Document:

Exhibit 10.1

NETCAPITAL
INC.

2023 OMNIBUS EQUITY INCENTIVE PLAN

Section
1.                      Purpose
of Plan.

The
name of the Plan is the Netcapital Inc. 2023 Omnibus Equity Incentive Plan (the “Plan”). The purposes of the Plan
are to (i) provide an additional incentive to selected employees, directors, and independent contractors 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, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Other Stock-Based 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, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or Other Stock-Based 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)                 
“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 Participant’s conviction of, admission of guilt to or plea of nolo contendere or similar plea (which, through lapse
of time or otherwise, is not subject to appeal) with respect to any crime or offense that constitutes a felony in the jurisdiction involved,
(ii) acts of dishonesty or moral turpitude which are materially detrimental to the Company and/or its Affiliates, (iii) failure by the
Participant to obey the reasonable and lawful orders of the Board following written notice of such failure from the Board, (iv) any
breach by the Participant of any restrictive covenants to which the Participant is subject, (v) following written notice from the Board
of prior similar actions by Participant,
excessive absenteeism (other than by reason of disability), (vi) following written notice from the Board of prior similar actions by
Participant, excessive alcoholism or addiction to drugs not prescribed by a qualified physician, or (vii) gross negligence by the Participant
in the performance of, or willful disregard by the Participant of, the Participant’s duties and obligations hereunder. 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.

    	 

    	 

    

(j)                 
“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.

(k)               
“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

(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.

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

(m)              
“Committee” means any committee or subcommittee the Board (including, but not limited to the Compensation Committee)
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.

(n)               
“Common Stock” means the Class A common stock of the Company, par value $0.001.

(o)               
“Company” means Netcapital Inc., a Utah corporation (or any successor company, except as the term “Company”
is used in the definition of “Change in Control” above).

(p)               
“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 (x) for Awards that are not subject to Section 409A of the Code, “disability” as such term
is defined in the long- term disability insurance plan or program of the Company or any Subsidiary then covering the Participant or,
in the absence of such a plan or program, as determined by the Administrator, provided, that, with respect to Awards that are not subject
to Section 409A, in the case of any Participant who, as of the date of determination, is a party to an effective employment, severance,
consulting or other services agreement with the Company or any Subsidiary that employs such Participant, “Disability” shall
have the meaning, if any, specified in such agreement, and (y) for Awards that are subject to Section 409A of the Code, “disability”
shall have the meaning set forth in Section 409A(a)(2)(c) of the Code.

(q)               
“Effective Date” has the meaning set forth in Section 17 hereof.

(r)                 
“Eligible Recipient” means an employee, director or independent contractor 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 or independent contractor 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.

    	 

    	 

    

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

(t)                 
“Executive Officer” is any Person who is the Company’s president, principal financial officer, principal accounting
officer (or if there is no such accounting officer, the controller), any vice-president of the issuer in charge of a principal business
unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or
any other person who performs similar policy-making functions for the Company. Executive officers of the Company’s parent(s) or
subsidiaries are deemed executive officers of the Company if they perform such policy making functions for the Company. Identification
of an executive officer for purposes of this section would include all executive officers of the Company identified by the Company pursuant
to 17 CFR 229.401(b).

(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 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.

(3)               
An award granted as an inducement grant pursuant to NASDAQ Listing Rule 5635(c) or under the rules of an exchange on which the Common
Stock is traded, to the extent it is not traded on NASDAQ.

(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 Stock Appreciation Right, the base price per
share of such Stock 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)                
“Incentive Compensation” shall be deemed to be any compensation (including any Award or any other short-term or long-term
cash or equity incentive award or any other payment) that is granted, earned, or vested based wholly or in part upon the attainment of
any financial reporting measure (i.e., any measures that are determined and presented in accordance with the accounting principles used
in preparing the Company’s financial statements, and any measure that is derived wholly or in part from such measures,
including stock price and total shareholder return). For avoidance of doubt, financial reporting measures include “non-GAAP financial
measures” for purposes of Exchange Act Regulation G and 17 CFR 229.10, as well other measures, metrics and ratios that are not
non- GAAP measures, like same store sales. Financial reporting measures may or may not be included in a filing with the Securities and
Exchange Commission, and may be presented outside the Company’s financial statements, such as in Management’s Discussion
and Analysis of Financial Conditions and Results of Operations or the performance graph.

