Document:

Exhibit
10.2

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE
UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, (D) IN COMPLIANCE WITH RULE 144 OR 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS, OR (E) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE
SECURITIES LAWS, AND, IN THE CASE OF (D) or (E) ABOVE, THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION
OF COUNSEL AND/OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS INVOLVING
THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT.

 

$5,000,000
SECURED CONVERTIBLE NOTE

 

PURADIGM,
LLC

 

DUE:
May 14, 2023

 

	Original
    Issue Date: May 14, 2021	US$5,000,000.00

 

Article
I.

 

Section
1.01 Principal and Interest. `

 

(a)
FOR VALUE RECEIVED, Puradigm, LLC, a Nevada limited liability company (the “Borrower”) hereby
promises to pay to the order of DSS PureAir, Inc., a Texas corporation (together with its successors and assigns, the “Holder”),
in lawful money of the United States of America and in immediately available funds, the principal sum of Five Million 00/100
Dollars ($5,000,000.00) (the “Maximum Principal Amount”),
or such amounts as may be advanced from time to time by Holder to or for the account of the Borrower under this Note (each
such amount being an “Advance” and more than one such amounts being “Advances”), with such
principal amounts and accrued interest to be due on May 14, 2023 (the “Maturity Date”), subject to earlier
conversion of this Note as provided herein. The Borrower authorizes and appoints the Holder to enter each borrowing and repayment
of principal under this Note on Schedule A without any further authorization on the part of the Borrower or any endorser or guarantor
of this Note, and to the extent interest is not paid when due, the Holder is authorized and directed to enter the amount of such
interest as an additional borrowing of principal under this Note on the Schedule A, and the Borrower agrees that such entries
shall be conclusive evidence of the principal balance due under this Note at any time, absent manifest error. The Holder’s
failure to make an entry, however, shall not limit or otherwise affect the obligations of the Borrower or any endorser or guarantor
of this Note.

 

    	 

    	 

    

 

(b)
Advances; Advance Requests; Advance Form.

 

(i)
 Subject to the terms and conditions of the Purchase Agreement, Holder shall make Advances under this Note in the amounts,
at the times, and to the accounts requested by the Borrower from time to time, in each case upon delivery to Holder of a written
request by the Borrower for an Advance under this Note, in the form of request attached to the Purchase Agreement as Exhibit A
thereto (each such request being an “Advance Request”), completed as prescribed in the Purchase Agreement;
provided, however, that the aggregate principal amount of all Advances made under this Note
may not exceed the Maximum Principal Amount. 

 

(ii)
To be effective, an Advance Request must be received by Holder on or before the third Business Day before the particular calendar
date specified in such Advance Request that the Borrower requests to be the date on which the respective Advance is to be made.

 

(iii)
The Borrower hereby agrees that Holder, for its purposes, may consider any Advance Request approved by or on behalf of the authorized
officers of the Borrower and delivered to Holder in accordance with the terms of the Purchase Agreement to be an accurate representation
of the Borrower’s request for an Advance under this Note and the Borrower’s approval of that Advance Request

 

(c)
Interest Rate: Interest on the outstanding principal of each Advance shall accrue from the date on which the respective Advance
is made to the date on which such principal is due. Interest on each Advance shall be computed on the basis of (1) actual days
elapsed from (but not including) the date on which the respective Advance is made (for the first payment of interest due under
this Note for the respective Advance) or the date on which the payment of interest was last due (for all other payments of interest
due under this Note for the respective Advance), to (and including) the date on which payment is next due, and (2) a year of 360
days. The interest rate applicable to each Advance shall bear interest at six and sixty-five hundredths percent (6.65%) per annum.

 

(d)
Maximum Lawful Interest: The term “Maximum Lawful Rate” means the maximum rate of interest and the term “Maximum
Lawful Amount” means the maximum amount of interest that is permissible under applicable state or federal law for the type
of loan evidenced by this Note. If applicable state or federal law does not permit a higher interest rate, the “weekly ceiling”
(as defined in Chapter 303 of the Texas Finance Code) shall be the interest rate ceiling applicable to this Note and shall be
the basis for determining the Maximum Lawful Rate in effect from time to time during the term of this Note. If applicable state
or federal law allows a higher interest rate or federal law preempts the state law limiting the rate of interest, then the foregoing
interest rate ceiling shall not be applicable to this Note. If the interest rate ceiling is increased by statute or other governmental
action subsequent to the date of this Note, then the new interest rate ceiling shall be applicable to this Note from the effective
date thereof, unless otherwise prohibited by applicable law.

 

(e)
Spreading of Interest: Holder does not intend to contract for, charge or receive more than the Maximum Lawful Rate or Maximum
Lawful Amount permitted by applicable state or federal law, and to prevent such an occurrence Holder and Borrower agree that all
amounts of interest, whenever contracted for, charged or received by Holder, with respect to the loan of money evidenced by this
Note, shall be spread, prorated or allocated over the full period of time this Note is unpaid, including the period of any renewal
or extension of this Note. If demand for payment of this Note is made by Holder prior to the full stated term, the total amount
of interest contracted for, charged or received to the time of such demand shall be spread, prorated or allocated along with any
interest thereafter accruing over the full period of time that this Note thereafter remains unpaid for the purpose of determining
if such interest exceeds the Maximum Lawful Amount.

 

    	2

    	 

    

 

(f)
Excess Interest: At Maturity or on earlier final payment of this Note, Holder shall compute the total amount of interest that
has been contracted for, charged or received by Holder or payable by Borrower under this Note and compare such amount to the Maximum
Lawful Amount that could have been contracted for, charged or received by Holder. If such computation reflects that the total
amount of interest that has been contracted for, charged or received by Holder or payable by Borrower exceeds the Maximum Lawful
Amount, then Holder shall apply such excess to the reduction of the principal balance and not to the payment of interest; or if
such excess interest exceeds the unpaid principal balance, such excess shall be refunded to Borrower. This provision concerning
the crediting or refund of excess interest shall control and take precedence over all other agreements between Borrower and Holder
so that under no circumstances shall the total interest contracted for, charged or received by Holder exceed the Maximum Lawful
Amount.

 

(g)
Interest After Default: At Holder’s option, and to the extent permitted by applicable law, the unpaid principal balance
shall bear interest after default and after maturity (whether by acceleration or otherwise) at the Default Interest Rate. The
“Default Interest Rate” shall be, at Holder’s option, a) eighteen percent (18%) per annum, or b) such lesser
rate of interest as Holder in its sole discretion may choose to charge; but never more than the Maximum Lawful Rate or at a rate
that would cause the total interest contracted for, charged or received by Holder to exceed the Maximum Lawful Amount.

 

(h)
Daily Computation of Interest: To the extent permitted by applicable law, Holder at its option may either c) calculate the per
diem interest rate or amount based on the actual number of days in the year (365 or 366, as the case may be), and charge that
per diem interest rate or amount each day, or d) calculate the per diem interest rate or amount as if each year has only 360 days,
and charge that per diem interest rate or amount each day for the actual number of days of the year (365 or 366 as the case may
be). If this Note calls for monthly or quarterly payments, Holder at its option may determine the payment amount based on the
assumption that each year has only 360 days and each month has 30 days. In no event shall Holder compute the interest in a manner
that would cause Holder to contract for, charge or receive interest that would exceed the Maximum Lawful Rate or the Maximum Lawful
Amount.

 

(i)
Except as otherwise set forth in this Note, the Borrower may prepay any portion of the principal amount of this Note any time
following but not prior to the one year anniversary of the Original Issue Date (the “Prepayment Period”). During the
Prepayment Period, the Borrower shall have the right to prepay this Note in whole or in part at any time for cash on 10 business
days’ written notice, subject to the right of Holder to convert this Note in accordance with Section 1.03. The Borrower
shall honor any Conversion Notice (as defined in Section 1.03) delivered by the Holder up to 10 business days following the notice
of prepayment.

 

Section
1.02 Reference to Certain Agreements. The obligations of the Borrower under this Note are secured pursuant to the Security
Agreement of even date herewith (“Security Agreement”) among the Borrower and the Holder. In addition, this
Note is the “Note” referred to in, and entitled to the benefits of, the Securities
Purchase Agreement dated as of even date herewith, made by and among Holder and the Borrower (such agreement, as it may be amended,
supplemented, and restated from time to time in accordance with its terms, being the “Purchase Agreement”).

