Document:

Exhibit 10.26

 

SHARE ESCROW AGREEMENT

 

THIS SHARE ESCROW AGREEMENT
(“Agreement”), dated as of the 20th day of March, 2018, is by and among EVO Transportation &
Energy Services, Inc., a Delaware corporation (the “Company”), each of the shareholders signatory hereto (each
a “Shareholder” and collectively, the “Shareholders”), and the Company, in its capacity as
escrow agent hereunder, (the “Escrow Agent”).

 

WHEREAS, each Shareholder
has agreed to place in escrow certain shares of common stock of the Company held by Shareholder as set forth on Exhibit A (the
“Shares”), to be held in escrow by the Escrow Agent, subject to and in accordance with the terms and conditions
of this Agreement;

 

WHEREAS, the Escrow
Agent is willing to act as escrow agent on the terms and conditions set forth in this Agreement;

 

WHEREAS, the Company
and the Shareholders desire that the Escrow Agent accept the Shares, in escrow, to be held and disbursed as hereinafter provided;

 

WHEREAS, the Company
has agreed to issue to the Shareholders warrants to purchase common stock of the Company at an exercise price of $6.11 per share
of common stock; and

 

NOW, THEREFORE, in
consideration of the premises, the mutual covenants and agreements contained herein, and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Designation
of Escrow Agent; Delivery of Certificates. The Company and the Shareholders hereby appoint the Escrow Agent to act in accordance
with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance
with and subject to such terms. Concurrent with the execution of this Agreement, the Shareholders shall deliver to the Escrow Agent
the certificates representing the Shares, duly endorsed in blank for transfer, or accompanied by duly executed stock powers in
blank in the form attached as Exhibit B. The Shares shall be held by the Escrow Agent in trust, and shall not be subject to any
lien, attachment, trustee process or any other judicial process of any creditor of any party hereto.

 

2. Escrow
Period; Escrow Account; Disbursement of Funds.

 

(a) Escrow
Period. The Escrow Agent shall hold the Shares during the period (the “Escrow Period”) commencing on the
date hereof and ending on the date that the Escrow Agent is no longer holding any Shares and all funds have been disbursed from
the Escrow Fund.

 

(b) Sale
of Shares. If one or more potential purchasers (a “Purchaser”) offer to purchase some or all of the Shares,
the Company will have the option to approve or decline the sale of the Shares on the terms proposed by the Purchaser. For any sales
of Shares approved by the Company (each, an “Approved Sale”), the Company will submit written instructions to
the Escrow Agent describing the number of Shares to be sold in the Approved Sale (the “Sold Shares”) and the
aggregate purchase price for the Sold Shares (the “Purchase Price”). The Purchaser or Purchaser in the Approved
Sale will then pay to the Escrow Agent, by wire transfer of immediately available funds to an account or accounts designated by
the Escrow Agent, the Purchase Price. Upon receipt of the Purchase Price, the Escrow Agent will release the Sold Shares to the
Purchaser or Purchaser and execute such certificates or stock powers and take any other actions that Escrow Agent deems necessary
to effect the transfer of the Sold Shares to the Purchaser or Purchasers.

 

     

     

    

 

(c) Disbursement
of Funds. Promptly after consummating any Approved Sale, the Escrow Agent will disburse the Purchase Price as follows: (i)
25% of the Purchase Price will be disbursed to the Shareholders in proportion to their percentage ownership of the Sold Shares
and (ii) 75% of the Purchase Price will be disbursed to the Company. The Company agrees to use funds disbursed from the Escrow
Agreement pursuant to this Agreement to first repay any amounts outstanding under that certain Loan Agreement dated December 31,
2014 by and between Titan El Toro, LLC, Titan CNG LLC, and Tradition Capital Bank.

 

3. Agreement
to Issue Warrants. The Company hereby agrees to issue to each Shareholder a warrant (“Warrant”) to purchase
a number of shares of common stock of the Company equal to the number of Shares placed in escrow by such Shareholder hereunder
at an exercise price of $6.11 per share. The form of Warrant is attached hereto as Exhibit C.

 

4. Representations
and Warranties of the Shareholders. Each Shareholder represents and warrants (such representations and warranties being deemed
repeated at any closing at which Shares of such Shareholder are purchased) that:

 

(a) Ownership
of Shares. Such Shareholder is the record owner of the number of Shares listed opposite his name on Schedule A hereto; except
as set forth on Schedule B hereto, such Shareholder does not own beneficially or of record any other capital stock of the Company;
such Shares are validly issued, fully paid and nonassessable, with no personal liability attaching to the ownership thereof; and
such Shares are owned by such Shareholder free and clear of any pledges, liens, security interests, adverse claims, assessments,
options, equities, charges or encumbrances with respect to the ownership of or right to vote or dispose of such Shares.

 

(b) Transfer
of Title. The sale by such Shareholder of his Shares and the completion by the Escrow Agent of stock powers or the duly endorsed
certificates representing such Shares to a Purchaser or Purchasers pursuant hereto will transfer to the Purchaser or Purchasers
good and valid title to such Shares free and clear of all pledges, liens, security interests, adverse claims, assessments, options,
equities, charges and encumbrances whatsoever, and with no proxies or restrictions on the voting rights or other incident of record
or beneficial ownership pertaining thereto.

 

(c) Authority;
Due Execution; Enforceability. Such Shareholder has the full right, power, capacity and authority to enter into this Agreement;
and this Agreement has been duly and validly executed and delivered by such Shareholder and constitutes a legal, valid and binding
obligation of such Shareholder enforceable against him in accordance with its terms.

 

(d) No
Conflicts. The execution and delivery of this Agreement do not, and the consummation of the transactions contemplated hereby
will not, with or without giving of notice or the passage of time, (a) violate any judgment, award, decree, injunction or order
of any court, arbitrator or governmental agency applicable to such Shareholder or such Shareholder’s property or assets or
any federal or state law, statute or regulation, or (b) conflict with, result in the breach of any provision of or constitute a
violation of or default under any agreement or instrument to which such Shareholder is a party or by which such Shareholder or
such Shareholder's property or assets may be bound.

 

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(e) Offering
of Warrants. The undersigned acknowledges his, her or its understanding that the offering and sale of the Warrants and underlying
shares of common stock is intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities
Act”), by virtue of Section 4(a)(2) of the Securities Act and the provisions of Regulation D promulgated thereunder (“Regulation
D”). In furtherance thereof, the undersigned represents and warrants to the Company and its affiliates as follows:

 

(i) The
undersigned is acquiring the Units solely for the undersigned’s own beneficial account, for investment purposes, and not
with view to, or resale in connection with, any distribution of the Warrants or underlying shares;

 

(ii) The
undersigned has the financial ability to bear the economic risk of his, her or its investment, has adequate means for providing
for their current needs and contingencies, and has no need for liquidity with respect to the investment in the Company;

 

(iii) The
undersigned is an “accredited investor,” as that term is defined in Rule 501(a) of Regulation D; and

 

(iv) The
undersigned has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of the prospective investment in the Warrants.

 

5. Covenants
of the Shareholders. Each Shareholder hereby covenants and agrees that:

 

(a) Bring-Down
of Representations. During the term hereof such Shareholder will not enter into any transaction, take any action or by inaction
permit any event to occur that would result in any of the representations or warranties of such Shareholder herein contained not
being true and correct at and as of (a) the time immediately after the occurrence of such transaction, action or event or (b) the
date of any closing of an Approved Sale. Without limiting the generality of the foregoing, each Shareholder covenants and agrees
that such Shareholder will not sell, transfer, pledge, assign or otherwise convey or dispose of, or enter into any contract, option,
agreement or other arrangement or understanding with respect to the sale, transfer, pledge, assignment, conveyance or other disposition
of, any Shares, other than as set forth in this Agreement.

 

(b) Surrender
of Shares. Each Shareholder authorizes the Escrow Agent to take the actions contemplated by this Agreement on behalf of the
Shareholder and surrenders the certificates representing his Shares to the Escrow Agent to be held in escrow pursuant to the terms
of this Agreement. Each Shareholder agrees that the Company may instruct the transfer agent for the common stock to place a stop
transfer order against any attempt to transfer the Shares except in accordance with this Agreement.

 

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6. Voting
Rights. Except as herein provided, the Shareholders shall retain all of their rights as shareholders of the Company during
the term of this Agreement, including, without limitation, the right to vote their Shares.

 

7. Dividends
and Other Distributions in Respect of the Escrow Shares. During the term of this Agreement, all dividends payable in cash with
respect to the Shares shall be paid to the Shareholders, but all dividends payable in shares or other non-cash property (“Non-Cash
Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term
“Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

8. Concerning
the Escrow Agent.

 

(a) Good
Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise
of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which is believed by the Escrow Agent in good faith to be genuine and to be signed or presented
by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties
and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

(b) Indemnification.
The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including counsel fees and
disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim
which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder,
or the Escrow Shares held by it hereunder, other than expenses or losses arising from the bad faith, gross negligence or willful
misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement
of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt
of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate
court to determine ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate
court or it may retain the Escrow Shares pending receipt of a final, nonappealable order of a court having jurisdiction over all
of the parties hereto directing to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions
of this Section 8(b) shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 8(e) or 8(f) below.