    	 

    	 

    

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

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

(cc)             
“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.”

(dd)            
“Other Stock-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.

(ee)             
“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.

(ff)              
“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.

(gg)            
“Plan” means this 2023 Omnibus Equity Incentive Plan.

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

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

(jj)               
“Restricted Stock” 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 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.

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

(mm)        
“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.

(nn)            
“Stock 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.

    	 

    	 

    

(oo)            
 “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.

(pp)            
“Transfer” has the meaning set forth in Section 15.

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, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-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 Stock or Restricted Stock Units and the conditions under which restrictions
applicable to such Restricted Stock or Restricted Stock Units shall lapse, (ii) the performance goals and periods applicable to
Awards, (iii) the Exercise Price of each Option and each Stock 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) 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 payment
schedules of such Awards and/or, to the extent specifically permitted under the Plan, accelerating the vesting 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 stockholders.

(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 (which for avoidance of doubt does not include the costs of any Participant) 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 Articles 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 the sum of (i) 2,000,000 shares, plus (ii) an annual increase on the first day of each calendar
year beginning with May 1, 2024 and ending with the last May 1 during the initial ten-year term of the Plan, equal to the lesser of (A) five
percent (5%) of the shares of Common Stock outstanding (on an as-converted basis, which shall include shares issuable upon the exercise
or conversion of all outstanding securities or rights convertible into or exercisable for shares of Common Stock, including without limitation,
preferred stock, warrants and employee options to purchase any shares of Common Stock) on the final day of the immediately preceding
calendar year and (B) such lesser number of shares of Common Stock as determined by the Board; 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, (i) any Shares reacquired by the
Company on the open market or otherwise using cash proceeds from the exercise of Options; and (ii) Shares surrendered or withheld
as payment of either the Exercise Price of an Award (including Shares otherwise underlying a Stock Appreciation Right that are retained
by the Company to account for the Exercise Price of such Stock 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 2,000,000 Shares, and as increased on an annual basis, on the first day of each calendar year beginning with May 1, 2024
and ending with the last May 1 during the initial ten-year term of the Plan, by the lesser of (A) five percent (5%) of the
shares of Common Stock outstanding (on an as-converted basis, which shall include shares of Common Stock issuable upon the exercise or
conversion of all outstanding securities or rights convertible into or exercisable for shares of Common Stock, including without limitation,
preferred stock, warrants and employee options to purchase any shares of Common Stock) on the final day of the immediately preceding
calendar year; (B) 300,000 shares of Common Stock, and (C) such lesser number of shares of Common Stock as determined by the
Board, shall be issued pursuant to the exercise of ISOs.

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 Stock 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 Stock, Restricted Stock Units or Other Stock-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 3(d) 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.

(d)               
Exercisability. Each Option shall be subject to vesting or become 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 at the time of grant,
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.

Section
8.                      Stock
Appreciation Rights.

(a)                
General. Stock 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 Stock Appreciation Rights shall be made. Each Participant who is granted a Stock 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 Stock 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 Stock Appreciation Rights need not be the same with respect to each Participant. Stock 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 Stock Appreciation Right 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 Stock Appreciation Right 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)               
Stock 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)               
Stock 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 Stock Appreciation Right in cash (or in any
combination of Shares and cash).

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

(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. Stock 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
Stock and Restricted Stock Units.

(a)                
General. Restricted Stock 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 Stock or Restricted Stock Units shall be made. Each Participant who is
granted Restricted Stock 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 Stock 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 Stock 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 Stock or Restricted Stock Units,
in accordance with the terms of the grant. The provisions of the Restricted Stock 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 Stock may, in the Company’s sole discretion, be issued a share certificate in respect of such Restricted Stock; 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 Stock
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 Stock, 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 or
her 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 Stock 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.

    	 

    	 

    

(c)                
Restrictions and Conditions. The Restricted Stock 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 11 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 Stock 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 Stock vests. 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 Stock or Restricted Stock Units, except as the Administrator, in its sole discretion, shall otherwise determine.