 

    	3

    	 

    

 

Section
1.03 Optional Conversion. At any time, before or after the occurrence of an Event of Default, the Holder shall be entitled,
at its option, to convert all, or a portion of all, of the outstanding principal amount of this Note, plus accrued but unpaid
interest thereon, into a number of newly issued membership units of the Borrower (the “Borrower Securities”),
with the Maximum Principal Amount and all outstanding interest equal to eighteen percent (18%) of the total number of Borrower
Securities that will be outstanding upon such conversion, calculated on a fully-diluted basis, giving effect to the exercise,
exchange or conversion of all options, warrants, convertible debt and any other securities or instruments exercisable or exchangeable
for or convertible into Borrower Securities, whether or not then vest or immediately exercisable or exchangeable for or convertible.
Any partial conversion shall use the same eighteen percent (18%) ratio and percentage based on the amount of the outstanding principal
amount being converted as compared to Maximum Principal Amount. The Membership Units
issuable from time to time by the Borrower upon a conversion hereunder are referred to herein as the “Conversion Units.”
Upon any conversion pursuant to this Note, Holder shall execute a joinder to the Borrower’s Operating Agreement, or any
similar successor document to the Operating Agreement, and shall hold the Conversion Units subject to all the terms and conditions
of the Operating Agreement, except for the express exceptions to same set forth in the Transaction Documents

 

In
the event the Borrower changes it corporate structure to a corporation than all references in this Note to units and membership
units shall be deemed to mean to shares.

 

The
Borrower shall provide to the Holder in writing from time to time promptly upon request a calculation of the then number of Conversion
Units in a format in in detail reasonably satisfactory to the Holder, provided that any error in such calculation by the Borrower
shall not limit or otherwise affect the obligations of the Borrower or any endorser or guarantor of this Note.

 

To
convert this Note, the Holder hereof shall deliver written notice thereof, substantially in the form of Exhibit B to this
Note, with appropriate insertions (the “Conversion Notice”), to the Borrower at its address as set forth herein.
The date upon which the conversion shall be effective (the “Conversion Date”) shall be deemed to be the date
set forth in the Conversion Notice.

 

The
Borrower shall deliver, or cause to be delivered, a certificate or certificates representing the Conversion Units, registered
in the name of the Holder, to the address specified in the Conversion Notice, within five (5) business days after the Conversion
Date. The Holder shall be deemed to be the holder of record of the Conversion Units for all purposes as of the Conversion Date.

 

Section
1.04 Reservation of Borrower Securities. The Borrower shall reserve and keep available solely for the purpose of conversion
of this Note that number of Borrower Securities to which this Note is convertible from time to time.

 

Section
1.05 Absolute Obligation/Ranking. Except as expressly provided herein, no provision of this Note shall alter or impair the
obligation of the Borrower, which is absolute and unconditional, to pay the unpaid principal of this Note and accrued but unpaid
interest thereon, at the time, place and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation
of the Borrower.

 

    	4

    	 

    

 

Section
1.06 Different Denominations. This Note is exchangeable for an equal aggregate unpaid principal amount of Notes of like tenor
of different authorized denominations, as requested by the Holder surrendering the same. No service charge will be made for such
registration of transfer or exchange.

 

Section
1.07 Use of Note Proceeds. The Company’s use of proceeds from this Note is subject to the restrictions set forth in
the Purchase Agreement.

 

Section
1.08 Events of Default. Each of the following events shall constitute a default under this Note (each an “Event of
Default”):

 

	 	(a)
    	failure
    by the Borrower to pay any principal or interest amount due hereunder when due; 
	 	 	 
	 	(b)	 failure
    by the Borrower to issue and deliver certificates representing the appropriate number of Conversion Units to the Holder within
    five (5) business days after the Conversion Date set forth in a Conversion Notice from Holder; provided, however, that Holder’s
    refusal to sign Borrower’s Operating Agreement or similar successor agreement in order to receive the Conversion Units
    shall not give rise to an Event of Default;
	 	 	 
	 	(c)
    	a
    default shall occur and be continuing under the Security Agreement after any time provided therein for curing the same shall
    have expired, or the Security Agreement shall fail to remain in full force and effect or to create a valid and perfected first
    priority security interest in and to the Collateral (as defined therein) (subject to the conditions and exceptions provided
    therein), or any action shall be taken to discontinue the Security Agreement or to assert the invalidity thereof;
	 	 	 
	 	(d)
    	the
    Borrower shall: (1) make a general assignment for the benefit of its creditors; (2) apply for or consent to the appointment
    of a receiver, trustee, assignee, custodian, sequestrator, liquidator or similar official for itself or any of its assets
    and properties; (3) commence a voluntary case for relief as a debtor under the United States Bankruptcy Code; (4) file with
    or otherwise submit to any governmental authority any petition, answer or other document seeking: (A) reorganization based
    on any insolvency of Borrower, (B) an arrangement with creditors or (C) to take advantage of any other present or future applicable
    law respecting bankruptcy, reorganization based on insolvency, insolvency, readjustment of debts, relief of debtors, dissolution
    or liquidation; (5) file or otherwise submit any answer or other document admitting or failing to contest the material allegations
    of a petition or other document filed or otherwise submitted against it in any proceeding under any applicable law cited in
    subsection 1.08(d)(4), or (6) be adjudicated a bankrupt or insolvent by a court of competent jurisdiction;

 

    	5

    	 

    

 

	 	(e)
    	any
    case, proceeding or other action shall be commenced against the Borrower for the purpose of effecting, or an order, judgment
    or decree shall be entered by any court of competent jurisdiction approving (in whole or in part) anything specified in Section
    1.08(d) hereof, or any receiver, trustee, assignee, custodian, sequestrator, liquidator or other official shall be appointed
    with respect to the Borrower, or shall be appointed to take or shall otherwise acquire possession or control of all or a substantial
    part of the assets and properties of the Borrower, and any of the foregoing shall continue unstayed and in effect for any
    period of sixty (60) days; or
	 	 	 
	 	(f)
    	any
    default, whether in whole or in part, shall occur in the due observance or performance of any other material obligations or
    covenants, terms or provisions to be performed under this Note which is not cured by the Borrower within ten (10) days after
    receipt of written notice thereof. 

 

Section
1.09 If any Event of Default specified in clauses (d) or (e) of Section 1.08 occurs, the full unpaid principal amount of this
Note, together with any interest and other amounts owing in respect hereof, shall become immediately due and payable in cash without
any action on the part of the Holder; or if any other Event of Default occurs, the Holder may by written notice to the Borrower
declare the full unpaid principal amount of this Note, together with any interest and other amounts owing in respect hereof, to
be immediately due and payable in cash, whereupon the same shall become immediately due and payable in cash; and, in any case,
except for the notices specified in this sentence, Borrower waives demand, presentment, protest, notice of protest, dishonor,
notice of dishonor or any other notice of any kind. Such declaration may be rescinded and annulled by the Holder at any time prior
to payment hereunder, and the Holder shall continue to have all rights as a Note holder until such time, if any, as the full payment
under this Section shall have been received by it. Any notice specified in this paragraph by the Holder to the Borrower of the
occurrence of a failure to pay or other default must be delivered as specified in Section 2.01 and must clearly specify that it
is a notice of default under this paragraph

 

Section
1.10 Change in Control; Closing Payment. For the purposes of this Note, a “Change in Control” shall be
deemed to occur upon (i) the sale, lease, license or transfer, in a single transaction or a series of transactions, of all or
substantially all of the Borrower’s assets; (ii) the sale or transfer, in a single transaction or a series of transactions,
of 50% or more of the presently outstanding Membership Units of the Borrower, or (iii) the issuance by the Borrower of Membership
Units, whether in one or more transactions, which individually or in the aggregate results in the ownership, following such transaction
or transactions, by the present stockholders of the Borrower of less than 50% of the Membership Units of the Borrower. In the
event of a Change in Control, the Borrower shall pay to the Holder the outstanding principal balance under the Note and all accrued
and unpaid interest hereunder, which payments shall be paid to the Holder on or before the closing of such Change in Control.
Notwithstanding the foregoing, in no event shall a Change of Control result from a debt or equity financing where the purpose
of such transaction is raising capital for the Borrower.