 

(c) Compensation.
The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow
Agent shall also be entitled to reimbursement from the Company for all reasonable and documented out-of-pocket expenses paid or
incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’
fees and disbursements and all taxes or other governmental charges.

 

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(d) Further
Assurances. From time to time on and after the date hereof, the Company and the Shareholders shall deliver or cause to be delivered
to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent
shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

 

(e) Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Shares held hereunder.
If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation, the Escrow
Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

 

(f) Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only
upon acceptance of appointment by a successor escrow agent as provided in Section 8(e)

 

(g) Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own bad
faith, gross negligence or willful misconduct.

 

9. Survival.
All rights and authority granted herein by each Shareholder shall survive the death or incapacity of such Shareholder. This Agreement
shall inure to the benefit of and be binding upon the parties hereto and their respective spouses, heirs, personal representatives,
successors and assigns.

 

10. Piggy-Back
Registration. If at any time on or after April 1, 2018, the Company proposes to file any registration statement (other than
any registration on Form S-4, S-8 or any other similarly inappropriate form, or any successor forms thereto) under the Securities
Act covering a public offering of the Company’s common stock, including shares underlying the Warrants, it will notify the
Shareholders at least ten (10) days prior to each such filing and will use its best efforts to include in such Registration Statement
(to the extent permitted by applicable regulation), the Shares to the extent requested by the Shareholder within five (5) days
after receipt of notice of such filing (which request shall specify the Shares intended to be sold or disposed of by the Shareholder
and describe the nature of any proposed sale or other disposition thereof); provided, however, that if a greater
number of shares of the Company’s common stock is offered for participation in the proposed offering than in the reasonable
opinion of the managing underwriter (if any) of the proposed offering can be accommodated without adversely affecting the proposed
offering, then the amount of Shares proposed to be offered by the Shareholders for registration, as well as the number of securities
of any other selling stockholders participating in the registration, will be proportionately reduced to a number deemed satisfactory
by the managing underwriter. The Company will bear all expenses and fees incurred in connection with the preparation, filing, and
amendment of the registration statement with the SEC, except that each Shareholder shall pay all fees, disbursements and expenses
of any counsel or expert retained by that Shareholder and all underwriting discounts and commissions, filing fees and any transfer
or other taxes relating to his Shares included in the registration statement. Each Shareholder agrees to cooperate with the Company
in the preparation and filing of any registration statement, and in the furnishing of information concerning that Shareholder for
inclusion therein, or in any efforts by the Company to establish that the proposed sale is exempt under the Securities Act as to
any proposed distribution.

 

    	 	5	 

     

    

 

11. Miscellaneous.

 

(a) This
Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without reference to
such state’s conflicts of law principles.

 

(b) This
Agreement may be executed in any number of counterparts, including counterparts transmitted by facsimile or electronic transmission,
each of which shall be an original as against any party whose signature appears thereon and all of which together shall constitute
one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together,
shall bear the signatures of all of the parties reflected hereon as signatories.

 

(c) Section
headings contained in this Agreement are for purposes of convenience only and shall not affect the meaning or interpretation of
this Agreement.

 

(d) Any
notice required to be given under this Agreement shall be sufficient if in writing, and sent by facsimile transmission (provided
that any notice received by facsimile transmission or otherwise at the addressee’s location on any business day after 5:00
p.m. (addressee’s local time) shall be deemed to have been received at 9:00 a.m. (addressee’s local time) on the next
business day), by reliable overnight delivery service (with proof of service), hand delivery or certified or registered mail (return
receipt requested and first-class postage prepaid), addressed as follows:

 

	 	
        If to the any Shareholder, to
his address set forth on Exhibit A.

	 	 
	 	If to the Company, to:	 	
        EVO Transportation & Energy Services, Inc.

        8285 West Lake Pleasant Parkway

        Peoria, AZ 85382

        Attention: John P. Yeros

         

	 	With a copy (which shall not constitute notice) to:	 	
        Fredrickson & Byron, P.A.

        200 South 6th St., Suite 4000

        Minneapolis, MN 55402

        fbennett@fredlaw.com

        Attention: Frank Bennett

         

	 	If to the Escrow Agent, to:		
        ___________________

	 	 	 	___________________
	 	 	 	___________________
	 	 	 	___________________

 

(e) This
Agreement may be modified only by a written amendment signed by each of the parties hereto.

 

(f) The
waiver of any right or remedy shall not preclude or inhibit the subsequent exercise of such right or remedy.

 

(g) This
Agreement shall terminate after the release of all Shares in accordance with the terms of this Agreement.

 

(h) This
Agreement constitutes the entire agreement between the parties as to the transactions contemplated hereby and supersedes all prior
discussions, understandings or agreements relating thereto.

 

[Signature page follows]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be duly executed as of the day and year first above written.

 

	 	EVO TRANSPORTATION & ENERGY SERVICES, INC.:
	 	 
	 	By:	/s/ John P. Yeros          
	 	 	John P. Yeros
	 	 	Chief Executive Officer

 

	FALCON CAPITAL LLC	 	SHAREHOLDERS:
	 	 	 
	/s/ Scott Honour	 	/s/ Kirk Honour
	By:	Scott Honour	 	Kirk Honour
	Managing Member	 	 

 

	 	 	ALPETER FAMILY LIMITED PARTNERSHIP
	 	 	 	 
	 	 	/s/ Stephen Alpeter
	/s/ John Honour	 	By:	Stephen Alpeter
	John Honour	 	Member
	 	 	 	 
	/s/ James Jackson	 	 	 
	James Jackson	 	 	 

  

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EXHIBIT A

 

Shareholders and Shares

 

	Shareholder Name and Address	 	Shares
	
        Falcon Capital LLC

        301 E. Lake Street, Suite
        301

        Wayzata, MN 55391
	 	71,074
	
        Kirk Honour

        5320 Lee Circle

        Shorewood, MN 55331
	 	73,308
	
        John Honour

        495 Mohawk Trail

        Merritt Island, FL 32953
	 	14,242
	
        Alpeter Family Limited
        Partnership

        117 Portland Avenue #601

        Minneapolis, MN 55401
	 	44,528
	
        James Jackson

        16655 Bienveneda Place

        Pacific Palisades, CA
        90272
	 	36,848
	Total:	 	240,000

 

    	 	8	 

     

    

 

EXHIBIT B

 

Form of Stock Power

 

STOCK POWER

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

ASSIGNMENT OF STOCK

 

FOR VALUE RECEIVED,
the undersigned, hereby assigns and transfers unto , (the “Assignee”), [______________] ([______])
of the shares of the common voting stock, par value $0.0001, of EVO Transportation & Energy Services, Inc. (the “Company”),
represented by Certificate Number [___], standing in the name of the undersigned on the books of said Company, and does hereby
irrevocably constitute and appoint the Secretary of the Company, to transfer the said shares on the books of the Company with full
power of substitution in the premises. The undersigned hereby represents and warrants that such shares are being transferred free
and clear of all liens, claims, options to sell or purchase, security interests, mortgages, pledges, restrictions or encumbrances
of any kind.

 

	Dated:  ______________________	 	 
	 	 	 
	 	 	Name:

  

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EXHIBIT C

 

Form of Warrant

 

THIS WARRANT AND THE SHARES ISSUABLE
UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.
THEY MAY NOT BE SOLD, OFFERED FOR SALE, OR TRANSFERRED IN THE ABSENCE OF EITHER AN EFFECTIVE REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL FOR THE COMPANY THAT SUCH TRANSACTION IS
EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS.

 

W-____

 

EVO Transportation & Energy Services,
Inc.,

a Delaware corporation

 

COMMON STOCK PURCHASE WARRANT

 

	Original Issue Date:	[__________]
	Warrant Holder:	[__________]
	No. of Shares:	[__________] shares of Common Stock

 

This Common Stock Purchase
Warrant (this “Warrant”) certifies that, for value received, the Warrant Holder named above is entitled to purchase
from EVO Transportation & Energy Services, Inc., a Delaware corporation (the “Company”), during the period
specified in this Warrant, [________] (______) fully paid and non-assessable shares of Common Stock (“Warrant
Stock”), at the purchase price per share provided in Section 1.2 of this Warrant (the “Warrant Exercise Price”),
all subject to the terms and conditions set forth in this Warrant. Capitalized terms not otherwise defined shall have the meanings
set forth in Section 5 below.

 

Section
1.Period for Exercise and Exercise Price.