(3)               
The rights of Participants granted Restricted Stock or Restricted Stock Units upon termination of employment or service as a director
or independent contractor 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 represents the right to receive the amount of cash per unit that is determined by the Administrator in
connection with the Award.

Section
10.                  

Other
Stock-Based Awards.

Other
Stock-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 Stock-Based Awards shall be granted. Each Participant
who is granted an Other Stock-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 Stock-Based Awards, or the manner in which such Other Stock-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 Stock-Based
Awards (which may include, but not be limited to, achievement of performance criteria) and all other terms and conditions of such Other
Stock-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.                  Change
in Control.

Unless
otherwise determined by the Administrator and evidenced in an Award Agreement, in the event that (a) a Change in Control occurs,
and (b) the Participant is employed by the Company or any of its Affiliates immediately prior to the consummation of such Change in Control
then upon the consummation of such Change in Control, the Administrator, in its sole and absolute discretion, may:

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

(b)               
cause the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan
to 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 Stock Appreciation Rights outstanding immediately prior to such Change in Control shall expire on the effective
date of such Change in Control.

Section
12.                  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. Subject to Section 3(c), 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
13.                  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
14.                  

    	 

    	 

    

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.

Section
15.                  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 Stock 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
16.                  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
17.                  Effective
Date.

The
Plan was approved by the Board on January 3, 2023 and shall be adopted and become effective on the date that it is approved by the Company’s
stockholders (the “Effective Date”).

Section
18.                  

    	 

    	 

    

Electronic
Signature.

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

Section
19.                  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
20.                  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.

(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
21.                  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
22.                  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
23.                  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.

Section
24.                  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
25.                  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
26.                  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
27.                  Clawback.

(a)                
If the Company is required to prepare an accounting restatement due to the Company’s noncompliance (whether one occurrence or a
series of occurrences of noncompliance) with any financial reporting requirement under the securities laws (including if the Company
is required to prepare a restatement to correct an error (or a series of errors)) and such restatement (1) corrects an error that is
material to previously issued financial statements, (2) corrects an error that is material to the then current period if left uncorrected
in the current period, or (3) corrects an error that is material to the then current period if not corrected in the previously filed
financial statements, then the Committee may require any current or former Executive Officer to repay (in which event, such current or
former Executive Officer shall within 30 days of the notice by the Company repay to the Company) or forfeit (in which case, such current
or former Executive Officer shall immediately forfeit to the Company) to the Company, and each current and former Executive Officer hereby
agrees to so repay or forfeit, that portion of the Incentive Compensation received by such current or former Executive Officer during
the period comprised of the Company’s three (3) fiscal years (together with any intermittent stub fiscal year period(s) of
less than 9 months resulting from Company’s transition to different fiscal year measurement dates) immediately preceding the determination
date, as described below (such period, the “Look-Back Period”), that the Committee determines was in excess of the
amount of Incentive Compensation that such current or former Executive
Officer would have received during such Look-Back Period, had such Incentive Compensation been calculated based on the restated amounts.
It is specifically understood that, to the extent that the impact of the accounting restatement on the amount of Incentive Compensation
received cannot be calculated directly from the information therein (e.g., if such restatement’s impact on the Company’s
stock price is not clear), such excess amount of Incentive Compensation shall be determined based on a reasonable estimate by the Committee
of the effect of the accounting restatement on the applicable financial measure (including the stock price or total shareholder return)
based upon which the Incentive Compensation was received. 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. For purposes of this Section
27, (i) Incentive Compensation shall be deemed received in the fiscal year during which the financial reporting measure specified in
such Incentive Compensation award is attained (or with respect to, or based on achievement of, which such Incentive Compensation was
granted, earned or vested, as applicable), even if the payment, vesting or grant of such Incentive Compensation occurs after the end
of such fiscal year; (ii) the determination date shall be the date which is the earlier of: (A) the date upon which the Board or an applicable
committee thereof, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes,
or reasonably should have concluded, that the Company is required to prepare such an accounting restatement as described in this paragraph
above; or (B) the date a court, regulator, or other legally authorized body directs the Company to prepare an accounting restatement
as described in this paragraph above.

    	 

    	 

    

(b)               
Notwithstanding any other provisions in this Plan, any Award or any other compensation received by Participant which is subject to recovery
under any Applicable Laws, 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), 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
28.                  Governing
Law.