 

Section
1.11 Adjustments to Note; Payment Schedule. The Payment Schedule attached hereto shall reflect, at all times while
any amounts are outstanding under this Note, the total principal amount outstanding under this Note and the amounts and dates
of all Advances made under this Note. Adjustments to the Payment Schedule shall be made as follows:

 

(a)
Additional Advances. To request an Advance under the terms of the Note, the Borrower shall submit shall complete, execute and
submit a “Loan Advance Request Form” in substantially the form attached hereto as Exhibit A. Each such Loan
Advance Request Form shall state the amount, date of the Advance, and purpose of the Advance. Within 3 days of the receipt of
the properly completed Loan Advance Request Form, the Holder shall acknowledge receipt and approval/denial of the Advance request,
and if approved shall fund the Advance within two business days.

 

    	6

    	 

    

 

(b)
The Holder shall track all loan advances, loan payments, interest accrual and other amounts that may be owing on the Note on a
frequency of no less than on a monthly basis. Further, upon the Borrower’s two business days’ notice and request,
the Holder shall provide the Borrower with a calculation of the outstanding balance of the amount owing under the terms of the
Note, and/or a Note advance and payment history.

 

 

(c)
Prepayment Adjustment. Subject to Section 1.01(i), promptly upon the Holder’s receipt of any repayment by the Borrower of
principal and interest on any Advance, the Holder shall make the appropriate adjustment to the total principal amount outstanding
under this Note on its books and records...

 

Article
II.

 

Section
2.01 Notice. Notices regarding this Note shall be sent to the parties at the following addresses, unless a party notifies
the other parties, in writing, of a change of address, in which case to such new address:

 

	If
    to the Borrower, to:	Puradigm,
        LLC

        111
        C Street, Encinitas, CA 92024

	 	E-mail:
        plawlor@puradigm.com

        Attention:
        Padraig Lawlor, Chief Operating Officer

	 	 
	If
    to the Holder:	DSS
        PureAir, Inc.

        1400
        Broadfield Blvd., Suite 100, Houston, Texas 77084

        E-mail:
        fheuszel@dsssecure.com

        Attention:
        Frank D. Heuszel, President

 

Section
2.02 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall
be governed by and construed and enforced in accordance with the internal laws of the State of Texas. Each party agrees that all
legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Note (whether
brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be
commenced only in the state and federal courts sitting in Harris County (the “Harris County Courts”). Each party hereto
hereby irrevocably submits to the exclusive jurisdiction of the Harris Co. Courts for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, or such Harris County Courts are improper or
inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law.

 

    	7

    	 

    

 

Section
2.03 WAIVER OF JURY TRIAL.

 

BORROWER
AND HOLDER HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY WITH REGARDS TO ANY “DISPUTE” AND ANY ACTION
ON SUCH “DISPUTE”. THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY BORROWER(S) AND HOLDER, AND BORROWER
AND HOLDER HEREBY REPRESENT THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY PERSON OR ENTITY TO INDUCE THIS WAIVER
OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING
INTO THIS AGREEMENT. BORROWER AND HOLDER ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION HEREOF IN ANY PROCEEDING AS
CONCLUSIVE EVIDENCE OF THIS WAIVER OF JURY TRIAL. BORROWER FURTHER REPRESENTS AND WARRANTS THAT (1) IT HAS BEEN REPRESENTED IN
THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR (2) HAS HAD THE OPPORTUNITY TO
BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND (3) EACH HAVE HAD THE OPPORTUNITY TO DISCUSS THIS
WAIVER WITH COUNSEL.

 

Section
2.04 Severability. The invalidity of any of the provisions of this Note shall not invalidate or otherwise affect any of the
other provisions of this Note, which shall remain in full force and effect.

 

Section
2.05 Assignment. This Note may not be sold, transferred or assigned by the Holder without consent of the Borrower; provided,
however, that the Holder may assign the Note, Security Agreement, Securities Purchase Agreement and perfecting documents to an
Affiliate without Borrower’s consent. For purposes of this Section 2.05, “Affiliate” means, with respect to
any Person, any other Person who is an “affiliate” (as defined in Rule 12b-2 of the General Rules and Regulations
under the Exchange Act), and “control” for purposes of that
definition shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person or
entity, whether through ownership of voting securities, by contract or otherwise.)
of such Person. “Person” means any individual, firm, corporation, partnership, trust, incorporated or unincorporated
association, joint venture, joint stock company, limited liability company, governmental authority or other entity of any kind,
and shall include any successor (by merger or otherwise) of such entity.

 

Section
2.06 . The Borrower may not assign any of its obligations hereunder.

 

Section
2.07 Entire Agreement and Amendments. This Note, together with the Security Agreement and Purchase Agreement, represents the
entire agreement between the parties hereto with respect to the subject matter hereof and there are no representations, warranties
or commitments, except as set forth herein. This Note may be amended only by an instrument in writing executed by each of the
parties hereto.

 

    	8

    	 

    

 

Article
III.

 

Section
3.01 Other Provisions.

 

	 	(a)
    	Non-Waiver
    by Holder: Any previous extension of time, forbearance, failure to pursue any remedy, acceptance of late payments, or
    acceptance of partial payment by Holder, before or after Maturity, does not constitute a waiver by Holder of its subsequent
    right to strictly enforce the collection of this Note according to its terms.
	 	 	 
	 	(b)
    	No
    Duty or Special Relationship: Borrower acknowledges that Holder has no duty of good faith to Borrower, and acknowledges
    that no fiduciary, trust or other special relationship exists between Holder and Borrower.
	 	 	 
	 	(c)
    	Other
    Remedies Not Required: Borrower may be required to pay this Note in full without the assistance of any other party, or
    any collateral or security for this Note. Holder shall not be required to mitigate damages, file suit, or take any action
    to foreclose, proceed against or exhaust any collateral or security in order to enforce payment of this Note.
	 	 	 
	 	 	 
	 	(d)
    	Attorney’s
    Fees: If Holder requires the services of an attorney to enforce the payment of this Note, or if this Note is collected
    through any lawsuit, probate, bankruptcy, or other judicial proceeding, Borrower agrees to pay Holder all court costs, reasonable
    attorney’s fees and expenses, and other collection costs incurred by Holder. This provision shall be limited by any
    applicable statutory restrictions relating to the collection of attorney’s fees. 
	 	 	 
	 	(e)
    	No
    Oral Agreements: This Note represents the final agreement between the parties and may not be contradicted by evidence
    of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements between the
    parties, nor are there any promises, representations or warranties with regard to the Note except as set forth herein and
    in the Purchase Agreement and Security Agreement.

 

[Remainder
of Page Intentionally Left Blank]

 

    	9

    	 

    

 

IN
WITNESS WHEREOF, with the intent to be legally bound hereby, the Borrower as executed this Note as of the date first written
above.

 

	 	PURADIGM,
    LLC
	 	 	 
	 	By:
    	 
	 	Name:
    	              
	 	Title:
    	 

 

[SIGNATURE
PAGE TO $5,000,000 SECURED CONVERTIBLE NOTE]

 

    	10

    	 

    

 

EXHIBIT
A

 

LOAN
ADVANCE REQUEST FORM 

 

    	 

    	 

    

 

EXHIBIT
B

 

NOTICE
OF CONVERSION

 

`PURADIGM,
LLC

 

$5,000,000.00
SECURED CONVERTIBLE NOTE

 

(To
be executed by the Holder in order to convert the Note)

 

	Original
    Issue Date of Note:	 
	 	 
	TO:	 

 

The
undersigned hereby irrevocably elects to convert the principal amount of the above Note in whole or in part specified below into
Borrower Securities of Puradigm, LLC, according to the conditions stated therein, as of the Conversion Date written below.

 

	Conversion
    Date:	 
	 	 
	Principal
    amount to be converted:	$
	 	 
	Please
    deliver the Conversion Units to the following address:	
	 	 
	 	 
	 	 
	Name
    of Holder (as shown on Note):	
	 	 
	Signature
    of Holder or authorized officer or representative of Holder:	 
	 	 
	Name:	 
	 	 
	Title:Exhibit 10.3

 

UNICYCIVE THERAPEUTICS, INC.

2021 OMNIBUS EQUITY INCENTIVE PLAN

 

Section
1. Purpose of Plan.

 

The name of the Plan is the
Unicycive Therapeutics, Inc. 2021 Omnibus Equity Incentive Plan. The purposes of the Plan are to (i) provide an additional incentive
to selected employees, directors, independent contractors and consultants of the Company or its Affiliates whose contributions are essential
to the growth and success of the Company, (ii) strengthen the commitment of such individuals to the Company and its Affiliates,
(iii) motivate those individuals to faithfully and diligently perform their responsibilities and (iv) attract and retain competent
and dedicated individuals whose efforts will result in the long-term growth and profitability of the Company. To accomplish these purposes,
the Plan provides that the Company may grant Options, Share Appreciation Rights, Restricted Shares, Restricted Stock Units, Other Share-Based
Awards, Cash Awards or any combination of the foregoing.