 

1.1 Period
for Exercise. The right to purchase shares of Warrant Stock represented by this Warrant may be exercised during the period
commencing on the Original Issue Date listed above and expiring on the fifth anniversary of such date (the “Expiration
Date”). From and after the Expiration Date this Warrant shall be null and void and of no further force or effect.

 

1.2 Warrant
Exercise Price. The Warrant Exercise Price shall be $6.11 per share, subject to adjustment as hereinafter provided.

 

Section
2.Exercise of Warrant.

 

2.1 Manner
of Exercise. The Warrant Holder may exercise this Warrant on or after the date hereof, but not later than the Expiration Date,
during normal business hours on any business day by surrendering this Warrant to the Company at the principal office of the Company
or the principal office of its transfer agent (the “Transfer Agent”), together with an executed Notice of Exercise
attached hereto as Annex A. The Notice of Exercise shall be accompanied by payment of the Warrant Exercise Price for the number
of shares of Warrant Stock for which this Warrant is then exercised, by cash or by certified or official bank check.

 

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2.2 When
Exercise Effective. Each exercise of this Warrant shall be deemed to have been effected on the day on which all requirements
of Section 2.1 shall have been met with respect to such exercise. At such time the Person in whose name any certificate for shares
of Warrant Stock shall be issuable upon such exercise shall be deemed for all corporate purposes to have become the holder of record
of such shares, regardless of the actual delivery of certificates evidencing such shares.

 

2.3 Issuance
of Stock. As soon as practicable after each exercise of this Warrant, the Company at its expense will cause to be issued via
book-entry in the name of the Warrant Holder or as the Warrant Holder may direct, the number of shares of Warrant Stock to which
the Warrant Holder shall be entitled upon such exercise.

 

2.4 Partial
Exercise. This Warrant may be exercised in part, and the Warrant Holder shall be entitled to receive a new warrant, which shall
be dated as of the date of this Warrant, covering the number of shares in respect of which this Warrant shall not have been exercised.

 

2.5 Cashless
Exercise. At any time during the period commencing on the Original Issue Date and expiring on the Expiration Date, the Warrant
Holder may notify the Company of its election to utilize a cashless exercise with an executed Notice of Exercise attached hereto
as Annex A, in which event the Company shall issue to the Warrant Holder the number of shares of Warrant Stock determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the
number of shares of Warrant Stock to be issued to the Warrant Holder.

 

Y = the
number of shares of Warrant Stock with respect to which this Warrant is being exercised.

 

A = the Fair Market Value of
a share of Common Stock on the date of Exercise.

 

B = the Warrant Exercise Price.

 

For purposes of Rule 144 promulgated under
the Securities Act, it is intended, understood and acknowledged that the shares of Warrant Stock issued in a cashless exercise
transaction shall be deemed to have been acquired by the Warrant Holder, and the holding period for the shares of Warrant Stock
shall be deemed to have commenced, on the date this Warrant was originally issued.

 

Section 3.Warrant Adjustments. Warrant
and the Warrant Exercise Price shall be subject to adjustment from time to time upon the occurrence of certain events as follows:

 

3.1 Reclassification
or Merger. In case of any capital reclassification or reorganization (other than a result of a subdivision, combination or
dividend as described below), or in case of any merger or consolidation of the Company with or into another corporation (other
than a merger with another corporation in which the Company is a continuing corporation and which does not result in any reclassification
or change of outstanding securities issuable upon exercise of this Warrant), or in case of any sale of all or substantially all
of the assets of the Company, the Company, or such successor or purchasing corporation, as the case may be, shall execute and deliver
to the Warrant Holder a new Warrant (in form and substance reasonably satisfactory to the Warrant Holder) providing that the Warrant
Holder shall have the right to exercise such new Warrant and upon such exercise to receive, in lieu of the shares of the Common
Stock theretofore issuable upon exercise of this Warrant, the kind and amount of shares of stock, other securities, money and property
receivable upon such reclassification, change or merger had the Warrant been exercised immediately prior to such event. Such new
Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for
in this Section 3 to pursue the economic benefit intended to be conferred upon the Warrant Holder by this Warrant. The provisions
of this Section 3.1 shall similarly apply to any successive reclassification, changes, mergers and transfers.

 

    	 	11	 

     

    

 

3.2 Subdivisions
or Combination of Shares. If the Company, at any time while this Warrant remains outstanding and unexpired, shall subdivide
or combine its Common Stock or in the event of any dividend payable on the Common Stock in shares of the Common Stock, the number
of shares of the Warrant Stock issuable upon exercise hereof shall be proportionately adjusted and the Warrant Exercise Price shall
be increased or decreased, as the case may be, so that the aggregate Warrant Exercise Price of this Warrant shall at all times
remain unchanged.

 

3.3 Notice
of Adjustment Events. Whenever the Company engages in an event which would give rise to adjustments under this Section 3, the
Company shall mail to the Warrant Holder, at least ten (10) days prior to the record date with respect to such event or, if no
record date shall be established, at least ten (10) days prior to such event, a notice specifying (i) the nature of the contemplated
event, and (ii) the date on which any such record is to be taken for the purpose of such event, and (iii) the date on which such
event is expected to become effective, and (iv) the time, if any is to be fixed, when the holders of record of Common Stock (or
other securities) shall be entitled to exchange their shares of Common Stock (or other securities) for securities or other property
deliverable in connection with such event.

 

3.4 Notice
of Adjustments. Whenever the Warrant Exercise Price shall be adjusted pursuant to the provisions hereof, the Company shall
within thirty (30) days of such adjustment deliver a certificate signed by its Chief Executive Officer, Chief Financial Officer,
Secretary or Assistant Secretary to the Warrant Holder as the registered holder hereof setting forth, in reasonable detail, the
event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Warrant
Exercise Price after giving effect to such adjustment.

 

Section
4.Ownership, Transfer and Substitution of Warrants.

 

4.1 Transfer
and Exchange of Warrants. The Warrant Holder, by acceptance hereof, agrees to give written notice to the Company before transferring
this Warrant or transferring any Warrant Stock issuable or issued upon the exercise hereof of such Warrant Holder’s intention
to do so, describing briefly the manner of any proposed transfer of this Warrant or such Warrant Holder’s intention as to
the disposition to be made of shares of Warrant Stock issuable or issued upon the exercise hereof. For any proposed transfer other
than a transfer to an affiliate (as defined by Rule 405 of Regulation C under the Securities Act of 1933, as amended) of the Warrant
Holder, such Warrant Holder shall also provide the Company with an opinion of counsel reasonably satisfactory to the Company to
the effect that the proposed transfer of this Warrant or disposition of shares may be effected without registration or qualification
(under any Federal or State law) of this Warrant or the shares of Warrant Stock issuable or issued upon the exercise hereof. Upon
receipt by the Company of such written notice and, for transfers to non-affiliates, opinion of counsel, such Warrant Holder shall
be entitled to transfer this Warrant, or to exercise this Warrant in accordance with its terms and dispose of the shares received
upon such exercise or to dispose of shares of Warrant Stock received upon the previous exercise of this Warrant, all in accordance
with the terms of the notice delivered by the Warrant Holder to the Company, provided that an appropriate legend respecting the
aforesaid restrictions on transfer and disposition may be endorsed on this Warrant or the certificates for such shares. Notwithstanding
the foregoing, upon registration of the Warrant Shares under the Securities Act, no such opinion shall be required.

 

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4.2 Transfers;
Registered Holder as Owner.  Subject to the provisions of Section 4.1 hereof, this Warrant and all rights hereunder are transferable,
in whole or in part, at the principal office of the Company by the Warrant Holder hereof in person or by duly authorized attorney,
upon surrender of this Warrant properly endorsed. Each taker and holder of this Warrant, by taking or holding the same, consents
and agrees that the bearer of this Warrant, when endorsed, may be treated by the Company and all other persons dealing with this
Warrant as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Warrant,
or to the transfer hereof on the books of the Company, any notice to the contrary notwithstanding; but until such transfer on such
books, the Company may treat the registered holder hereof as the owner for all purposes.

 

Section
5.Definitions.

 

As used in this Warrant,
the following terms have the meanings ascribed to such terms below.

 

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

 

5.2 “Common
Stock” means the Company’s Common Stock, $0.0001 par value per share.

 

5.3 “Fair
Market Value” means, as of any particular date: (a) the volume weighted average of the closing sales prices of the
Common Stock for such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (b) if there
have been no sales of the Common Stock on any such exchange on any such day, the average of the highest bid and lowest asked prices
for the Common Stock on all such exchanges at the end of such day; (c) if on any such day the Common Stock is not listed on a domestic
securities exchange, the closing sales price of the Common Stock as quoted on the OTC Bulletin Board, the Pink OTC Markets or similar
quotation system or association for such day; or (d) if there have been no sales of the Common Stock on the OTC Bulletin Board,
the Pink OTC Markets or similar quotation system or association on such day, the average of the highest bid and lowest asked prices
for the Common Stock quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association at the end
of such day; in each case, averaged over twenty (20) consecutive business days ending on the business day immediately prior to
the day as of which “Fair Market Value” is being determined; provided, that if the Common Stock is listed on
any domestic securities exchange, the term “business day” as used in this sentence means business days on which such
exchange is open for trading. If at any time the Common Stock is not listed on any domestic securities exchange or quoted on the
OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association, or if the Board determines in its discretion
that the closing prices or bid and asked prices, as applicable, do not accurately reflect the “Fair Market Value” of
the Common Stock due to insufficient trading volume, then the “Fair Market Value” of the Common Stock shall be the
fair market value per share as determined in good faith by the Board.