The
Plan shall be governed by, and construed in accordance with, the laws of the State of Utah, without giving effect to principles of conflicts
of law of Massachusetts or any other state.

Section
29.                  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 designated 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 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 Articles 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
30.                  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
31.                  

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
32.                  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.Exhibit
10.2

 

EMPLOYMENT
AGREEMENT

 

 

EMPLOYMENT
AGREEMENT, dated as of January 3, 2023 (the “Effective Date”) by and between NETCAPITAL INC., a Utah corporation (the
“Company”), and MARTIN KAY, an individual having an address at 26 Kingston Rd. Newton, MA 02461. (the “Employee”).

 

W
I T N E S S E T H :

 

WHEREAS,
the Company desires to employ the Employee as Chief Executive Officer of the Company and wishes to acquire and be assured of Employee’s
services on the terms and conditions hereinafter set forth; and

 

WHEREAS,
the Employee desires to be employed by the Company and to perform and to serve the Company on the terms and conditions hereinafter set
forth;

 

NOW,
THEREFORE, in consideration of the mutual terms, covenants, agreements and conditions hereinafter set forth, the Company and the
Employee hereby agree as follows:

 

		1.	Employment.
                                            (a) The Company hereby employs the Employee to serve as a

full-time
employee of the Company, and the Employee hereby accepts such employment with the Company, for the period set forth in Section 2 hereof.
The Employee’s principal place of employment shall be at the offices at 1 Lincoln Street, Boston MA, 02111, or such other location
as determined by the Company, provided however, that the Employee’s principal place of employment shall not be relocated
more than 25 miles from its current location without the prior written consent of the Employee.

 

(b)       The
Employee affirms and represents that (i) the Employee is under no obligation to any former employer or other party that is in any way
inconsistent with, or that imposes any restriction upon, the Employee’s acceptance of employment hereunder with the Company, the
employment of the Employee by the Company, or the Employee’s undertakings under this Agreement and (ii) his performance of all
the terms of this Agreement and his employment by the Company does not and will not breach any agreement to keep in confidence proprietary
information acquired by him in confidence or in trust prior to his employment by the Company.

 

2.                 
Term. Unless earlier terminated as provided in this Agreement, the term of the Employee’s employment under this Agreement
shall be for a three year period beginning on the Effective Date and ending on the three year anniversary of the Effective Date (the
“Employment Term”).

 

		3.	Duties.

 

    	 

    	 

    

(a)              
 The Employee shall be employed as Chief Executive Officer and shall perform such employment duties as are usual and customary for such
position. The Employee shall report to the Board of Directors of the Company. The Employee shall faithfully and competently perform such
duties at such times and places and in such manner as the Company may from time to time reasonably direct or such other duties appropriate
to a senior executive managerial position as the Board of Directors of the Company shall from time to time determine.

 

(b)              
The Employee shall use his best efforts, judgment and energy to improve and advance the business and interests of the Company and its
Affiliates in a manner consistent with the duties of Employee’s position.

 

		4.	Salary
                                            and Bonus.

 

(a)              
Base Salary. In consideration for the services of the Employee rendered hereunder, the Company shall pay the Employee a base salary
(the “Base Salary”) at an annual rate of $300,000 during the Employment Term. Base salary will be paid bi-monthly
(i.e. $11,538.47 every two weeks). Additionally, the employee shall be granted an option to purchase 100,000 fully vested shares of Netcapital
(NCPL) pursuant to the employee stock plan on the Effective Date. On the Effective Date, the employee shall also be granted the option
to purchase one million shares of Netcapital (NCPL), pursuant to the employee stock plan and option grant agreement, vesting monthly
over four years.

 

(b)               
Bonus.Employee shall be eligible for periodic bonuses throughout the year, or for additional salary in excess of the Base
Salary, in each case, as may be granted by the Board of Directors or its Compensation Committee. He shall also be eligible to receive
..005 times of gross revenue paid in cash annually so long as the Company reports positive earnings after the bonus is paid.

 

 

(c)              
Withholding, Etc. The payment of any salary or bonus hereunder shall be subject to income tax, social security and other applicable
withholdings, as well as such deductions as may be required under the Company’s employee benefit plans.