 

Section
2. Definitions.

 

For purposes of the Plan, the
following terms shall be defined as set forth below:

 

(a) “Administrator”
means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in accordance with Section 3 hereof.

 

(b) “Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, the Person specified as of any date of determination.

 

(c) “Applicable Laws”
means the applicable requirements under U.S. federal and state corporate laws, U.S. federal and state securities laws, including the
Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any other country
or jurisdiction where Awards are granted under the Plan, as are in effect from time to time.

 

(d) “Award”
means any Option, Share Appreciation Right, Restricted Share, Restricted Stock Unit, Other Share-Based Award or Cash Award granted under
the Plan.

 

(e) “Award Agreement”
means any written notice, agreement, contract or other instrument or document evidencing an Award, including through electronic medium,
which shall contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with the Plan.

 

(f) “Beneficial Owner”
(or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.

 

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

 

(h) “Bylaws”
mean the bylaws of the Company, as may be amended and/or restated from time to time.

 

(i) “Cash Award”
means cash awarded under Section 11 of the Plan, including cash awarded as a bonus or upon the attainment of performance goals or otherwise
as permitted under the Plan.

 

     

     

    

 

(j) “Cause”
has the meaning assigned to such term in any individual service, employment or severance agreement or Award Agreement with the Participant
or, if no such agreement exists or if such agreement does not define “Cause,” then “Cause” means (i) the
conviction, guilty plea or plea of “no contest” by the Participant to any felony or a crime involving moral turpitude or
the Participant’s commission of any other act or omission involving dishonesty or fraud, (ii) the substantial and repeated
failure of the Participant to perform duties of the office held by the Participant, (iii) the Participant’s gross negligence,
willful misconduct or breach of fiduciary duty with respect to the Company or any of its Subsidiaries or Affiliates, (iv) any breach
by the Participant of any restrictive covenants to which the Participant is subject, and/or (v) the Participant’s engagement
in any conduct which is or can reasonably be expected to be materially detrimental or injurious to the business or reputation of the
Company or its Affiliates. Any voluntary termination of employment or service by the Participant in anticipation of an involuntary termination
of the Participant’s employment or service, as applicable, for Cause shall be deemed to be a termination for Cause.

 

(k) “Change in Capitalization”
means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization
or corporate transaction or event, (ii) special or extraordinary dividend or other extraordinary distribution (whether in the form
of cash, Common Stock or other property), stock split, reverse stock split, share subdivision or consolidation, (iii) combination
or exchange of shares or (iv) other change in corporate structure, which, in any such case, the Administrator determines, in its
sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate.

 

(l) “Change in Control”
means the first occurrence of an event set forth in any one of the following paragraphs following the Effective Date:

 

(1) any Person is or becomes
the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such
Person which were acquired directly from the Company or any Affiliate thereof) representing more than fifty percent (50%) of the combined
voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection
with a transaction described in clause (i) of paragraph (3) below; or

 

(2) the date on which individuals
who constitute the Board as of the Effective Date and any new director (other than a director 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) whose appointment or election by the Board or nomination for election by the Company’s stockholders
was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on
the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended cease for any
reason to constitute a majority of the number of directors serving on the Board; or

 

(3) there is consummated
a merger or consolidation of the Company or any direct or indirect Subsidiary with any other corporation or other entity, other than
(i) a merger or consolidation (A) which results in the voting securities of the Company outstanding immediately prior to such
merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any Subsidiary, fifty percent (50%) or more of the combined voting power of the securities
of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (B) following
which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the
Company, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger or consolidation is
then a Subsidiary, the ultimate parent thereof, or (ii) a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the
Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates)
representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities; or

 

    	 	-2-	 

     

    

 

(4) the stockholders of the
Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets, other than (A) a sale or disposition by the Company of
all or substantially all of the Company’s assets to an entity, more than fifty percent (50%) of the combined voting power of the
voting securities of which are owned by stockholders of the Company following the completion of such transaction in substantially the
same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially
all of the Company’s assets immediately following which the individuals who comprise the Board immediately prior thereto constitute
at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary,
the ultimate parent thereof.

 

Notwithstanding the foregoing, (i) a Change
in Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions
immediately following which the holders of Common Stock immediately prior to such transaction or series of transactions continue to have
substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately
following such transaction or series of transactions and (ii) to the extent required to avoid accelerated taxation and/or tax penalties
under Section 409A of the Code, a Change in Control shall be deemed to have occurred under the Plan with respect to any Award that constitutes
deferred compensation under Section 409A of the Code only if a change in the ownership or effective control of the Company or a change
in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code.
For purposes of this definition of Change in Control, the term “Person” shall not include (i) the Company or any Subsidiary
thereof, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary thereof,
(iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of shares of the
Company.

 

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

 

(n) “Committee”
means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of the Board, the Committee
shall be composed entirely of individuals who meet the qualifications of a “non-employee director” within the meaning of
Rule 16b-3 under the Exchange Act and any other qualifications required by the applicable stock exchange on which the Common Stock is
traded.

 

(o) “Common Stock”
means the common stock of the Company, having a par value of $0.001 per share.

 

(p) “Company”
means Unicycive Therapeutics, Inc., a Delaware corporation (or any successor company, except as the term “Company” is used
in the definition of “Change in Control” above).

 

(q) “Disability”
has the meaning assigned to such term in any individual service, employment or severance agreement or Award Agreement with the Participant
or, if no such agreement exists or if such agreement does not define “Disability,” then “Disability” means that
a Participant, as determined by the Administrator in its sole discretion, (i) is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering
employees of the Company or an Affiliate thereof.

 

(r) “Effective Date”
has the meaning set forth in Section 18 hereof.

 

(s) “Eligible Recipient”
means an employee, director, independent contractor or consultant of the Company or any Affiliate of the Company who has been selected
as an eligible participant by the Administrator; provided, however, to the extent required to avoid accelerated taxation
and/or tax penalties under Section 409A of the Code, an Eligible Recipient of an Option or a Stock Appreciation Right means an employee,
non-employee director, independent contractor or consultant of the Company or any Affiliate of the Company with respect to whom the Company
is an “eligible issuer of service recipient stock” within the meaning of Section 409A of the Code.

 

    	 	-3-	 

     

    

 

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

 

(u) “Exempt Award”
shall mean the following:

 

(1) An Award granted in assumption
of, or in substitution for, outstanding awards previously granted by a corporation or other entity acquired by the Company or any of
its Subsidiaries or with which the Company or any of its Subsidiaries combines by merger or otherwise. The terms and conditions of any
such Awards may vary from the terms and conditions set forth in the Plan to the extent the Administrator at the time of grant may deem
appropriate, subject to Applicable Laws.

 

(2) An “employment
inducement” award as described in the applicable stock exchange listing manual or rules may be granted under the Plan from time
to time. The terms and conditions of any “employment inducement” award may vary from the terms and conditions set forth in
the Plan to such extent as the Administrator at the time of grant may deem appropriate, subject to Applicable Laws.

 

(3) An award that an Eligible
Recipient purchases at Fair Market Value (including awards that an Eligible Recipient elects to receive in lieu of fully vested compensation
that is otherwise due) whether or not the Shares are delivered immediately or on a deferred basis.

 

(v) “Exercise Price”
means, (i) with respect to any Option, the per share price at which a holder of such Option may purchase Shares issuable upon exercise
of such Award, and (ii) with respect to a Share Appreciation Right, the base price per share of such Share Appreciation Right.

 

(w) “Fair Market Value”
of a share of Common Stock or another security as of a particular date shall mean the fair market value as determined by the Administrator
in its sole discretion; provided, that, (i) if the Common Stock or other security is admitted to trading on a national
securities exchange, the fair market value on any date shall be the closing sale price reported on such date, or if no shares were traded
on such date, on the last preceding date for which there was a sale of a share of Common Stock on such exchange, or (ii) if the
Common Stock or other security is then traded in an over-the-counter market, the fair market value on any date shall be the average of
the closing bid and asked prices for such share in such over-the-counter market for the last preceding date on which there was a sale
of such share in such market.

 

(x) “Free Standing
Rights” has the meaning set forth in Section 8.

 

(y) “Good Reason”
has the meaning assigned to such term in any individual service, employment or severance agreement or Award Agreement with the Participant
or, if no such agreement exists or if such agreement does not define “Good Reason,” “Good Reason” and any provision
of this Plan that refers to “Good Reason” shall not be applicable to such Participant.