 

5.4 “OTC
Bulletin Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation
system.

 

5.5 “Person”
means an individual, partnership, corporation, business trust, limited liability company, joint stock company, trust, unincorporated
association, joint venture, or other entity of whatever nature.

 

    	 	13	 

     

    

 

5.6 “Pink
OTC Markets” means the OTC Markets Group Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB and
OTC Pink.

 

5.7 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

Section
6.No Rights or Liabilities as Shareholder.

 

Nothing contained in
this Warrant shall be construed as conferring upon the Warrant Holder any rights as a Shareholder of the Company or as imposing
any liabilities on the Warrant Holder to purchase any securities or as a Shareholder of the Company, whether such liabilities are
asserted by the Company or by creditors of the Company.

 

Section
7.Miscellaneous.

 

7.1 Amendment
and Waiver. This Warrant may be amended with, and any term, covenant, agreement or condition contained in this Warrant may
be waived with, the written consent of the Company and the Warrant Holder. Any waiver of any term, covenant, agreement or condition
contained in this Warrant shall not be deemed a waiver of any other term, covenant, agreement or condition, and any waiver of any
default in any such term, covenant, agreement or condition shall not be deemed a waiver of any later default thereof or of any
default of any other term, covenant, agreement or condition.

 

7.2 Representations
and Warranties to Survive Closing. All representations, warranties and covenants contained herein shall survive the execution
and delivery of this Warrant and the issuance of any Warrant Stock upon the exercise hereof.

 

7.3 Severability.
The invalidity or unenforceability of any provisions hereof in any jurisdiction shall not affect the validity, legality or
enforceability of the remainder hereof in such jurisdiction or the validity, legality or enforceability hereof, including any such
provision, in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable
to the fullest extent permitted by law.

 

7.4 Successors
and Assigns. All representations, warranties, covenants and agreements of the parties contained in this Warrant or made in
writing in connection herewith, shall, except as otherwise provided herein, be binding upon and inure to the benefit of their respective
successors and permitted assigns.

 

7.5 Notices.
All communications in connection with this Warrant shall be in writing and shall be deemed properly given if hand delivered
or sent by telecopier (provided that such communication is confirmed by same-day deposit in the United States mail first class
postage prepaid) or overnight courier with adequate evidence of delivery or sent by registered or certified mail return receipt
requested and, if to the Warrant holder, addressed to such Warrant Holder at his or its address as shown on the books of the Company
or its Transfer Agent, and if to the Company, at its offices at:

 

EVO Transportation & Energy
Services, Inc.

8285 West Lake Pleasant Parkway

Peoria, AZ 85382

Attention: Chief Executive Officer

 

or such other addresses or Persons as the
recipient shall have designated to the sender by a written notice given in accordance with this Section 7.5. Any notice called
for hereunder shall be deemed delivered when sent in accordance with this Section 7.5.

 

    	 	14	 

     

    

 

7.6 Fractional
Shares. No fractional shares of Warrant Stock will be issued in connection with any exercise hereunder, but in lieu of such
fractional shares the Company shall make a cash payment to the Warrant Holder equal to the fractional share issuable times the
fair market value of one share of Common Stock, as determined by the Company’s Board of Directors.

 

7.7 Governing
Law. The validity and construction of this Warrant and all matters pertaining hereto are to be determined in accordance with
the laws of the State of Delaware without reference to the conflict of law principles of that state.

 

7.8 Headings.
The headings used herein are solely for the convenience of the parties and shall not serve to modify or interpret the text
of the Sections at the beginning of which they appear.

 

7.9 Signatures.
This Warrant may be executed by facsimile or electronic signature.

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed as of the day first above written.

 

	 	EVO Transportation & Energy Services, Inc., 
	 	a Delaware corporation
	 	 	 
	 	By: 	 
	 	 	Name:  John P. Yeros
	 	 	Its:  Chief Executive Officer

 

    	 	15	 

     

    

 

Annex A to Common Stock Purchase Warrant

 

NOTICE OF EXERCISE

(Complete and sign only upon exercise of
the

Common Stock Purchase Warrant in whole or
in part.)

 

To:EVO Transportation & Energy
Services, Inc.

 

The undersigned, the
holder of the attached Common Stock Purchase Warrant to which this Notice of Exercise applies (the “Warrant”),
hereby irrevocably elects to exercise the purchase rights represented by the Warrant as follows:

 

 ̈
 the undersigned elects to exercise on a cashless basis pursuant to Section 2.5 of the Warrant,
and such exercise will be with respect to __________ shares of Warrant Stock available for exercise under the Warrant.

 

 ̈
 the undersigned elects to exercise pursuant to Section 2.1 of the Warrant and to purchase
_________ shares of Common Stock, from EVO Transportation & Energy Services, Inc. and herewith makes payment of $____________________________
therefor in cash or by certified or official bank check. 

 

The undersigned hereby
requests that such securities be issued in the name(s) and delivered to the address(es) as follows:

 

Name: ________________________________________________________________________

Address: ______________________________________________________________________

Social Security Number: __________________________________________________________

Deliver to: _____________________________________________________________________

Address: ______________________________________________________________________

 

If the foregoing evidences
an exercise of the Warrant to purchase fewer than all of the shares of Common Stock to which the undersigned is entitled under
such warrant, please issue a new warrant, of like tenor, relating to the remaining portion of the securities issuable upon exercise
of such warrant in the name(s), and deliver the same to the address(es), as follows:

 

Name: ________________________________________________________________________

Address: ______________________________________________________________________

Dated: ________________________________________________________________________

 

_____________________________________________________________________________

(Name of Warrant Holder)(Social Security
or Taxpayer Identification Number of Warrant Holder, if applicable)

 

SIGN HERE:

The undersigned and any recipient of Common
Stock or a new Warrant hereunder are “accredited investors” as defined in Regulation D promulgated under the Securities
Act of 1933, as amended.

 

	 	 	 
	(Signature of Warrant Holder or Authorized Signatory)	 	Date
	 	 	 
	 	 	 
	(Type or Print Name of Warrant Holder or Authorized Signatory)	 	 

 

NOTE:The above name and signature should correspond exactly
with the name on the first page of this Warrant or with the name of the assignee appearing in the form of assignment attached as
Annex B to the Warrant.

 

     

     

    

 

Annex B to Common Stock Purchase Warrant

 

FORM
OF ASSIGNMENT

 

(To be executed upon transfer of Common
Stock Purchase Warrant)

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers to ____________________ the right represented by the within Warrant, as such right
may apply to _________ shares of Common Stock which are the subject of the within Warrant, together with all rights, title and
interest therein, and does hereby irrevocably constitute and appoint ____________________ attorney to transfer such Warrant on
the warrant register of the within named Company, with full power of substitution.

 

DATED: _________________.

 

	 	Signature:
	 	 
	 	 

 

(Signature must conform in all respects
to name of Holder as specified on the face of the Warrant)Exhibit 10.27

 

 

 

 

 

 

 

 

 

 

 

 

EVO
TRANSPORTATION & ENERGY SERVICES, INC.

