interests in one of the other entities in such chain.

 

11.41
“Substitute Awards” shall mean Awards granted or Shares issued by the Company in assumption of, or in substitution
or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the
Company or any Subsidiary or with which the Company or any Subsidiary combines.

 

11.42
“Termination of Service” means the date the Participant ceases to be a Service Provider.

 

*
* * * *

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