 

		5.	Benefits.
                                            (a) During the Employment Term, the Employee shall be:

 

(i)          
eligible to participate in all employee fringe benefits and any pension and/or profit sharing plans that may be provided by the Company
for its key executive employees in accordance with the provisions of any such plans, as the same may be in effect on and after the date
hereof;

 

(ii)         
eligible to participate in any medical and health plans or other employee welfare benefit plans that may be provided by the Company
for its
key executive employees in accordance with the provisions of any such plans, as the same may be in effect on and after the date hereof;

    	 

    	 

    

(iii)       
 entitled to sick leave, sick pay and disability benefits in accordance with any Company policy that may be applicable on and after the
date hereof to key executive employees; and

 

(iv)        
entitled to reimbursement for all reasonable and necessary out-of-pocket business expenses incurred by the Employee in the performance
of the Employee’s duties hereunder in accordance with the Company’s policies applicable (on and after the date hereof) thereto.

 

(b)       Employee
shall cooperate with the Company in the event the Company wishes to obtain key-man insurance on the Employee. Such cooperation shall
include, but not be limited to taking any physical examinations that may be requested by the insurance company.

 

6.                 
Inventions and Confidential Information. The Employee hereby covenants, agrees and acknowledges as follows:

 

(a)              
The Company is engaged in a continuous program of research, design, development, production, marketing and servicing with respect to
its businesses.

 

(b)              
The Employee’s employment hereunder creates a relationship of confidence and trust between the Employee and the Company with respect
to certain information pertaining to the business of the Company and its Affiliates (as hereinafter defined) or pertaining to the business
of any client or customer of the Company or its Affiliates which may be made known to the Employee by the Company or any of its Affiliates
or by any client or customer of the Company or any of its Affiliates or learned by the Employee during the period of Employee’s
employment by the Company.

 

(c)              
The Company possesses and will continue to possess information that has been created, discovered or developed by, or otherwise become
known to it (including, without limitation, information created, discovered or developed by, or made known to, the Employee during the
period of Employee’s employment or arising out of Employee’s employment) or in which property rights have been or may be
assigned or otherwise conveyed to the Company, which information has commercial value in the business in which the Company is engaged
and is treated by the Company as confidential.

 

(d)              
Any and all inventions, products, discoveries, improvements, processes, manufacturing, marketing and services methods or techniques,
formulae, designs, styles, specifications, data bases, computer programs (whether in source code or object code),

know-how,
strategies and data, whether or not patentable or registrable under copyright or similar statutes, made, developed or created by the
Employee (whether at the request or suggestion of the Company, any of its Affiliates, or otherwise, whether alone or in conjunction with
others, and whether during regular hours of work or otherwise) during the period of Employee’s
employment by the Company which may pertain to the business, products, or processes
of the Company or any of its Affiliates (collectively hereinafter referred to as “Inventions”), will be promptly and
fully disclosed by the Employee to an appropriate executive officer of the Company (other than the Employee) without any additional compensation
therefor, all papers, drawings, models, data, documents and other material pertaining to or in any way relating to any Inventions made,
developed or created by Employee as aforesaid. For the purposes of this Agreement, the term “Affiliate” or “Affiliates”
shall mean any person, corporation or other entity directly or indirectly controlling or controlled by or under direct or indirect common
control with the Company. For the purposes of this definition, “control” when used with respect to any person, corporation
or other entity means the power to direct the management and policies of such person or entity, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

    	 

    	 

    

 

(e)              
The Employee will keep confidential and will hold for the Company’s sole benefit any Invention which is to be the exclusive property
of the Company under this Section 6 for which no patent, copyright, trademark or other right or protection is issued.

 

(f)               
The Employee also agrees that the Employee will not without the prior written consent of the Board of Directors of the Company (i) use
for Employee’s benefit or disclose at any time during Employee’s employment by the Company, or thereafter, except to the
extent required by the performance by the Employee of the Employee’s duties as an employee of the Company, any information obtained
or developed by Employee while in the employ of the Company with respect to any Inventions or with respect to any customers, clients,
suppliers, products, employees, financial affairs, or methods of design, distribution, marketing, service, procurement or manufacture
of the Company or any of its Affiliates, or any confidential matter, except information which at the time is generally known to the public
other than as a result of disclosure by the Employee not permitted hereunder, or (ii) take with the Employee upon leaving the employ
of the Company any document or paper relating to any of the foregoing or any physical property of the Company or any of its Affiliates.