 

2018
STOCK INCENTIVE PLAN

 

 

 

 

 

 

 

Adopted
April 12, 2018

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	Purpose of Plan	1
	 	 	 
	2.	Definitions	1
	 	 	 
	3.	Effective Date and Duration of the Plan	4
	 	3.1	Effective Date and Duration	4
	 	3.2	Stockholder Approval	4
	 	 	 	 
	4.	Shares Available for Issuance	4
	 	4.1	Maximum Number of Shares Available	4
	 	4.2	Accounting for Incentive Awards	4
	 	4.3	Adjustments to Shares and Incentive Awards	4
	 	 	 	 
	5.	Plan Administration	5
	 	5.1	The Committee	5
	 	5.2	Authority of the Committee	5
	 	 	 	 
	6.	Participation	6
	 	 	 
	7.	Options	7
	 	7.1	Grant	7
	 	7.2	Exercise Price	7
	 	7.3	Exercisability and Duration	7
	 	7.4	Payment of Exercise Price	7
	 	7.5	Manner of Exercise	7
	 	7.6	Aggregate Limitation of Stock Subject to Incentive Stock Options	7
	 	 	 	 
	8.	Stock Appreciation Rights	8
	 	8.1	Grant	8
	 	8.2	Exercise Price	8
	 	8.3	Exercisability and Duration	8
	 	 	 	 
	9.	Restricted Stock Awards	8
	 	9.1	Grant	8
	 	9.2	Rights as a Stockholder; Transferability	8
	 	9.3	Dividends and Distributions	9
	 	9.4	Enforcement of Restrictions	9
	 	 	 	 
	10.	Performance Units	9
	 	 	 
	11.	Stock Bonuses	9
	 	 	 
	12.	Effect of Termination of Employment or Other Service	10
	 	12.1	Termination Due to Death, Disability or Retirement	10
	 	12.2	Termination for Reasons Other than Death, Disability or Retirement	10
	 	12.3	Modification of Rights Upon Termination	11
	 	12.4	Exercise of Incentive Stock Options Following Termination	11
	 	12.5	Date of Termination of Employment or Other Service	11

 

    i

     

    

 

	 	 	 	Page
	 	 	 	 
	13.	Payment of Withholding Taxes	11
	 	13.1	General Rules	11
	 	13.2	Special Rules	12
	 	 	 	 
	14.	Action upon Change in Control	12
	 	 	 
	15.	Rights of Eligible Recipients and Participants; Transferability	12
	 	15.1	Employment or Service	12
	 	15.2	Rights as a Stockholder	13
	 	15.3	Restrictions on Transfer	13
	 	15.4	Breach of Confidentiality or Non-Compete Agreements	13
	 	15.5	Non-Exclusivity of the Plan	13
	 	 	 	 
	16.	Securities Law and Other Restrictions	13
	 	 	 
	17.	Plan Amendment, Modification and Termination	14
	 	 	 
	18.	Miscellaneous	14
	 	18.1	Governing Law	14
	 	18.2	Successors and Assigns	14

  

    ii

     

    

 

EVO
TRANSPORTATION & ENERGY SERVICES, INC.

 

2018
STOCK INCENTIVE PLAN

 

1. Purpose
of Plan.

 

The
purpose of the EVO Transportation & Energy Services, Inc. 2018 Stock Incentive Plan (the “Plan”) is to
advance the interests of EVO Transportation & Energy Services, Inc., a Delaware corporation (the “Company”)
and its stockholders by enabling the Company and its Subsidiaries to attract and retain persons of skill and ability to perform
services for the Company and its Subsidiaries by providing an incentive to such individuals through equity participation in the
Company and by rewarding such individuals who contribute to the achievement by the Company of its economic objectives.

 

2. Definitions.

 

The
following terms will have the meanings set forth below, unless the context clearly otherwise requires:

 

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

 

2.2. “Broker
Exercise Notice” means a written notice pursuant to which a Participant, upon exercise of an Option, irrevocably instructs
a broker or dealer to sell a sufficient number of shares or lend a sufficient amount of money to pay all or a portion of the exercise
price of the Option and/or any related withholding tax obligations and remit such sums to the Company and directs the Company
to deliver stock certificates to be issued upon such exercise directly to such broker or dealer.

 

2.3. “Cause”
means:

 

(a) “Cause”
as defined in any employment or other agreement or policy applicable to the Participant; or

 

(b) If
no such agreement or policy exists, (i) dishonesty, fraud, misrepresentation, embezzlement or deliberate injury or attempted injury,
in each case related to the Company or any Subsidiary, (ii) substantial failure on the part of the Participant to perform his
or her duties to the Company or any Subsidiary or gross negligence on the part of the Participant in the performance of such duties,
(iii) any unlawful or criminal activity of a serious nature, or (iv) any material breach of any employment, service, confidentiality
or non-compete agreement entered into with the Company or any Subsidiary.

 

2.4. “Change
in Control” of the Company means the occurrence of any of the following events:

 

(a) the
sale, lease, exchange or other transfer of all or substantially all of the assets of the Company (in one transaction or in a series
of related transactions) except where such sale, lease, exchange or other transfer is to an entity controlled by the Company;

 

    1

     

    

 

(b) the
approval by the stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; or

 

(c) any
person becomes after the effective date of the Plan the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of fifty percent (50%) or more of the combined voting power of the Company’s outstanding securities
ordinarily having the right to vote at elections of directors; or

 

(d) a
merger or consolidation to which the Company is a party if the persons who are the stockholders of the Company immediately prior
to effective date of such merger or consolidation have “beneficial ownership” (as defined in Rule l3d-3 under the
Exchange Act), immediately following the effective date of such merger or consolidation, of securities of the surviving corporation
representing 50% or less of the combined voting power of the surviving corporation’s then outstanding securities ordinarily
having the right to vote at elections of directors.

 

2.5. “Code”
means the Internal Revenue Code of 1986, as amended.

 

2.6. “Committee”
means the group of individuals administering the Plan, as provided in Section 5 of the Plan.

 

2.7. “Common
Stock” means the common stock of the Company, $0.0001 par value, or the number and kind of shares of stock or other
securities into which such common stock may be changed in accordance with Section 4.3 of the Plan.

 

2.8. “Disability”
means the disability of the Participant such as would entitle the Participant to receive disability income benefits pursuant to
the long-term disability plan of the Company or Subsidiary then covering the Participant or, if no such plan exists or is applicable
to the Participant, the permanent and total disability of the Participant within the meaning of Section 22(e)(3) of the Code.

 

2.9. “Effective
Date” shall mean April 12, 2018, the date this Plan was adopted by the Board.

 

2.10. “Eligible
Recipient” means any employee of the Company or any Subsidiary and any non-employee director, consultant or independent
contractor of the Company or any Subsidiary.

 

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

 

2.12. “Fair
Market Value” means, with respect to the Common Stock, as of any date: (i) the last reported sale price of a share of
Common Stock as of such date during the regular daily trading session on the Nasdaq Stock Market or on any national exchange (or,
if no shares were traded or quoted on such date, as of the next preceding date on which there was such a trade or quote); or (ii)
if the Common Stock is publicly traded but is not so listed, the average of the closing bid and asked prices on such date, as
reported by The Wall Street Journal, in the over-the-counter market (or, if no shares were quoted on such date, as of the next
preceding date on which there was such a quote); or (iii) if the Common Stock is not so listed or reported, such price as the
Committee determines in good faith in the exercise of its reasonable discretion, taking into account all available information
material to the value of the Common Stock, and consistent with the definition of “fair market value” under Section
409A of the Code.

 

    2

     

    

 

2.13. “Incentive
Award” means an Option, Stock Appreciation Right, Restricted Stock Award, Performance Unit or Stock Bonus granted to
an Eligible Recipient pursuant to the Plan.

 

2.14. “Incentive
Stock Option” means a right to purchase Common Stock granted to an Eligible Recipient pursuant to Section 7 of
the Plan that qualifies as an “incentive stock option” within the meaning of Section 422 of the Code.

 

2.15. “Non-Statutory
Stock Option” means a right to purchase Common Stock granted to an Eligible Recipient pursuant to Section 7 of
the Plan that does not qualify as an Incentive Stock Option.

 

2.16. “Option”
means an Incentive Stock Option or a Non-Statutory Stock Option.

 

2.17. “Participant”
means an Eligible Recipient who receives one or more Incentive Awards under the Plan.

 

2.18. “Performance
Unit” means a right granted to an Eligible Recipient pursuant to Section 10 of the Plan to receive a payment from
the Company, in the form of stock, cash or a combination of both, upon the achievement of established employment, service, performance
or other goals.

 

2.19. “Previously
Acquired Shares” means shares of Common Stock that are already owned by the Participant or, with respect to any Incentive
Award, that are to be issued upon the grant, exercise or vesting of such Incentive Award.

 

2.20. “Restricted
Stock Award” means an award of Common Stock granted to an Eligible Recipient pursuant to Section 9 of the Plan
that is subject to the restrictions on transferability and the risk of forfeiture imposed by the provisions of such Section 9.

 

2.21. “Retirement”
means termination of employment or service pursuant to and in accordance with the regular (or, if approved by the Board for purposes
of the Plan, early) retirement/pension plan or practice of the Company or Subsidiary then covering the Participant, provided that
if the Participant is not covered by any such plan or practice, the Participant will be deemed to be covered by the Company’s
plan or practice for purposes of this determination.

 

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

 

2.23. “Stock
Appreciation Right” means a right granted to an Eligible Recipient pursuant to Section 8 of the Plan to receive
a payment from the Company at the time of exercise, in the form of stock, cash or a combination of both, equal to the difference
between the Fair Market Value of one or more shares of Common Stock and the exercise price of such shares under the terms of such
Stock Appreciation Right.

 

    3

     

    

 

2.24. “Stock
Bonus” means an award of Common Stock granted to an Eligible Recipient pursuant to Section 11 of the Plan.

 

2.25. “Subsidiary”
means any entity that is directly or indirectly controlled by the Company or any entity in which the Company has a significant
equity interest, as determined by the Committee.