 

(z) Intentionally omitted.

 

(aa) “Incentive Compensation”
means annual cash bonus and any Award.

 

(bb) “ISO”
means an Option intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the Code.

 

(cc) “Nonqualified
Stock Option” shall mean an Option that is not designated as an ISO.

 

    	 	-4-	 

     

    

 

(dd) “Option”
means an option to purchase shares of Common Stock granted pursuant to Section 7 hereof. The term “Option” as used in the
Plan includes the terms “Nonqualified Stock Option” and “ISO.”

 

(ee) “Other Share-Based
Award” means a right or other interest granted pursuant to Section 10 hereof that may be denominated or payable in, valued
in whole or in part by reference to, or otherwise based on or related to, Common Stock, including, but not limited to, unrestricted Shares,
dividend equivalents or performance units, each of which may be subject to the attainment of performance goals or a period of continued
provision of service or employment or other terms or conditions as permitted under the Plan.

 

(ff) “Participant”
means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority provided for in Section 3
below, to receive grants of Awards, and, upon his or her death, his or her successors, heirs, executors and administrators, as the case
may be.

 

(gg) “Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof.

 

(hh) “Plan”
means this 2020 Omnibus Equity Incentive Plan.

 

(ii) “Related Rights”
has the meaning set forth in Section 8.

 

(jj) “Restricted Share”
means a Share granted pursuant to Section 9 below subject to certain restrictions that lapse at the end of a specified period (or periods)
of time and/or upon attainment of specified performance objectives.

 

(kk) “Restricted Period”
has the meaning set forth in Section 9.

 

(ll) “Restricted Stock
Unit” means the right granted pursuant to Section 9 hereof to receive a Share at the end of a specified restricted period (or
periods) of time and/or upon attainment of specified performance objectives.

 

(mm) “Rule 16b-3”
has the meaning set forth in Section 3.

 

(nn) “Section 16 Officer”
means any officer of the Company whom the Board has determined is subject to the reporting requirements of Section 16 of the Exchange
Act, whether or not such individual is a Section 16 Officer at the time the determination to recoup compensation is made.

 

(oo) “Shares”
means Common Stock reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a merger, consolidation
or other reorganization) security.

 

(pp) “Share Appreciation
Right” means a right granted pursuant to Section 8 hereof to receive an amount equal to the excess, if any, of (i) the
aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by such Award or such
portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

 

(qq) “Subsidiary”
means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise
controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or
managing member or similar interest of such other Person.

 

(rr) “Term”
has the meaning set forth in Section 3.

 

(ss) “Transfer”
has the meaning set forth in Section 16.

 

    	 	-5-	 

     

    

 

Section
3. Administration.

 

(a) The Plan shall be administered
by the Administrator and shall be administered, to the extent applicable, in accordance with Rule 16b-3 under the Exchange Act (“Rule
16b-3”).

 

(b) Pursuant to the terms of
the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board,
shall have the power and authority, without limitation:

 

(1) to select those Eligible
Recipients who shall be Participants;

 

(2) to determine whether
and to what extent Options, Share Appreciation Rights, Restricted Shares, Restricted Stock Units, Cash Awards, Other Share-Based Awards
or a combination of any of the foregoing, are to be granted hereunder to Participants;

 

(3) to determine the number
of Shares to be covered by each Award granted hereunder;

 

(4) to determine the terms
and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder (including, but not limited to, (i) the
restrictions applicable to Restricted Shares or Restricted Stock Units and the conditions under which restrictions applicable to such
Restricted Shares or Restricted Stock Units shall lapse, (ii) the performance goals and periods applicable to Awards, (iii) the
Exercise Price of each Option and each Share Appreciation Right or the purchase price of any other Award, (iv) the vesting schedule
and terms applicable to each Award, (v) the number of Shares or amount of cash or other property subject to each Award and (vi) subject
to the requirements of Section 409A of the Code (to the extent applicable) and to Section 4(e) of the Plan, any amendments to the terms
and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and accelerating the
vesting and/or payment schedules of such Awards);

 

(5) to determine the terms
and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing Awards;

 

(6) to determine the Fair
Market Value in accordance with the terms of the Plan;

 

(7) to determine the duration
and purpose of leaves of absence which may be granted to a Participant without constituting termination of the Participant’s service
or employment for purposes of Awards granted under the Plan;

 

(8) to adopt, alter and repeal
such administrative rules, regulations, guidelines and practices governing the Plan as it shall from time to time deem advisable;

 

(9) to construe and interpret
the terms and provisions of, and supply or correct omissions in, the Plan and any Award issued under the Plan (and any Award Agreement
relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically
granted under the Plan or necessary and advisable in the administration of the Plan; and

 

(10) to prescribe, amend
and rescind rules and regulations relating to sub-plans established for the purpose of satisfying applicable non-United States laws or
for qualifying for favorable tax treatment under applicable non-United States laws, which rules and regulations may be set forth in an
appendix or appendixes to the Plan.

 

(c) Subject to Section 5, neither
the Board nor the Committee shall have the authority to reprice or cancel and regrant any Award at a lower exercise, base or purchase
price or cancel any Award with an exercise, base or purchase price in exchange for cash, property or other Awards without first obtaining
the approval of the Company’s shareholders.

 

    	 	-6-	 

     

    

 

(d) All decisions made by the
Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all Persons, including the Company and
the Participants.

 

(e) The expenses of administering
the Plan shall be borne by the Company and its Affiliates.

 

(f) If at any time or to any
extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by the
Committee. Except as otherwise provided in the Certificate of Incorporation or Bylaws of the Company, any action of the Committee with
respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly constituted or unanimous
written consent of the Committee’s members.

 

Section
4. Shares Reserved for Issuance Under the Plan.

 

(a) Subject to Section 5 hereof,
the number of shares of Common Stock that are reserved and available for issuance pursuant to Awards granted under the Plan shall be
equal to 5,600,000 shares of Common Stock; provided, that, shares of Common Stock issued under the Plan with respect to
an Exempt Award shall not count against such share limit.

 

(b) Shares issued under the
Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired by the Company in
the open market, in private transactions or otherwise. If an Award entitles the Participant to receive or purchase Shares, the number
of Shares covered by such Award or to which such Award relates shall be counted on the date of grant of such Award against the aggregate
number of Shares available for granting Awards under the Plan. If any Shares subject to an Award are forfeited, cancelled, exchanged
or surrendered or if an Award otherwise terminates or expires without a distribution of shares to the Participant, the Shares with respect
to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available
for granting Awards under the Plan. Notwithstanding the foregoing, Shares surrendered or withheld as payment of either the Exercise Price
of an Award (including Shares otherwise underlying a Share Appreciation Right that are retained by the Company to account for the Exercise
Price of such Share Appreciation Right) and/or withholding taxes in respect of an Award shall no longer be available for grant under
the Plan. In addition, (i) to the extent an Award is denominated in shares of Common Stock, but paid or settled in cash, the number
of shares of Common Stock with respect to which such payment or settlement is made shall again be available for grants of Awards pursuant
to the Plan and (ii) shares of Common Stock underlying Awards that can only be settled in cash shall not be counted against the
aggregate number of shares of Common Stock available for Awards under the Plan. Upon the exercise of any Award granted in tandem with
any other Awards, such related Awards shall be cancelled to the extent of the number of Shares as to which the Award is exercised and,
notwithstanding the foregoing, such number of shares shall no longer be available for grant under the Plan.

 

(c) No more than 5,600,000
Shares shall be issued pursuant to the exercise of ISOs.

 

(d) No Participant who is
a non-employee director of the Company shall be granted Awards during any calendar year that, when aggregated with such non-employee
director’s cash fees with respect to such calendar year, exceed $500,000 in total value (with Cash Awards or other cash fees
measured for this purpose at their value upon payment and any other Awards measured for this purpose at their grant date fair value
as determined for the Company’s financial reporting purposes).

 

(e) Notwithstanding anything
to the contrary in the Plan except for Section 12 of the Plan, any Awards granted under the Plan (other than such Awards representing
a maximum of five percent (5%) of the Shares reserved for issuance under the Plan pursuant to Section 4(a) hereof) shall be granted subject
to a minimum vesting period of at least twelve (12) months.

 

    	 	-7-	 

     

    

 

Section
5. Equitable Adjustments.