 

(g)              
The Employee acknowledges and agrees that a remedy at law for any breach or threatened breach of the provisions of this Section 6 would
be inadequate and, therefore, agrees that the Company and its Affiliates shall be entitled to injunctive relief in addition to any other
available rights and remedies in case of any such breach or threatened breach; provided, however, that nothing contained
herein shall be construed as prohibiting the Company or any of its Affiliates from pursuing any other rights and remedies available for
any such breach or threatened breach.

 

(h)              
The Employee agrees that upon termination of Employee’s employment by the Company for any reason, the Employee shall immediately
return to the Company all documents, records and other property in Employee’s possession belonging to the Company or any of its
Affiliates.

    	 

    	 

    

(i)                
 Without limiting the generality of Section 9 hereof, the Employee hereby expressly agrees that the foregoing provisions of this Section
6 shall be binding upon the Employee’s heirs, successors and legal representatives.

 

7.                 
Termination. (a) The Employee’s employment hereunder shall be terminated upon the occurrence of any of the following:

 

		(i)	death
                                            of the Employee;

 

(ii)             
termination of the Employee’s employment hereunder by the Employee at any time for any reason whatsoever (including, without limitation,
resignation or retirement) other than for “good reason” as contemplated by clause (v)(B) below;

 

(iii)           
termination of the Employee’s employment hereunder by the Company because of the Employee’s inability to perform Employee’s
duties on account of disability or incapacity for a period of ninety (90) or more days, whether or not consecutive, occurring within
any period of twelve (12) consecutive months;

 

(iv)            
termination of the Employee’s employment hereunder by the Company at any time for “cause” (as hereinafter defined),
such termination to take effect immediately upon written notice from the Company to the Employee; and

 

(v)            
termination of the Employee’s employment hereunder (A) by the Company at any time, other than termination by reason of disability
or incapacity as contemplated by clause (iii) above or termination by the Company for “cause” as contemplated by clause (iv)
above and (B) by the Employee for “good reason” (as hereinafter defined).

 

The
following actions, failures or events shall constitute “cause” for termination within the meaning of clause (iv) above: (i)
the Employee’s conviction of, admission of guilt to or plea of nolo contendere or similar plea (which, through lapse of
time or otherwise, is not subject to appeal) with respect to any crime or offense that constitutes a felony in the jurisdiction involved;
(2) acts of dishonesty or moral turpitude which are materially detrimental to the Company and/or its Affiliates; (3) failure by the Employee
to obey the reasonable and lawful orders of the Board of Directors of the Company following written notice of such failure from the Board
of Directors of the Company; (4) any act by the Employee in violation of Section 8 hereof, any statement or disclosure by the Employee
in violation of Section 6 hereof, or any material breach by the Employee of a representation or warranty contained in Section 1(b) hereof;
(5) following written notice from the Board of Directors of the Company of prior similar actions
by Employee, excessive absenteeism (other than by reason of disability); (6) following written
notice from the Board or Directors of the Company of prior similar actions by Employee, excessive alcoholism or excessive usage of drugs
not prescribed by a qualified physician or (7) gross negligence by the Employee in the performance of, or willful disregard by the Employee
of, the Employee’s obligations hereunder.

    	 

    	 

    

 

The
following actions, failures or events shall constitute “good reason” within the meaning of clause (V)(B) above: a material
breach by the Company of its obligations under this Agreement or a Change of Control. For purposes of this Agreement, “Change of
Control” means

(i)
a transaction or series of related transactions in which any “person” or “group” (within the meaning of Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), becomes the “beneficial owner” (as defined in Rule 13d-3
under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the outstanding voting securities
of the Company having the right to vote for the election of members of the Company’s board of directors, (ii) any reorganization,
merger or consolidation of the Company, other than a transaction or series of related transactions in which the holders of the voting
securities of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after
such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding voting
securities of the Company or such other surviving or resulting entity or (iii) a sale, lease or other disposition of all or substantially
all of the assets of the Company.