 

2.26. “Tax
Date” means the date any withholding tax obligation arises under the Code or other applicable tax statute for a Participant
with respect to an Incentive Award.

 

3. Effective
Date and Duration of the Plan.

 

3.1. Effective
Date and Duration. The Plan is effective as of the Effective Date. The Plan will terminate at midnight on the tenth (10th)
anniversary of the Effective Date and may be terminated prior to such time by Board action, and no Incentive Award may be granted
after such termination. Incentive Awards outstanding upon termination of the Plan may continue to be exercised, or become free
of restrictions, in accordance with their terms.

 

3.2. Stockholder
Approval. The Plan shall be submitted to the stockholders of the Company for approval within twelve (12) months before or
after the Effective Date. Incentive Awards may be granted prior to the date this Plan is approved by the stockholders of the Company;
provided, however, that any incentive stock options granted after adoption of the Plan by the Board shall be treated as nonqualified
stock options if stockholder approval is not obtained within such twelve-month period.

 

4. Shares
Available for Issuance.

 

4.1. Maximum
Number of Shares Available. Subject to adjustment as provided in Section 4.3 of the Plan or by amendment, the maximum
number of shares of Common Stock that will be available for issuance under the Plan will be Four Million Two Hundred Fifty Thousand
(4,250,000).

 

4.2. Accounting
for Incentive Awards. Shares of Common Stock that are issued under the Plan or that are subject to outstanding Incentive Awards
will be applied to reduce the maximum number of shares of Common Stock remaining available for issuance under the Plan. Any shares
of Common Stock that are subject to an Incentive Award that lapse, expire, are forfeited or for any reason are terminated unexercised
or unvested and any shares of Common Stock that are subject to an Incentive Award that is settled or paid in cash or any form
other than shares of Common Stock will automatically again become available for issuance under the Plan. Any shares of Common
Stock that constitute the forfeited portion of a Restricted Stock Award, however, will not become available for re-issuance under
the Plan after they have been so forfeited.

 

4.3. Adjustments
to Shares and Incentive Awards. In the event of any reorganization, merger, consolidation, recapitalization, liquidation,
reclassification, stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary dividend (including
a spin-off) or any other similar change in the corporate structure or shares of the Company, the Committee (or, if the Company
is not the surviving corporation in any such transaction, the board of directors of the surviving corporation) will make appropriate
adjustment (which determination will be conclusive) as to the number and kind of securities or other property (including cash)
available for issuance or payment under the Plan and, in order to prevent dilution or enlargement of the rights of Participants,
(a) the number and kind of securities or other property (including cash) subject to outstanding Options, and (b) the exercise
price of outstanding Options.

 

    4

     

    

 

5. Plan
Administration.

 

5.1. The
Committee. The Plan will be administered by the Board or by a committee of the Board. So long as the Company has a class of
its equity securities registered under Section 12 of the Exchange Act, any committee administering the Plan will consist solely
of two or more members of the Board who are “non-employee directors” within the meaning of Rule 16b-3 under the Exchange
Act and, if the Board so determines in its sole discretion, who are “outside directors” within the meaning of Section
162(m) of the Code. Such a committee, if established, will act by majority approval of the members (but may also take action with
the written consent of a majority of the members of such committee), and a majority of the members of such a committee will constitute
a quorum. As used in the Plan “Committee” will refer to the Board or to such a committee, if established. To the extent
consistent with corporate law, the Committee may delegate to any officers of the Company the duties, power and authority of the
Committee under the Plan pursuant to such conditions or limitations as the Committee may establish; provided, however,
that only the Committee may exercise such duties, power and authority with respect to Eligible Recipients who are subject to Section
16 of the Exchange Act. The Committee may exercise its duties, power and authority under the Plan in its sole and absolute discretion
without the consent of any Participant or other party, unless the Plan specifically provides otherwise. Each determination, interpretation
or other action made or taken by the Committee pursuant to the provisions of the Plan will be final, conclusive and binding for
all purposes and on all persons, including, without limitation, the Company, the stockholders of the Company, the participants
and their respective successors-in-interest. No member of the Committee will be liable for any action or determination made in
good faith with respect to the Plan or any Incentive Award granted under the Plan.

 

5.2. Authority
of the Committee.

 

(a) In
accordance with and subject to the provisions of the Plan, the Committee will have the authority to determine all provisions of
Incentive Awards as the Committee may deem necessary or desirable and as consistent with the terms of the Plan, including, without
limitation, the following: (i) the Eligible Recipients to be selected as Participants; (ii) the nature and extent of the Incentive
Awards to be made to each Participant (including the number of shares of Common Stock to be subject to each Incentive Award, any
exercise price, the manner in which Incentive Awards will vest or become exercisable and whether Incentive Awards will be granted
in tandem with other Incentive Awards) and the form of written agreement, if any, evidencing such Incentive Award; (iii) the time
or times when Incentive Awards will be granted; (iv) the duration of each Incentive Award; and (v) the restrictions and other
conditions to which the payment or vesting of Incentive Awards may be subject. In addition, the Committee will have the authority
under the Plan in its sole discretion to pay the economic value of any Incentive Award in the form of cash, Common Stock or any
combination of both.

 

    5

     

    

 

(b) The
Committee will have the authority under the Plan to amend or modify the terms of any outstanding Incentive Award in any manner,
including, without limitation, the authority to modify the number of shares or other terms and conditions of an Incentive Award,
extend the term of an Incentive Award, accelerate the exercisability or vesting or otherwise terminate any restrictions relating
to an Incentive Award, accept the surrender of any outstanding Incentive Award or, to the extent not previously exercised or vested,
authorize the grant of new Incentive Awards in substitution for surrendered Incentive Awards; provided, however,
that the amended or modified terms are permitted by the Plan as then in effect, that such amendment or modification does not cause
the Incentive Award to become subject to Section 409A of the Code, and that any Participant adversely affected by such amended
or modified terms has consented to such amendment or modification. No amendment or modification to an Incentive Award, however,
whether pursuant to this Section 5.2 or any other provisions of the Plan, will be deemed to be a re-grant of such Incentive
Award for purposes of the Plan.

 

(c) In
the event of (i) any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock
split, combination of shares, rights offering, extraordinary dividend or divestiture (including a spin-off) or any other similar
change in corporate structure or shares, (ii) any purchase, acquisition, sale or disposition of a significant amount of assets
or a significant business, (iii) any change in accounting principles or practices, or (iv) any other similar change, in each case
with respect to the Company or any other entity whose performance is relevant to the grant or vesting of an Incentive Award, the
Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving
corporation) may, without the consent of any affected Participant, amend or modify the vesting criteria of any outstanding Incentive
Award that is based in whole or in part on the financial performance of the Company (or any Subsidiary or division thereof) or
such other entity so as equitably to reflect such event, with the desired result that the criteria for evaluating such financial
performance of the Company or such other entity will be substantially the same (in the sole discretion of the Committee or the
board of directors of the surviving corporation) following such event as prior to such event; provided, however,
that the amended or modified terms are permitted by the Plan as then in effect.

 

6. Participation.

 

Participants
in the Plan will be those Eligible Recipients who, in the judgment of the Committee, have contributed, are contributing or are
expected to contribute to the achievement of economic objectives of the Company or its Subsidiaries. Eligible Recipients may be
granted from time to time one or more Incentive Awards, singly or in combination or in tandem with other Incentive Awards, as
may be determined by the Committee in its sole discretion. Incentive Awards will be deemed to be granted as of the date specified
in the grant resolution of the Committee, which date will be the date of any related agreement with the Participant.

 

    6

     

    

 

7. Options.

 

7.1. Grant.
An Eligible Recipient may be granted one or more Options under the Plan, and such Options will be subject to such terms and conditions,
consistent with the other provisions of the Plan, as may be determined by the Committee in its sole discretion. The Committee
may designate whether an Option is to be considered an Incentive Stock Option or a Non-Statutory Stock Option. To the extent that
any Incentive Stock Option granted under the Plan ceases for any reason to qualify as an “incentive stock option”
for purposes of Section 422 of the Code, such Incentive Stock Option will continue to be outstanding for purposes of the Plan
but will thereafter be deemed to be a Non-Statutory Stock Option.

 

7.2. Exercise
Price. The per share price to be paid by a Participant upon exercise of an Option will be determined by the Committee in its
discretion at the time of the Option grant; provided, however, that such price will not be less than one hundred
percent (100%) of the Fair Market Value of one share of Common Stock on the date of grant (or, with respect to an Incentive Stock
Option, one hundred ten percent (110%) of the Fair Market Value if, at the time the Incentive Stock Option is granted, the Participant
owns, directly or indirectly, more than ten percent (10%) of the total combined voting power of all classes of stock of the Company
or any parent or subsidiary corporation of the Company).