 

In the event of any Change
in Capitalization, an equitable substitution or proportionate adjustment shall be made in (i) the aggregate number and kind of securities
reserved for issuance under the Plan pursuant to Section 4, (ii) the kind, number of securities subject to, and the Exercise Price
subject to outstanding Options and Share Appreciation Rights granted under the Plan, (iii) the kind, number and purchase price of
Shares or other securities or the amount of cash or amount or type of other property subject to outstanding Restricted Shares, Restricted
Stock Units or Other Share-Based Awards granted under the Plan; and/or (iv) the terms and conditions of any outstanding Awards (including,
without limitation, any applicable performance targets or criteria with respect thereto); provided, however, that any fractional
shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined
by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection with a Change in Capitalization,
the Administrator may provide, in its sole discretion, but subject in all events to the requirements of Section 409A of the Code, for
the cancellation of any outstanding Award granted hereunder in exchange for payment in cash or other property having an aggregate Fair
Market Value equal to the Fair Market Value of the Shares, cash or other property covered by such Award, reduced by the aggregate Exercise
Price or purchase price thereof, if any; provided, however, that if the Exercise Price or purchase price of any outstanding
Award is equal to or greater than the Fair Market Value of the shares of Common Stock, cash or other property covered by such Award,
the Administrator may cancel such Award without the payment of any consideration to the Participant. Further, without limiting the generality
of the foregoing, with respect to Awards subject to foreign laws, adjustments made hereunder shall be made in compliance with applicable
requirements. Except to the extent determined by the Administrator, any adjustments to ISOs under this Section 5 shall be made only to
the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the Code. The Administrator’s
determinations pursuant to this Section 5 shall be final, binding and conclusive.

 

Section
6. Eligibility.

 

The Participants in the Plan
shall be selected from time to time by the Administrator, in its sole discretion, from those individuals that qualify as Eligible Recipients.

 

Section
7. Options.

 

(a) General. Options
granted under the Plan shall be designated as Nonqualified Stock Options or ISOs. Each Participant who is granted an Option shall enter
into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion,
including, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the
Option, and whether the Option is intended to be an ISO or a Nonqualified Stock Option (and in the event the Award Agreement has no such
designation, the Option shall be a Nonqualified Stock Option). The provisions of each Option need not be the same with respect to each
Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under
the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions,
not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement.

 

(b) Exercise Price.
The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at the time
of grant, but in no event shall the exercise price of an Option be less than one hundred percent (100%) of the Fair Market Value of a
share of Common Stock on the date of grant.

 

(c) Option Term. The
maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than ten (10) years after the
date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the Plan
and the Award Agreement. Notwithstanding the foregoing, subject to Section 4(e) of the Plan, the Administrator shall have the authority
to accelerate the exercisability of any outstanding Option at such time and under such circumstances as the Administrator, in its sole
discretion, deems appropriate.

 

    	 	-8-	 

     

    

 

(d) Exercisability.
Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of performance
goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option
shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time, in whole
or in part, based on such factors as the Administrator may determine in its sole discretion.

 

(e) Method of Exercise.
Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of whole Shares
to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent,
as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any Option or category
of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure
approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted
Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate exercise price
of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and
permitted by Applicable Laws or (iv) any combination of the foregoing.

 

(f) ISOs. The terms
and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and the terms, conditions, limitations
and administrative procedures established by the Administrator from time to time in accordance with the Plan. At the discretion of the
Administrator, ISOs may be granted only to an employee of the Company, its “parent corporation” (as such term is defined
in Section 424(e) of the Code) or a Subsidiary of the Company.

 

(1) ISO Grants to 10%
Stockholders. Notwithstanding anything to the contrary in the Plan, if an ISO is granted to a Participant who owns shares representing
more than ten percent (10%) of the voting power of all classes of shares of the Company, its “parent corporation” (as such
term is defined in Section 424(e) of the Code) or a Subsidiary of the Company, the term of the ISO shall not exceed five (5) years from
the time of grant of such ISO and the Exercise Price shall be at least one hundred and ten percent (110%) of the Fair Market Value of
the Shares on the date of grant.

 

(2) $100,000 Per Year
Limitation For ISOs. To the extent the aggregate Fair Market Value (determined on the date of grant) of the Shares for which ISOs
are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000, such
excess ISOs shall be treated as Nonqualified Stock Options.

 

(3) Disqualifying Dispositions.
Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately after the date the Participant makes a
“disqualifying disposition” of any Share acquired pursuant to the exercise of such ISO. A “disqualifying disposition”
is any disposition (including any sale) of such Shares before the later of (i) two years after the date of grant of the ISO and
(ii) one year after the date the Participant acquired the Shares by exercising the ISO. The Company may, if determined by the Administrator
and in accordance with procedures established by it, retain possession of any Shares acquired pursuant to the exercise of an ISO as agent
for the applicable Participant until the end of the period described in the preceding sentence, subject to complying with any instructions
from such Participant as to the sale of such Shares.

 

(g) Rights as Stockholder.
A Participant shall have no rights to dividends, dividend equivalents or distributions or any other rights of a stockholder with respect
to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, and has paid in full for such
Shares and has satisfied the requirements of Section 15 hereof.

 

(h) Termination of Employment
or Service. Treatment of an Option upon termination of employment of a Participant shall be provided for by the Administrator in
the Award Agreement.

 

(i) Other Change in Employment
or Service Status. An Option shall be affected, both with regard to vesting schedule and termination, by leaves of absence, including
unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability or other changes in the
employment status or service status of a Participant, in the discretion of the Administrator.

 

    	 	-9-	 

     

    

 

Section
8. Share Appreciation Rights.

 

(a) General. Share Appreciation
Rights may be granted either alone (“Free Standing Rights”) or in conjunction with all or part of any Option granted
under the Plan (“Related Rights”). Related Rights may be granted either at or after the time of the grant of such
Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Share Appreciation
Rights shall be made. Each Participant who is granted a Share Appreciation Right shall enter into an Award Agreement with the Company,
containing such terms and conditions as the Administrator shall determine, in its sole discretion, including, among other things, the
number of Shares to be awarded, the Exercise Price per Share, and all other conditions of Share Appreciation Rights. Notwithstanding
the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates. The provisions of
Share Appreciation Rights need not be the same with respect to each Participant. Share Appreciation Rights granted under the Plan shall
be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions,
not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement.

 

(b) Awards; Rights as Stockholder.
A Participant shall have no rights to dividends or any other rights of a stockholder with respect to the shares of Common Stock, if any,
subject to a Stock Appreciation Right until the Participant has given written notice of the exercise thereof and has satisfied the requirements
of Section 15 hereof.

 

(c) Exercise Price.
The Exercise Price of Shares purchasable under a Share Appreciation Rights shall be determined by the Administrator in its sole discretion
at the time of grant, but in no event shall the exercise price of a Share Appreciation Rights be less than one hundred percent (100%)
of the Fair Market Value of a share of Common Stock on the date of grant.

 

(d) Exercisability.

 

(1) Share Appreciation Rights
that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined
by the Administrator in the applicable Award Agreement.

 

(2) Share Appreciation Rights
that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which they relate shall
be exercisable in accordance with the provisions of Section 7 hereof and this Section 8 of the Plan.

 

(e) Payment Upon Exercise.

 

(1) Upon the exercise of
a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to
the excess of the Fair Market Value as of the date of exercise over the Exercise Price per share specified in the Free Standing Right
multiplied by the number of Shares in respect of which the Free Standing Right is being exercised.

 

(2) A Related Right may be
exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and surrender, the Participant
shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess of the Fair Market Value as
of the date of exercise over the Exercise Price specified in the related Option multiplied by the number of Shares in respect of which
the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall no longer be exercisable to
the extent the Related Rights have been so exercised.

 

(3) Notwithstanding the foregoing,
the Administrator may determine to settle the exercise of a Share Appreciation Right in cash (or in any combination of Shares and cash).

 

(f) Termination of Employment
or Service. Treatment of an Share Appreciation Right upon termination of employment of a Participant shall be provided for by the
Administrator in the Award Agreement.

 

    	 	-10-	 

     

    

 

(g) Term.

 

(1) The term of each Free
Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten (10) years after the
date such right is granted.

 

(2) The term of each Related
Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than ten (10) years after the
date such right is granted.

 

(h) Other Change in Employment
or Service Status. Share Appreciation Rights shall be affected, both with regard to vesting schedule and termination, by leaves of
absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability or other
changes in the employment or service status of a Participant, in the discretion of the Administrator.