 

 

(a)              
No interest shall accrue on or be paid with respect to any portion of any payments hereunder.

 

8.           
Non-Competition. (a) The term “Non-Compete Term” shall mean the period during which Employee is employed hereunder
and the six-month period following the termination of Employee’s employment for any or no reason whatsoever, with or without cause.

 

During
the Non-Compete Term:

 

(i)                
the Employee will not make any statement or perform any act intended to advance an interest of any existing or prospective competitor
of the Company or any of its Affiliates in any way that will or may injure an interest of the Company or any of its Affiliates in its
relationship and dealings with existing or potential customers or clients, or solicit or encourage any other employee of the Company
or any of its Affiliates to do any act that is disloyal to the Company or any of its Affiliates or inconsistent with the interest of
the Company or any of its Affiliate’s interests or in violation of any provision of this Agreement;

 

(ii)             
the Employee will not discuss with any existing or potential customers or clients of the Company or any of its Affiliates the present
or future availability of services or products of a business, if the Employee has or expects to
acquire a proprietary interest in such business or is or expects to be an employee, officer or director of such business, where such
services or products are competitive with services or products which the Company or any of its Affiliates provides;

 

    	 

    	 

    

(iii)           
the Employee will not make any statement or do any act intended to cause any existing or potential customers or clients of the Company
or any of its Affiliates to make use of the services or purchase the products of any competitive business in which the Employee has or
expects to acquire a proprietary interest or in which the Employee is or expects to be made an employee, officer or director, if such
services or products in any way compete with the services or products sold or provided or expected to be sold or provided by the Company
or any of its Affiliates to any existing or potential customer or client; and

 

(iv)            
the Employee will not directly or indirectly (as a director, officer, employee, manager, consultant, independent contractor, advisor
or otherwise) engage in competition with, or own any interest in, perform any services for, participate in or be connected with (i) any
business or organization which engages in competition with the Company or any of its Affiliates in the Restricted Territory, or (ii)
any business or organization which engages in competition with the Company or any of its Affiliates in the Restricted Territory, during
the period of the Employee’s employment by the Company, carried on by the Company or any of its Affiliates, if such business is
then being carried on by the Company or any of its Affiliates in the Restricted Territory; provided, however, that the
provisions of this Section 8(a) shall not be deemed to prohibit the Employee’s ownership of not more than one percent (1%) of the
total shares of all classes of stock outstanding of any publicly held company.

 

(b)              
For purposes of this Agreement, the term “Restricted Territory” means the entire world, it being understood that the Company’s
business is worldwide in scope. In the event that the preceding definition of Restricted Territory is deemed by a court of competent
jurisdiction to be too broad to be enforceable under the circumstances, “Restricted Territory” shall mean: (A) each state,
province, or similar political subdivision in which the Company is engaged in its business with respect to which Employee provided material
services on behalf of the Company at the time of, or during the twelve (12) month period prior to the termination of Employee’s
employment; and (B) each county, township, city or similar political subdivision in which the Company engaged in its business with respect
to which Employee provided material services on behalf of the Company at the time of, or during the twelve (12) month period prior to
the termination of Employee’s employment.

 

    	 

    	 

    

(c)              
 During the Non-Compete Term, the Employee will not directly or indirectly hire, engage, send any work to, place orders with, or in any
manner be associated with any supplier, contractor, subcontractor or other person or firm which rendered manufacturing or other services,
or sold any products, to the Company or any of its Affiliates if such action by Employee would have a material adverse effect on the
business, assets or financial condition of the Company or any of its Affiliates.

 

(d)              
In connection with the foregoing provisions of this Section 8, the Employee represents that Employee’s experience, capabilities
and circumstances are such that such provisions will not prevent Employee from earning a livelihood. The Employee further agrees that
the limitations set forth in this Section 8 (including, without limitation, any time or territorial
limitations) are reasonable and properly required for the adequate protection of the businesses of the Company and its Affiliates. It
is understood and agreed that the covenants made by the Employee in this Section 8 (and in Section 6 hereof) shall survive the expiration
or termination of this Agreement.