 

7.3. Exercisability
and Duration. An Option will become exercisable at such times and in such installments as may be determined by the Committee
in its sole discretion at the time of grant; provided, however, that no Incentive Stock Option may be exercisable
after ten (10) years from its date of grant (five (5) years from its date of grant if, at the time the Incentive Stock Option
is granted, the Participant owns, directly or indirectly, more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company or any parent or subsidiary corporation of the Company).

 

7.4. Payment
of Exercise Price. The total purchase price of the shares to be purchased upon exercise of an Option will be paid entirely
in cash (including check, bank draft or money order); provided, however, that the Committee, in its sole discretion
and upon terms and conditions established by the Committee, may allow such payments to be made, in whole or in part, by tender
of a Broker Exercise Notice, Previously Acquired Shares, a promissory note (on terms acceptable to the Committee in its sole discretion)
or a combination of such methods, or by any other form of payment the Committee may authorize.

 

7.5. Manner
of Exercise. An Option may be exercised by a Participant in whole or in part from time to time, subject to the conditions
contained in the Plan and in the agreement evidencing such Option, by delivery in person, by facsimile or electronic transmission
or through the mail of written notice of exercise to the Company (Attention: Chief Financial Officer) at its principal executive
office, and by paying in full the total exercise price for the shares of Common Stock to be purchased in accordance with Section 7.4
of the Plan.

 

7.6. Aggregate
Limitation of Stock Subject to Incentive Stock Options. To the extent that the aggregate Fair Market Value (determined as
of the date an Incentive Stock Option is granted) of the shares of Common Stock with respect to which incentive stock options
(within the meaning of Section 422 of the Code) are exercisable for the first time by a Participant during any calendar year (under
the Plan and any other incentive stock option plans of the Company or any subsidiary or parent corporation of the Company (within
the meaning of the Code)) exceeds $100,000 (or such other amount as may be prescribed by the Code from time to time), such excess
Options will be treated as Non-Statutory Stock Options. The determination will be made by taking incentive stock options into
account in the order in which they were granted. If such excess only applies to a portion of an Incentive Stock Option, the Committee,
in its discretion, will designate which shares will be treated as shares to be acquired upon exercise of an Incentive Stock Option.

 

    7

     

    

 

8. Stock
Appreciation Rights.

 

8.1. Grant.
An Eligible Recipient may be granted one or more Stock Appreciation Rights under the Plan, and such Stock Appreciation Rights
will be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee
in its sole discretion. The Committee will have the sole discretion to determine the form in which payment of the economic value
of Stock Appreciation Rights will be made to a Participant (i.e., cash, Common Stock or any combination thereof) or to consent
to or disapprove the election by a Participant of the form of such payment.

 

8.2. Exercise
Price. The exercise price of a Stock Appreciation Right will be determined by the Committee, in its discretion, at the date
of grant but may not be less than one hundred percent (100%) of the Fair Market Value of one share of Common Stock on the date
of grant.

 

8.3. Exercisability
and Duration. A Stock Appreciation Right will become exercisable at such time and in such installments as may be determined
by the Committee in its sole discretion at the time of grant; provided, however, that no Stock Appreciation Right
may be exercisable after ten (10) years from its date of grant. A Stock Appreciation Right will be exercised by giving notice
in the same manner as for Options, as set forth in Section 7.5 of the Plan.

 

9. Restricted
Stock Awards.

 

9.1. Grant.
An Eligible Recipient may be granted one or more Restricted Stock Awards under the Plan, and such Restricted Stock Awards will
be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee
in its sole discretion. The Committee may impose such restrictions or conditions, such as forfeiture or a repurchase option, not
inconsistent with the provisions of the Plan, to the vesting of or the lapse of restrictions or conditions for any such Restricted
Stock Awards as it deems appropriate, including, without limitation, that the Participant remain in the continuous employ or service
of the Company or a Subsidiary for a certain period or that the Participant or the Company (or any Subsidiary or division thereof)
satisfy certain performance goals or criteria.

 

9.2. Rights
as a Stockholder; Transferability. Except as provided in Sections 9.1, 9.3 and 15.3 of the Plan, a Participant will have
all voting, dividend, liquidation and other rights with respect to shares of Common Stock issued to the Participant as a Restricted
Stock Award under this Section 9 upon the Participant becoming the holder of record of such shares as if such Participant
were a holder of record of shares of unrestricted Common Stock.

 

    8

     

    

 

9.3. Dividends
and Distributions. Unless the Committee determines otherwise in its sole discretion (either in the agreement evidencing the
Restricted Stock Award at the time of grant or at any time after the grant of the Restricted Stock Award), any dividends or distributions
(including regular quarterly cash dividends) paid with respect to shares of Common Stock subject to the unvested portion of a
Restricted Stock Award will be subject to the same restrictions as the shares to which such dividends or distributions relate.
In the event the Committee determines not to pay dividends or distributions currently, the Committee will determine in its sole
discretion whether any interest will be paid on such dividends or distributions. In addition, the Committee in its sole discretion
may require such dividends and distributions to be reinvested (and in such case the Participant consents to such reinvestment)
in shares of Common Stock that will be subject to the same restrictions as the shares to which such dividends or distributions
relate.

 

9.4. Enforcement
of Restrictions. To enforce the restrictions referred to in this Section 9, the Committee may place a legend on the stock
certificates referring to such restrictions and may require the Participant, until the restrictions have lapsed, to keep the stock
certificates, together with duly endorsed stock powers, in the custody of the Company or its transfer agent or to maintain evidence
of stock ownership, together with duly endorsed stock powers, in a certificateless book-entry stock account with the Company’s
transfer agent.

 

10. Performance
Units.

 

An
Eligible Recipient may be granted one or more Performance Units under the Plan, and such Performance Units will be subject to
such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee in its sole
discretion. The Committee may impose such restrictions or conditions, not inconsistent with the provisions of the Plan, to the
vesting of such Performance Units as it deems appropriate, including, without limitation, that the Participant remain in the continuous
employ or service of the Company or any Subsidiary for a certain period or that the Participant or the Company (or any Subsidiary
or division thereof) satisfy certain performance goals or criteria. The Committee will have the sole discretion to determine the
form in which payment of the economic value of Performance Units will be made to a Participant (i.e., cash, Common Stock or any
combination thereof) or to consent to or disapprove the election by a Participant of the form of such payment.

 

11. Stock
Bonuses.

 

An
Eligible Recipient may be granted one or more Stock Bonuses under the Plan, and such Stock Bonuses will be subject to such terms
and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee. The Participant will
have all voting, dividend, liquidation and other rights with respect to the shares of Common Stock issued to a Participant as
a Stock Bonus under this Section 11 upon the Participant becoming the holder of record of such shares; provided, however,
that the Committee may impose such restrictions on the assignment or transfer of a Stock Bonus as it deems appropriate.

 

    9

     

    

 

12. Effect
of Termination of Employment or Other Service.

 

12.1. Termination
Due to Death, Disability or Retirement. Unless otherwise provided by the Committee in its sole discretion in the agreement
evidencing an Incentive Award:

 

(a) In
the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated by reason of death
or Disability:

 

(i) all
outstanding Options and Stock Appreciation Rights then held by the Participant will become immediately exercisable in full and
remain exercisable for a period of six (6) months after such termination (but in no event after the expiration date of any such
Option or Stock Appreciation Right);

 

(ii) all
Restricted Stock Awards then held by the Participant will become fully vested; and

 

(iii) all
Performance Units and Stock Bonuses then held by the Participant will vest and/or continue to vest in the manner determined by
the Committee and set forth in the agreement evidencing such Performance Units or Stock Bonuses.

 

(b) In
the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated by reason of Retirement:

 

(i) all
outstanding Options and Stock Appreciation Rights then held by the Participant will remain exercisable, to the extent exercisable
as of the date of such termination, for a period of six (6) months after such termination (but in no event after the expiration
date of any such Option or Stock Appreciation Right);

 

(ii) all
Restricted Stock Awards then held by the Participant that have not vested as of such termination will be terminated and forfeited;
and

 

(iii) all
Performance Units and Stock Bonuses then held by the Participant will vest and/or continue to vest in the manner determined by
the Committee and set forth in the agreement evidencing such Performance Units or Stock Bonuses.

 

12.2. Termination
for Reasons Other than Death, Disability or Retirement. Unless otherwise provided by the Committee in its sole discretion
in the agreement evidencing an Incentive Award, in the event a Participant’s employment or other service with the Company
and all Subsidiaries is terminated for any reason other than death, Disability or Retirement, or a Participant is in the employ
or service of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless the Participant continues in the
employ or service of the Company or another Subsidiary), all rights of the Participant under the Plan and any agreements evidencing
an Incentive Award will immediately terminate without notice of any kind, and no Options or Stock Appreciation Rights then held
by the Participant will thereafter be exercisable, all Restricted Stock Awards then held by the Participant that have not vested
will be terminated and forfeited, and all Performance Units and Stock Bonuses then held by the Participant will vest and/or continue
to vest in the manner determined by the Committee and set forth in the agreement evidencing such Performance Units or Stock Bonuses;
provided, however, that if such termination is due to any reason other than voluntary termination by the Participant
or termination by the Company or any Subsidiary for “Cause,” all outstanding Options and Stock Appreciation Rights
then held by such Participant will remain exercisable, to the extent exercisable as of such termination, for a period of ninety
(90) days after such termination (but in no event after the expiration date of any such Option or Stock Appreciation Right).