 

Section
9. Restricted Shares and Restricted Stock Units.

 

(a) General. Restricted
Shares or Restricted Stock Units may be issued under the Plan. The Administrator shall determine the Eligible Recipients to whom, and
the time or times at which, Restricted Shares or Restricted Stock Units shall be made. Each Participant who is granted Restricted Shares
or Restricted Stock Units shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator
shall determine, in its sole discretion, including, among other things, the number of Shares to be awarded; the price, if any, to be
paid by the Participant for the acquisition of Restricted Shares or Restricted Stock Units; the period of time restrictions, performance
goals or other conditions that apply to Transferability, delivery or vesting of such Awards (the “Restricted Period”);
and all other conditions applicable to the Restricted Shares and Restricted Stock Units. If the restrictions, performance goals or conditions
established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Shares or Restricted Stock Units,
in accordance with the terms of the grant. The provisions of the Restricted Shares or Restricted Stock Units need not be the same with
respect to each Participant.

 

(b) Awards and Certificates.
Except as otherwise provided below in Section 9(c), (i) each Participant who is granted an Award of Restricted Shares may, in the
Company’s sole discretion, be issued a share certificate in respect of such Restricted Shares; and (ii) any such certificate
so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions
and restrictions applicable to any such Award. The Company may require that the share certificates, if any, evidencing Restricted Shares
granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of
any Award of Restricted Shares, the Participant shall have delivered a share transfer form, endorsed in blank, relating to the Shares
covered by such Award. Certificates for shares of unrestricted Common Stock may, in the Company’s sole discretion, be delivered
to the Participant only after the Restricted Period has expired without forfeiture in such Restricted Stock Award. With respect to Restricted
Stock Units to be settled in Shares, at the expiration of the Restricted Period, share certificates in respect of the shares of Common
Stock underlying such Restricted Stock Units may, in the Company’s sole discretion, be delivered to the Participant, or his legal
representative, in a number equal to the number of shares of Common Stock underlying the Restricted Stock Units Award. Notwithstanding
anything in the Plan to the contrary, any Restricted Shares or Restricted Stock Units to be settled in Shares (at the expiration of the
Restricted Period, and whether before or after any vesting conditions have been satisfied) may, in the Company’s sole discretion,
be issued in uncertificated form. Further, notwithstanding anything in the Plan to the contrary, with respect to Restricted Stock Units,
at the expiration of the Restricted Period, Shares, or cash, as applicable, shall promptly be issued (either in certificated or uncertificated
form) to the Participant, unless otherwise deferred in accordance with procedures established by the Company in accordance with Section
409A of the Code, and such issuance or payment shall in any event be made within such period as is required to avoid the imposition of
a tax under Section 409A of the Code.

 

    	 	-11-	 

     

    

 

(c) Restrictions and Conditions.
The Restricted Shares or Restricted Stock Units granted pursuant to this Section 9 shall be subject to the following restrictions and
conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or, subject to Section
409A of the Code where applicable, thereafter:

 

(1) The Administrator may,
in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions in whole
or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not
limited to, the attainment of certain performance goals, the Participant’s termination of employment or service with the Company
or any Affiliate thereof, or the Participant’s death or Disability. Notwithstanding the foregoing, upon a Change in Control, the
outstanding Awards shall be subject to Section 12 hereof.

 

(2) Except as provided in
the applicable Award Agreement, the Participant shall generally have the rights of a stockholder of the Company with respect to Restricted
Shares during the Restricted Period; provided, however, that dividends declared during the Restricted Period with respect
to an Award, shall only become payable if (and to the extent) the underlying Restricted Shares vest. Except as provided in the applicable
Award Agreement, the Participant shall generally not have the rights of a stockholder with respect to Shares subject to Restricted Stock
Units during the Restricted Period; provided, however, that, subject to Section 409A of the Code, an amount equal to dividends
declared during the Restricted Period with respect to the number of Shares covered by Restricted Stock Units shall, unless otherwise
set forth in an Award Agreement, be paid to the Participant at the time (and to the extent) Shares in respect of the related Restricted
Stock Units are delivered to the Participant. Certificates for Shares of unrestricted Common Stock may, in the Company’s sole discretion,
be delivered to the Participant only after the Restricted Period has expired without forfeiture in respect of such Restricted Shares
or Restricted Stock Units, except as the Administrator, in its sole discretion, shall otherwise determine.

 

(3) The rights of Participants
granted Restricted Shares or Restricted Stock Units upon termination of employment or service as a director, independent contractor or
consultant to the Company or to any Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the
Award Agreement.

 

(d) Form of Settlement.
The Administrator reserves the right in its sole discretion to provide (either at or after the grant thereof) that any Restricted Stock
Unit represent the right to receive the amount of cash per unit that is determined by the Administrator in connection with the Award.

 

Section
10. Other Share-Based Awards.

 

Other Share-Based Awards may
be issued under the Plan. Subject to the provisions of the Plan, the Administrator shall have sole and complete authority to determine
the individuals to whom and the time or times at which such Other Share-Based Awards shall be granted. Each Participant who is granted
an Other Share-Based Award shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator
shall determine, in its sole discretion, including, among other things, the number of shares of Common Stock to be granted pursuant to
such Other Share-Based Awards, or the manner in which such Other Share-Based Awards shall be settled (e.g., in shares of Common Stock,
cash or other property), or the conditions to the vesting and/or payment or settlement of such Other Share-Based Awards (which may include,
but not be limited to, achievement of performance criteria) and all other terms and conditions of such Other Share-Based Awards. In the
event that the Administrator grants a bonus in the form of Shares, the Shares constituting such bonus shall, as determined by the Administrator,
be evidenced in uncertificated form or by a book entry record or a certificate issued in the name of the Participant to whom such grant
was made and delivered to such Participant as soon as practicable after the date on which such bonus is payable. Notwithstanding anything
set forth in the Plan to the contrary, any dividend or dividend equivalent Award issued hereunder shall be subject to the same restrictions,
conditions and risks of forfeiture as apply to the underlying Award.

 

Section
11. Cash Awards.

 

The Administrator may grant
Awards that are denominated in, or payable to Participants solely in, cash, as deemed by the Administrator to be consistent with the
purposes of the Plan, and, such Cash Awards shall be subject to the terms, conditions, restrictions and limitations determined by the
Administrator, in its sole discretion, from time to time. Awards granted pursuant to this Section 11 may be granted with value and payment
contingent upon the achievement of performance goals.

 

    	 	-12-	 

     

    

 

Section
12. Change in Control.

 

Unless otherwise determined
by the Administrator and evidenced in an Award Agreement, notwithstanding Section 4(e) of the Plan, in the event that (a) a
Change in Control occurs, and (b) the Participant’s employment or service is terminated by the Company, its successor or an Affiliate
thereof without Cause or by the Participant for Good Reason (if applicable) on or after the effective date of the Change in Control but
prior to twelve (12) months following the Change in Control, then:

 

(a) any unvested or unexercisable
portion of any Award carrying a right to exercise shall become fully vested and exercisable; and

 

(b) the restrictions, deferral
limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan shall lapse and such Awards shall
be deemed fully vested and any performance conditions imposed with respect to such Awards shall be deemed to be fully achieved at target
performance levels.

 

If the Administrator determines
in its discretion pursuant to Section 3(b)(4) hereof to accelerate the vesting of Options and/or Share Appreciation Rights in connection
with a Change in Control, the Administrator shall also have discretion in connection with such action to provide that all Options and/or
Share Appreciation Rights outstanding immediately prior to such Change in Control shall expire on the effective date of such Change in
Control.

 

Section
13. Amendment and Termination.

 

The Board may amend, alter
or terminate the Plan at any time, but no amendment, alteration or termination shall be made that would impair the rights of a Participant
under any Award theretofore granted without such Participant’s consent. The Board shall obtain approval of the Company’s
stockholders for any amendment that would require such approval in order to satisfy the requirements of any rules of the stock exchange
on which the Common Stock is traded or other Applicable Law. The Administrator may amend the terms of any Award theretofore granted,
prospectively or retroactively, but, subject to Section 5 of the Plan and the immediately preceding sentence, no such amendment shall
materially impair the rights of any Participant without his or her consent.

 

Section
14. Unfunded Status of Plan.

 

The Plan is intended to constitute
an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company,
nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company.

 

Section
15. Withholding Taxes.