 

(e)              
For purposes of this Section 8, proprietary interest in a business is ownership, whether through direct or indirect stock holdings or
otherwise, of one percent (1%) or more of such business. The Employee shall be deemed to expect to acquire a proprietary interest in
a business or to be made an officer or director of such business if such possibility has been discussed with any officer, director, employee,
agent, or promoter of such business.

 

(f)               
The Employee acknowledges and agrees that a remedy at law for any breach or threatened breach of the provisions of this Section 8 would
be inadequate and, therefore, agrees that the Company and any of its Affiliates shall be entitled to injunctive relief in addition to
any other available rights and remedies in cases of any such breach or threatened breach; provided, however, that nothing
contained herein shall be construed as prohibiting the Company or any of its Affiliates from pursuing any other rights and remedies available
for any such breach or threatened breach.

 

(g)              
Employee acknowledges that Employee has the right to consult with counsel, and has been given the opportunity to do so, before signing
this Agreement. Employee has been given at least ten (10) business days to consider this Agreement before signing this Agreement. 

 

9.                 
Non-Assignability. (a) Neither this Agreement nor any right or interest hereunder shall be assignable by the Employee, Employee’s
beneficiaries, or legal representatives without the Company’s prior written consent; provided, however, that nothing
in this Section 9(a) shall preclude the Employee from designating a beneficiary to receive any benefit payable hereunder upon Employee’s
death or incapacity.

 

(b)       Except
as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation or to exclusion, attachment, levy or similar process or assignment by operation
of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect.

 

10.             
Binding Effect. Without limiting or diminishing the effect of Section 9 hereof, this Agreement shall inure to the benefit of and
be binding upon the parties hereto and their respective heirs, successors, legal representatives and assigns.

 

11.             
Notice. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and either delivered
in person or sent by first class certified or registered
mail, postage prepaid, if to the Company, at the Company’s principal place of business, and if to the Employee, at Employee’s
home address, or, in the case of either party, to such other address or addresses as such party shall have designated in writing to the
other party hereto.

    	 

    	 

    

12.             
 Severability. The Employee agrees that in the event that any court of competent jurisdiction shall finally hold that any provision
of Section 6 or 8 hereof is void or constitutes an unreasonable restriction against the Employee, such provision shall not be rendered
void but shall apply with respect to such extent as such court may judicially determine constitutes a reasonable restriction under the
circumstances. If any part of this Agreement other than Section 6 or 8 is held by a court of competent jurisdiction to be invalid, illegible
or incapable of being enforced in whole or in part by reason of any rule of law or public policy, such part shall be deemed to be severed
from the remainder of this Agreement for the purpose only of the particular legal proceedings in question and all other covenants and
provisions of this Agreement shall in every other respect continue in full force and effect and no covenant or provision shall be deemed
dependent upon any other covenant or provision.

 

13.             
Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver
of such term, covenant or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times
be deemed a waiver or relinquishment of such right or power at any other time or times.

 

14.             
Entire Agreement; Modifications. This Agreement constitutes the entire and final expression of the agreement of the parties with
respect to the subject matter hereof and supersedes all prior agreements, oral and written, between the parties hereto with respect to
the subject matter hereof. This Agreement may be modified or amended only by an instrument in writing signed by both parties hereto.

 

15.             
Relevant Law. This Agreement shall be construed and enforced in accordance with the internal laws of the Commonwealth of Massachusetts
without regard to the conflicts of law principles thereof.

16.             
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

17.             
Survival. The termination of Employee’s employment hereunder shall not affect the enforceability of Sections 6 or 8.

 

18.             
Further Assurances. The parties agree to execute and deliver all such further instruments and take such other and further action
as may be reasonably necessary or appropriate to carry out the provisions of this Agreement.

 

19.             
Headings. The Section headings appearing in this Agreement are for purposes of easy reference and shall not be considered a part
of this Agreement or in any way modify, amend or affect its provisions.

    	 

    	 

    

IN
WITNESS WHEREOF, the Company and the Employee have duly executed and delivered this Agreement as of the day and year first above
written.

 

NETCAPITAL
INC.

 

 

		By:	/s/
                                            Cecilia Lenk Name: Cecilia Lenk

Title:
CEO

 

 

By:/s/
Martin Kayarney

Name:
Martin Kay

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