 

    10

     

    

 

12.3. Modification
of Rights Upon Termination. Notwithstanding the other provisions of this Section 12, upon a Participant’s termination
of employment or other service with the Company and all Subsidiaries, the Committee may, in its sole discretion (which may be
exercised at any time on or after the date of grant, including following such termination), cause Options and Stock Appreciation
Rights (or any part thereof) then held by such Participant to become or continue to become exercisable and/or remain exercisable
following such termination of employment or service and Restricted Stock Awards, Performance Units and Stock Bonuses then held
by such Participant to vest and/or continue to vest or become free of transfer restrictions, as the case may be, following such
termination of employment or service, in each case in the manner determined by the Committee; provided, however,
that no Incentive Award may remain exercisable or continue to vest beyond its expiration date. Notwithstanding the foregoing,
no extension to exercise will be permitted if such extension would cause the Award to become subject to Section 409A of the Code.

 

12.4. Exercise
of Incentive Stock Options Following Termination. Any Incentive Stock Option that remains exercisable pursuant to an agreement
with the Company following termination of employment and is unexercised more than one (1) year following termination of employment
by reason of death or Disability or more than three (3) months following termination for any reason other than death or Disability
will thereafter be deemed to be a Non-Statutory Stock Option.

 

12.5. Date
of Termination of Employment or Other Service. Unless the Committee otherwise determines in its sole discretion, a Participant’s
employment or other service will, for purposes of the Plan, be deemed to have terminated on the date recorded on the personnel
or other records of the Company or the Subsidiary for which the Participant provides employment or other service, as determined
by the Committee in its sole discretion based upon such records.

 

13. Payment
of Withholding Taxes.

 

13.1. General
Rules. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other amounts that
may be due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection of, all
legally required amounts necessary to satisfy any and all foreign, federal, state and local withholding and employment-related
tax requirements attributable to an Incentive Award, including, without limitation, the grant, exercise or vesting of, or payment
of dividends with respect to, an Incentive Award or a disqualifying disposition of stock received upon exercise of an Incentive
Stock Option, or (b) require the Participant promptly to remit the amount of such withholding to the Company before taking any
action, including issuing any shares of Common Stock, with respect to an Incentive Award.

 

    11

     

    

 

13.2. Special
Rules. The Committee may, in its sole discretion and upon terms and conditions established by the Committee, permit or require
a Participant to satisfy, in whole or in part, any withholding or employment-related tax obligation described in Section 13.1
of the Plan by electing to tender Previously Acquired Shares, a Broker Exercise Notice or a promissory note (on terms acceptable
to the Committee in its sole discretion), or by a combination of such methods.

 

14. Action
upon Change in Control.

 

If
a Change in Control of the Company occurs or is about to occur, the Committee, in its sole discretion, may provide for one or
more of the following:

 

(a) the
partial or full acceleration of the exercisability of outstanding Incentive Awards held by some or all Participants, provided
that the Committee, in its sole discretion, may condition such acceleration (or the Participant’s receipt of any securities
or payments with respect to such acceleration) upon the Participant’s continued service to the Company or to the successor
person in the Change in Control;

 

(b) the
complete termination of the Plan and cancellation of outstanding Incentive Awards not exercised prior to a date specified by the
Committee;

 

(c) the
continuance of the Plan with respect to outstanding Incentive Awards;

 

(d) replacement
or exchange of the Incentive Awards for options to purchase similar securities of the successor person in the Change in Control;

 

(e) the
substitution for outstanding Incentive Awards of shares of common stock of the person acquiring control of the Company or a related
corporation; or

 

(f) the
receipt by some or all Participants holding outstanding Incentive Awards with respect to some or all of the shares of Common Stock
subject to such Incentive Awards, as of the effective date of any such Change in Control of the Company, of cash in an amount
equal to the excess of the per share price paid in connection with the Change in Control of the Company over the exercise price
per share of such Incentive Awards, multiplied by the number of shares subject to such Incentive Awards.

 

15. Rights
of Eligible Recipients and Participants; Transferability.

 

15.1. Employment
or Service. Nothing in the Plan will interfere with or limit in any way the right of the Company or any Subsidiary to terminate
the employment or service of any Eligible Recipient or Participant at any time, nor confer upon any Eligible Recipient or Participant
any right to continue in the employ or service of the Company or any Subsidiary.

 

    12

     

    

 

15.2. Rights
as a Stockholder. As a holder of Incentive Awards (other than Restricted Stock Awards and Stock Bonuses), a Participant will
have no rights as a stockholder unless and until such Incentive Awards are exercised for, or paid in the form of, shares of Common
Stock and the Participant becomes the holder of record of such shares. Except as otherwise provided in the Plan, no adjustment
will be made for dividends or distributions with respect to such Incentive Awards as to which there is a record date preceding
the date the Participant becomes the holder of record of such shares, except as the Committee may determine in its discretion.

 

15.3. Restrictions
on Transfer. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly permitted
by the Plan, unless approved by the Committee in its sole discretion, no right or interest of any Participant in an Incentive
Award prior to the exercise or vesting of such Incentive Award will be assignable or transferable, or subjected to any lien, during
the lifetime of the Participant, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise.
A Participant will, however, be entitled to designate a beneficiary to receive an Incentive Award upon such Participant’s
death, and in the event of a Participant’s death, payment of any amounts due under the Plan will be made to, and exercise
of any Options (to the extent permitted pursuant to Section 12 of the Plan) may be made by, the Participant’s legal
representatives, heirs and legatees.

 

15.4. Breach
of Confidentiality, Assignment of Inventions or Non-Compete Agreements. Notwithstanding anything in the Plan to the contrary,
in the event that a Participant materially breaches the terms of any confidentiality, assignment of inventions or non-compete
agreement entered into with the Company or any Subsidiary, whether such breach occurs before or after termination of such Participant’s
employment or other service with the Company or any Subsidiary, the Committee in its sole discretion may immediately terminate
all rights of the Participant under the Plan and any agreements evidencing an Incentive Award then held by the Participant without
notice of any kind.

 

15.5. Non-Exclusivity
of the Plan. Nothing contained in the Plan is intended to modify or rescind any previously or subsequently approved compensation
plans or programs of the Company or create any limitations on the power or authority of the Board to adopt such additional or
other compensation arrangements as the Board may deem necessary or desirable.

 

16. Securities
Law and Other Restrictions.

 

Notwithstanding
any other provision of the Plan or any agreements entered into pursuant to the Plan, the Company will not be required to issue
any shares of Common Stock under the Plan, and a Participant may not sell, assign, transfer or otherwise dispose of shares of
Common Stock issued pursuant to Incentive Awards granted under the Plan, unless (a) there is in effect with respect to such shares
a registration statement under the Securities Act and any applicable state or foreign securities laws or an exemption from such
registration under the Securities Act and applicable state or foreign securities laws, and (b) there has been obtained any other
consent, approval or permit from any other regulatory body which the Committee, in its sole discretion, deems necessary or advisable.
The Company may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties
involved, and the placement of any legends on certificates representing shares of Common Stock, as may be deemed necessary or
advisable by the Company in order to comply with such securities law or other restrictions.

 

    13

     

    

 

17. Plan
Amendment, Modification and Termination.

 

The
Board may suspend or terminate the Plan or any portion thereof at any time, and may amend the Plan from time to time in such respects
as the Board may deem advisable in order that Incentive Awards under the Plan will conform to any change in applicable laws or
regulations or in any other respect the Board may deem to be in the best interests of the Company; provided, however,
that no amendments to the Plan will be effective without approval of the stockholders of the Company if shareholder approval of
the amendment is then required pursuant to Section 422 of the Code or the rules of any stock exchange or Nasdaq or similar regulatory
body. No termination, suspension or amendment of the Plan may adversely affect any outstanding Incentive Award without the consent
of the affected Participant; provided, however, that this sentence will not impair the right of the Committee to
take whatever action it deems appropriate under Sections 5.2, 4.3 and 14 of the Plan.

 

18. Miscellaneous.

 

18.1. Governing
Law. The validity, construction, interpretation, administration and effect of the Plan and any rules, regulations and actions
relating to the Plan will be governed by and construed exclusively in accordance with the laws of the State of Delaware, notwithstanding
the conflicts of laws principles of any jurisdictions.

 

18.2. Successors
and Assigns. The Plan will be binding upon and inure to the benefit of the successors and permitted assigns of the Company
and the Participants.

 

 

14

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