 

Each Participant shall, no
later than the date as of which the value of an Award first becomes includible in the gross income of such Participant for purposes of
applicable taxes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of an amount up to the
maximum statutory tax rates in the Participant’s applicable jurisdiction with respect to the Award, as determined by the Company.
The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall,
to the extent permitted by Applicable Laws, have the right to deduct any such taxes from any payment of any kind otherwise due to such
Participant. Whenever cash is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount sufficient
to satisfy any applicable withholding tax requirements related thereto. Whenever Shares or property other than cash are to be delivered
pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient
to satisfy any related taxes to be withheld and applied to the tax obligations; provided, that, with the approval of the
Administrator, a Participant may satisfy the foregoing requirement by either (i) electing to have the Company withhold from delivery
of Shares or other property, as applicable, or (ii) delivering already owned unrestricted shares of Common Stock, in each case,
having a value not exceeding the applicable taxes to be withheld and applied to the tax obligations. Such already owned and unrestricted
shares of Common Stock shall be valued at their Fair Market Value on the date on which the amount of tax to be withheld is determined
and any fractional share amounts resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any
portion of the Shares to be delivered pursuant to an award. The Company may also use any other method of obtaining the necessary payment
or proceeds, as permitted by Applicable Laws, to satisfy its withholding obligation with respect to any Award.

 

    	 	-13-	 

     

    

 

Section
16. Transfer of Awards.

 

Until such time as the Awards
are fully vested and/or exercisable in accordance with the Plan or an Award Agreement, no purported sale, assignment, mortgage, hypothecation,
transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest
in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”) by any holder
thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent of the
Administrator, which consent may be granted or withheld in the sole discretion of the Administrator. Any purported Transfer of an Award
or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio and
shall not create any obligation or liability of the Company, and any Person purportedly acquiring any Award or any economic benefit or
interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of such
Shares or other property underlying such Award. Unless otherwise determined by the Administrator in accordance with the provisions of
the immediately preceding sentence, an Option or a Share Appreciation Right may be exercised, during the lifetime of the Participant,
only by the Participant or, during any period during which the Participant is under a legal Disability, by the Participant’s guardian
or legal representative.

 

Section
17. Continued Employment or Service.

 

Neither the adoption of the
Plan nor the grant of an Award shall confer upon any Eligible Recipient any right to continued employment or service with the Company
or any Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or any Affiliate thereof
to terminate the employment or service of any of its Eligible Recipients at any time.

 

Section
18. Effective Date.

 

The Plan was adopted by the
Board on May 18, 2021 and shall become effective upon the closing of the initial public offering (the “Effective Date”).

 

Section
19. Electronic Signature.

 

Participant’s electronic
signature of an Award Agreement shall have the same validity and effect as a signature affixed by hand.

 

Section
20. Term of Plan.

 

No Award shall be granted pursuant
to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.

 

Section
21. Securities Matters and Regulations.

 

(a) Notwithstanding anything
herein to the contrary, the obligation of the Company to sell or deliver Shares with respect to any Award granted under the Plan shall
be subject to all Applicable Laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining
of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator. The Administrator may
require, as a condition of the issuance and delivery of certificates evidencing shares of Common Stock pursuant to the terms hereof,
that the recipient of such shares make such agreements and representations, and that such certificates bear such legends, as the Administrator,
in its sole discretion, deems necessary or advisable.

 

    	 	-14-	 

     

    

 

(b) Each Award is subject to
the requirement that, if at any time the Administrator determines that the listing, registration or qualification of Shares is required
by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary
or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Shares, no such Award shall be granted
or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected
or obtained free of any conditions not acceptable to the Administrator.

 

(c) In the event that the disposition
of Shares acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act and is not otherwise
exempt from such registration, such Shares shall be restricted against transfer to the extent required by the Securities Act or regulations
thereunder, and the Administrator may require a Participant receiving Common Stock pursuant to the Plan, as a condition precedent to
receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired by such Participant is acquired for
investment only and not with a view to distribution.

 

Section
22. Section 409A of the Code.

 

The Plan as well as payments
and benefits under the Plan are intended to be exempt from, or to the extent subject thereto, to comply with Section 409A of the
Code, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding anything
contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A
of the Code, the Participant shall not be considered to have terminated employment or service with the Company for purposes of the Plan
and no payment shall be due to the Participant under the Plan or any Award until the Participant would be considered to have incurred
a “separation from service” from the Company and its Affiliates within the meaning of Section 409A of the Code. Any
payments described in the Plan that are due within the “short term deferral period” as defined in Section 409A of the
Code shall not be treated as deferred compensation unless Applicable Law requires otherwise. Notwithstanding anything to the contrary
in the Plan, to the extent that any Awards (or any other amounts payable under any plan, program or arrangement of the Company or any
of its Affiliates) are payable upon a separation from service and such payment would result in the imposition of any individual tax and
penalty interest charges imposed under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall
instead be made on the first business day after the date that is six (6) months following such separation from service (or death,
if earlier). Each amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for
purposes of Section 409A of the Code. The Company makes no representation that any or all of the payments or benefits described
in this Plan will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A
of the Code from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties
incurred under Section 409A.

 

Section
23. Notification of Election Under Section 83(b) of the Code.

 

If any Participant shall, in
connection with the acquisition of shares of Common Stock under the Plan, make the election permitted under Section 83(b) of the
Code, such Participant shall notify the Company of such election within ten (10) days after filing notice of the election with the
Internal Revenue Service.

 

Section
24. No Fractional Shares.

 

No fractional shares of Common
Stock shall be issued or delivered pursuant to the Plan. The Administrator shall determine whether cash, other Awards, or other property
shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited
or otherwise eliminated.

 

    	 	-15-	 

     

    

 

Section
25. Beneficiary.

 

A Participant may file with
the Administrator a written designation of a beneficiary on such form as may be prescribed by the Administrator and may, from time to
time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s
estate shall be deemed to be the Participant’s beneficiary.

 

Section
26. Paperless Administration.

 

In the event that the Company
establishes, for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards,
such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards
by a Participant may be permitted through the use of such an automated system.

 

Section
27. Severability.

 

If any provision of the Plan
is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected but shall be applied as if the invalid
or unenforceable provision had not been included in the Plan.

 

Section
28. Clawback.

 

(a) If the Company is required
to prepare a financial restatement due to the material non-compliance of the Company with any financial reporting requirement, then the
Committee may require any Section 16 Officer to repay or forfeit to the Company, and each Section 16 Officer agrees to so repay
or forfeit, that part of the Incentive Compensation received by that Section 16 Officer during the three-year period preceding the
publication of the restated financial statement that the Committee determines was in excess of the amount that such Section 16 Officer
would have received had such Incentive Compensation been calculated based on the financial results reported in the restated financial
statement. The Committee may take into account any factors it deems reasonable in determining whether to seek recoupment of previously
paid Incentive Compensation and how much Incentive Compensation to recoup from each Section 16 Officer (which need not be the same
amount or proportion for each Section 16 Officer), including any determination by the Committee that a Section 16 Officer engaged
in fraud, willful misconduct or committed grossly negligent acts or omissions which materially contributed to the events that led to
the financial restatement. The amount and form of the Incentive Compensation to be recouped shall be determined by the Committee in its
sole and absolute discretion, and recoupment of Incentive Compensation may be made, in the Committee’s sole and absolute discretion,
through the cancellation of vested or unvested Awards, cash repayment or both.

 

(b) Notwithstanding any other
provisions in this Plan, any Award which is subject to recovery under any Applicable Laws, government regulation or stock exchange listing
requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such Applicable Law, government
regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation
or stock exchange listing requirement).

 

Section
29. Governing Law.

 

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

 

    	 	-16-	 

     

    

 

Section
30. Indemnification.

 

To the extent allowable pursuant
to applicable law, each member of the Board and the Administrator and any officer or other employee to whom authority to administer any
component of the Plan is delegated shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that
may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding
to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan
and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him
or her; provided, however, that he or she gives the Company an opportunity, at its own expense, to handle and defend the same before
he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive
of any other rights of indemnification to which such individuals may be entitled pursuant to the Company’s Certificate of Incorporation
or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

 

Section
31. Titles and Headings, References to Sections of the Code or Exchange Act.

 

The titles and headings of
the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such
titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

 

Section
32. Successors.

 

The obligations of the Company
under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization
of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

 

Section
33. Relationship to other Benefits.

 

No payment pursuant to the
Plan shall 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 Affiliate except to the extent otherwise expressly provided in writing in such other
plan or an agreement thereunder.

 

    	 	-17-

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